Property Market News
Buyers are flocking to the ends of London’s commuter lines
In a reversal of last year's trend, new Rightmove data tells us that TfL Zone 6 has seen the biggest increase in property demand, while Zone 1 has seen the smallest rise compared to last year.
Annual house price inflation climbed to 2.5% in August – UK HPI
London's average property price has escalated back to its 2017 high, according to the latest official UK House Price Index.
London rental market activity booms, but prices face downward pressure
Chestertons has reported a 45% increase in new tenancies in London this September compared to last - but supply is running high, forcing many more landlords to cut rents.
New-build home deliveries sink by 15-20%, but development land buying activity remains strong
Savills saw more new-build homes reservations in Q3 this year than in any previous quarter on record, while development land buyers focus on smaller sites.
‘Previous records are tumbling in this extraordinary market, and there are still some legs left in the upwards march of property prices’ – Rightmove
Property portal predicts average asking prices will end this year 7% higher than they started it.
‘We may be hitting a high plateau’, says Savills, as £1m+ sales jump
There's been a "rebalancing of the market between London and the country", says Savills, as the capital lags a sharp increase in £1m+ sales across the UK.
‘The frenzied conditions seen at the start of the summer seem to have been replaced by calmer, more considered buyers’ – Garrington
Look beyond the "mini boom" property press headlines, and there's "a complex and polarised market with significant differences based on location, property type and sector of the market," says national…
Luxury home sales ‘skyrocket’ in the USA while the mainstream market slows
Redfin has reported a significant increase in high-value home sales in the USA, while more affordable markets dwindle.
PCL’s altered rental market in eight charts
"Anyone worried about the future of city life should take reassurance from the 21% increase in under 30-year olds starting new tenancies compared with the same period prior year," notes the CEO of London…
More spent on super-prime homes in London this year than last, despite the pandemic
Knight Frank reports that £1.13bn was spent on £10m+ homes in London in the first eight months of this year - 16% more than the £977.5m recorded in 2019.
Rents rise to record levels outside London
London rents continue to fall, reports Rightmove.
One in five people now less likely to buy a property due to Covid-19 – PWC
Around a third people who previously - in February - thought their next move would be to a city centre home now want to live in the suburbs or towns and villages.