Saturday, 16 November 2013

More Housing only for billionaires

Tower Hertsmere, the tallest residential building in Europe, will be built in the financial district of Canary Wharf, once the working class district known as the Isle of Dogs in the east of this capital, and its beginning is scheduled for 2018, the British press has widely reported. The skyscraper will be a 75-story building, 242 meters tall, with 714 luxury apartments, and will surpass other residential buildings on the continent, such as the Sky Tower in Poland.

It will be taller than the One Canada Square building of 235m.

Savills the estate agents told the Financial Times that it signalled a shift away from west London areas such as Mayfair and Knightsbridge, traditionally favoured by the super-rich, towards the eastern Docklands, where there was room to build larger luxury developments.

Despite the architectural value of the building, estate agents say that the construction of luxurious residences that are affordable only for a small minority, is occurring as the housing crisis and high rents in the capital continue.

According to researcher Susan Emmett, such projects are built in search of foreign capital investment to help us get out of the economic recession, because most of the buyers are billionaires in other countries and non-UK residents.

According to statistics, 50,000 people in Britain had no home in 2012 and four million were on council waiting lists  for houses with reasonable and affordable prices.

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