£1bn development will see Oxford Street with more homes than shops

Oxford Street residential

London’s Oxford Street is set to be transformed into a residential area in a bid to have more homes than shops.

The busy shopping street, which attracts as much as four million visitors a week, is currently undergoing a £1 billion building development, The Times reported.

There are nine new developments on or around the street that will deliver nearly 500 homes, according to research by Aston Chase, the estate agent, and Galliard Homes, the property developer.

The initiative to build more homes on the street is as a result of the tough trading environment, especially as online rivals seek to dominate.

The decision is also partly down to the area’s proximity to upmarket residential areas, such as Mayfair and Marylebone.

Flats for sale along Oxford Street are priced from £950,000 to around £4.5 million.

Last year, Westminster city council approved of plans to close parts of Oxford Street to cars and buses at peak times and reduce the speed limit.

The council’s proposals includes reducing congestion and pollution by re-routing buses around the Oxford Circus district either side of Regent Street, closing some surrounding streets to cars and buses during the busiest times of day, and reducing speed limit from 30mph to 20mph.

The council also set aside £150 million of funds from its capital budget to begin the improvements in the district.