“Given the upcoming general election next month, it appears unlikely that these trends will pick-up to any meaningful extent over the remainder of this year”, warns the RICS’ Chief Economist
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 latest official UK HPI property price inflation data tells of a 0.2% fall for house prices in September, leaving the annual change at +1.3%. London’s average price dipped by 0.1% last month.
“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 flurry of £5m+ deals has put Blackfriars Road on the prime London map, as wealthy buyers look beyond London’s traditional luxury postcodes
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…
Paris, Berlin and Frankfurt are the top picks for real estate investment in 2020, reports PWC
The weak Pound has boosted the proportion of British homes let by overseas landlords, from 7% last year to 11% this year, according to Hamptons; it’s the first rise since the estate agency started counting in 2010.
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.
“Chill winds returned to the London prime property market over the summer,” says Coutts bank, although “there are now reasons for optimism regarding a potential bottoming of the market”
Chestertons reports rising demand but continued short supply in prime London locations