Greenwich Peninsula developer says London鈥檚 housing shortage will keep the market 鈥渂uoyant鈥

Greenwich Peninsula Kier small

Greenwich Peninsula developer Knight Dragon expects the on-going housing shortages in the capital to keep the housing market 鈥渂uoyant鈥 as it develops out its 16,000-home east London scheme.

In Knight Dragon Developments latest set of UK accounts, filed at Companies House, its director Sammy Lee predicts London鈥檚 supply and demand 鈥渋mbalance鈥 of housing 鈥渋s unlikely to change significantly in the near future鈥.

The directors also said the company 鈥渞emains well-positioned鈥 to negate any 鈥減otential negative effects鈥 from the fluctuations in the commodity and labour markets and in interest and inflation rates.

In the year to March 2015 the firm - a subsidiary of a Hong Kong development giant - reported revenue of 拢58.3m, up from 拢20,000 pounds in 2014, as it ramped up delivery of the project after fully acquiring the scheme in 2013.

The firm also reported a pre-tax loss of 拢1.45m for 2015, down from a profit of 拢474,995 for the previous year. At the end of this financial year Knight Dragon Developments employed 38 staff.

The firm recently secured approval for a that will see the overall area for consented development from 14 sq ft to 17 sq ft and the number of homes built from 10,000 to 16,000.