London construction costs highest in Europe and second highest in the world, says study

London has the highest construction costs in Europe and the second highest in the world, a new study has revealed. According to Construction News, the findings from Arcadis’ annual International Construction Costs Index report show the cost of building in the capital in 2015 was on average 20 per cent higher than in Paris. London was also found to be the second most expensive city for construction in the world, behind only New York among the 44 cities analysed. According to the study, London faced severe market imbalance in construction, with a combination of limited bidding resource and supplier opportunism contributing to cost increases. This led to spiralling cost inflation, threatening the viability of London’s commercial and public sector schemes, according to Arcadis, and challenging its ability to respond to growth opportunities. The study found that rapid rises in labour costs and overheads had made it difficult for contractors […]

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