Our commercial director Stanley Leask reflects on the highs and lows of 2024 plus the opportunities that lie ahead.
There’s no denying that 2024 has been another challenging year for construction. Post-Covid, labour and material shortages have continued to cause headaches along with ongoing planning backlogs. At the same time, significant hikes in interest rates coupled with economic uncertainty have impacted financing and in turn, the pace of development.
As the second half of 2024 has progressed, there’s a glimmer of optimism around Labour’s changes to the planning system and impact on private housebuilding.
Weathering the storm
Navigating these challenges hasn’t been easy. As a business that specialises in the high-end residential sector, we’ve had to work harder to maintain a pipeline when many investment decisions have been put on hold. But it’s not all doom and gloom. Despite the hurdles, our team has continued to build exceptional homes.
A highlight this year was the refurbishment of Kelmscott House, a Grade II* listed riverside property which is the former home of celebrated Victorian designer William Morris.
Handed over on time in April 2024, the historic Georgian building presented a unique challenge because of its unusual configuration. While the upper floors of the house are a private residence, the basement and coach house are retained as a museum, office and events space celebrating the work of William Morris.
We worked with Mullery Architects and English Heritage to deliver the works, including a fire and acoustic upgrade, art store renovation, and internal improvements across the top three storeys of the house ranging from new bathrooms to bespoke joinery.
In October, we completed the renovation of another Georgian property in Hampstead Heath, London. Working in partnership with architects Corstorphine & Wright, we refurbished the home inside and out. Dated additions in white render with metal railings have been replaced with a brick façade that blends with surrounding architecture. New roof lines in curves and zig zags feature across three levels adding visual interest while echoing the pitch shapes on the front elevation.
Extending our services, a further highlight was the transformation of the former Grandstand Bar in London’s Canary Wharf. Working in partnership with client Grandstand Events, and architects Givanni Associates, we helped to finalise the bar’s intricate design prior to building the two-tiered structure.
Completed in April 2024, the new Oasis Bar & Terrace comprises a steel frame with curved cladding at both ends, sliding glass doors and high-end floor and wall finishes. The top floor, which is accessed via two curved staircases, adds another alfresco space extending the bar’s views of the park.
Bouncing back
Looking ahead, there are signs that the construction industry will begin to recover in 2025. According to Glenigan’s Construction Industry Forecast, increased private sector confidence and public investment will drive growth over the next two years. Stronger household incomes from 2025 will make a positive difference too, benefiting private housing as well as the retail, hotel and leisure construction sectors.
At Thames & Newcastle, we remain focused on delivering bespoke residential projects working with long-established clients as well as new contacts. Throughout 2025, we’ll be handing over several high-value projects involving upgrades, extensions and refurbishments to family homes across the south east. These include a £2.8m residential extension and refurbishment in Wimbledon village.
The year ahead will also see us adapt and diversify. We have plans to broaden our services, adding project management and consultancy to our offering from early 2025. Our maintenance offer is due to be relaunched too, and we’re preparing to rebrand and revamp our website while investing in new technology to streamline our operations.
These changes, combined with a stronger economic outlook and renewed confidence in the housing market, means we are well positioned to navigate the future. With a commitment to uncompromising quality and professionalism, we’ll continue to create exceptional homes and partnerships that stand the test of time.