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Galliford Try wins £41m London residential contract

Galliford Try has announced it has been awarded a residential contract worth £41 million to develop the Westfield House site in Earlsfield, South West London by the Opal Land joint venture.Some 193 properties will be constructed across three blocks; 45 of these will be affordable homes. A new café, riverside walks and cycle links will also be provided, with the development situated in close proximity to both King George’s Park and the River Wandle.The Earlsfield development is the third project currently in progress for the joint venture, which was formed in 2011 by Galliford Try’s housebuilding business Linden Homes and registered provider Thames Valley Housing Association.Galliford Try chief executive Greg Fitzgerald said: "We are delighted that our building business has been appointed for the contract from the Opal joint venture for this significant development in South West London ... We will continue to look to build on the early success that the Opal joint venture is enjoying."Affordable housing is one of the key ways in which Galliford Try delivers sustainable communities - one in three of the homes it provides is affordable. In 2013, the company was named Sustainable Housebuilder of the Year at the Housebuilder Awards.Such properties are currently in high demand, particularly in London. Ernst and Young's Independent Treasury Economic Model (ITEM) Club recently warned the average price of a home in the nation's capital could reach £600,000 by 2018. A bubble could develop in the London property market, it claimed.Last month, it was revealed the government is to launch a review to determine how to encourage more City investors to put money into affordable housing. Innovative financing mechanisms would be explored, including the use of 89 local government pension schemes which could be used to make significant investments in affordable housing programmes throughout England and Wales. Although 170,000 such properties are due to be provided by 2015 and another 165,000 by 2018, the government is concerned these figures will not be sufficient to meet demand. 

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