Golden Venn's quarterly newsletter provides an update on the London property market and insights on selected global destinations.
Autumn 2015 Quarterly Market Report
- Prime central London prices rose by 1% in October 2015 - the lowest annual increase since October 2009.
- Prime central London annual rental rates eased to 1.5% in October - the lowest level since August 2014.
- Prime central London average rental yields were 2.95% in October.
- Bank of England policy to maintain quantitative easing and current low interest rates until 2017 encourages the market.
- While short-term issues are impacting the market, buying opportunities are being created for those taking a longer term view.
Market ReportThe average property price across England and Wales rose 4.2% in the 12 months to September 2015 to reach £186,553, according to the Land Registry. London saw the highest annual change in values at 9.6%, with the average property now priced at just under £500,000. London also saw the highest monthly change at 1.8%...
The Rental MarketRental values are diverging from current low inflation levels. They have reached an average of £816 per month across England and Wales, the highest average ever recorded.LSL Property Services buy-to-let index shows that, despite marginal deflation in the wider economy, rents rose by 6.3% in the last year and by 1.6% from August to September. Since January 2010, discounting the impact of inflation, rents have risen by 10.3% in real terms...
Fiscal & Regulatory OutlookThe 2014 Autumn Statement has clearly targeted the non-doms and the top-end house buyers with changes in the Stamp Duty Land Tax (SDLT) rates and the introduction of Capital Gains Tax (CGT) for non-UK residents disposing of UK residential property. In addition to these changes, the Summer Budget on 8 July 2015 provided further details on the proposals on new Inheritance Tax (IHT) rules on UK residential property held indirectly by non-UK domiciled individuals (non-doms) or by excluded property trusts...
The GV PerspectiveLondon remains one of the most appealing cities to the world’s wealthiest and most discerning buyers, but the high levels of capital growth seen in recent years is slowing to more sustainable levels. New legislation has discouraged some buyers looking for short term returns, and while the market is still absorbing the high stamp duty obligations some vendors remain unrealistic...
Quarterly TipBuy when people sell and sell when people buy...
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