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JLL has made some bullish forecasts for London’s property market. After two years of meagre price growth in the capital compared to the regions, the firm suggests that “buying opportunities” in London have now peaked. “The underperformance of London compared with other regions could be nearing its end,” says research chief Marcus Dixon.
“The wealthier you are, the more confident you are,” says a bullish Simon Leadbetter, Global CEO of Fine & Country.
“To predict what will happen to property prices, look at the amount of leverage,” says Charlie Ellingworth, founder of buying agency Property Vision, as he warns that “residential property is not going to be the inflation protection that everyone expects.”
Savills has upgraded its mainstream market forecasts for this year, predicting 7.5% growth through 2022 and 12.9% over the five years to the end of 2026.
“It feels like we are at a crossroads,” says KF’s James Cleland, as the number of new sales instruction picks up.
Strutt & Parker has updated its five-year property market forecasts, anticipating a sharp upturn for central London’s lettings market as tenant demand outpaces rental supply.
Residential real estate has shifted from an alternative to a core asset class in the eyes of investors, says Knight Frank, as record amounts are pumped into the sector.
Knight Frank’s research team assesses what the Bank of England’s slashed forecasts mean for the property market.
“Underlying fundamentals suggest house prices are reasonably priced at current levels,” says Neal Hudson, but “the fundamentals may be about to change – potentially quite quickly.”
Influential forecasting house expects average property values to drop by 5% overall through 2023 and 2024.
“Developers will need to absorb new costs, and tighten margins in order to secure sites in what we expect to continue to be a competitive market,” says Savills’ head of regional development.