London, New York, Tokyo and Paris are the most “comprehensively attractive” and “magnetic” cities in the world, according to 2019’s Global Power City Index
Prime Central London is set to become one of the UK’s strongest-performing markets, predicts Savills, flipping a trend seen since 2014. But mainstream London is in for meagre growth of just 4% over five years.
“The second home market has changed significantly over the last decade,” says Savills. “Once a discretionary purchase primarily for own use, today’s global market is driven by income returns.”
A year ago, Knight Frank declared the start of “the Great Moderation” in the world’s prime residential markets; the firm’s latest Global Prime Cities Index bears out the prediction…
Demand for rental properties in London has increased by 13% compared to last year, reports Foxtons, while supply has fallen by 16%
“The housing market is showing a remarkable stoicism given the backdrop of unmet Brexit deadlines, ‘flextensions’ and a December election,” says Fine & Country, although prices and volumes at the top-end continue to fall.
Prime London rents have risen for the first time since 2016, reports Savills, while rents in the commuter belt continue to fall
Credit Suisse expects the global millionaire population to reach almost 63 million in 2024, while the number of UHNWIs will jump from 56,000 today to 234,000 in five years’ time
“Political, financial and environmental forces are collectively disrupting the future of housing delivery,” says Savills, while technological advances are forging a considerable evolution within the construction industry
Resilient demand in the face of uncertainty has boosted new developments’ £10m+ market share from 18% to 34% in the last two years, reports Knight Frank, as the super-rich prioritise security and hotel-grade luxury amenities
Market Snapshot: Knight Frank’s Q3 sit rep for the prime country house sales market