The top-end of London residential sales market has just enjoyed its strongest first half since 2014, reports Savills, with 59% more £5m+ transactions recorded in the first six months of this year compared to 2020, and 61% more than in H1 2019.
Luxury property price inflation is likely to return to London with gusto next year, predicts the Knight Frank team.
We’re in one of the biggest global property booms since 1900, says Oxford Economics, as it warns that “the longer a housing boom continues, the bigger the risk of a large reversal”.
House prices are being inflated by “frenzied” buying activity and a continued shortage of properties being listed for sale. There’s a 225,000 shortfall of homes for sale, estimates Rightmove; 140,000 more sales were agreed in the first half of this year, and 85,000 fewer new listings were marketed than the long-term (2014-2019) average.
Rental properties are finding tenants faster than ever before, reports Rightmove, as record demand pushes price up.
London continues to be the UK region with the lowest annual growth, for the sixth consecutive month.
84% of property sellers expect to sell their home within the next 90 days, according to the inaugural OnTheMarket Sentiment Index, while 75.5% of buyers expect to find their next home within the same timeframe.
Average rents in central London have fallen by 16.5% in the last year, but “it appears that late spring marked the bottom of the Inner London market,” says Hamptons, as its latest rental index confirms reports from Knight Frank and Savills.
Faltering supply continues to underpin house price inflation across the UK, reports the Royal Institute of Chartered Surveyors.
43 of the 150 global cities tracked by Knight Frank have seen prices escalate by more than 10% over the last year, with five above 25%.
George Hammond has taken a tour of Christian Candy’s 80 Holland Park for the Financial Times, noting that it is “a stark departure” from One Hyde Park, and reflects the shifting tastes of London’s super-rich property buyers.