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St Modwen sees big call for new houses nationwide

Angela Jameson
Property developer St Modwen is building up to 3000 new homes at Nine Elms: David Davies/PA

New Covent Garden developer St Modwen on Thursday said it is seeing robust demand for new homes across the country.

The property investment business, which is building up to 3000 new homes at Nine Elms, overlooking the Thames, said it expected total sales volumes to grow by 43% on last year’s sales to 694.

St Modwen Homes has 16 residential sites nationwide and the developer said its residential arm was experiencing excellent growth.

It is also seeing strong demand for land from housebuilders, despite signs of stuttering in the housing market, particularly in London and the South-east and notably in Nine Elms.

The developer is now pushing ahead with the sale of part of its valuable New Covent Garden Market site in the capital, which will feature a number of high-rise towers.

The urban regeneration specialist has 47 acres of land — space for 1160 new homes — either sold or under agreement to sell, which will raise £58 million.