UK Housing Developers Downsize Projects as Delays Hit High-Rises

In 2021, Greystar Real Estate Partners bought a £31 million ($41.4 million) plot of land in London’s Battersea district with the aim of building a roughly 300-home rental tower overlooking the River Thames. The US private equity firm submitted plans to regulators at the end of last year, keen to break ground. But more than 40 weeks later, it’s still awaiting a decision.

Greystar, which manages more than $300 billion of real estate globally, is one of several firms focusing on developing low-rise residential projects this year, which are not subject to the same safety checks as what are designated “higher-risk ...