Golden Venn's quarterly newsletter provides an update on the London property market and insights on selected global destinations.
Autumn 2016 Quarterly Market Report
- Growth across London is slowing, with the average price of a property up just 1.3% in the month of August according to the UK House Price Index.
- Annual price growth in prime central London was -2.1% in the year to September 2016.
- The number of prospective buyers for properties priced £2 million - £5 million in prime central London rose 8.7% this year compared to same period last year.
- The value of Sterling against the US Dollar is now 19% lower than pre-Brexit which has led to increased interest in the market from foreign investors.
- Supply of rental properties in prime central London rose by 43.8% in the last three months to August over the same period last year leading to increased pressure on rental values.
Sales MarketGrowth across London is slowing, with the average price of a property up just 1.3% in the month of August to £488,908 according to the UK House Price Index. While annual growth across London remains high (12.1%), all signs are that this will soften over the coming months...
Rental MarketAs uncertainty persists across the prime London sales market, it is no surprise that interest in the rental market has heightened considerably. Rightmove report that there has been a 15% increase in newly-marketed properties...
Fiscal Policy & Economic BackdropThe government will publish its Autumn Statement on November 23rd. The Chancellor has already confirmed that balancing the UK's books by 2020 will be dropped and a possible 'fiscal reset' for the UK has been hinted at...
The GV PerspectiveThe weaker pound, as well as long overdue price adjustments, has led to increased interest from foreign investors in the prime central London market. In the short term this is encouraging for transaction levels, although these are likely to remain mooted until the market receives more clarity following the triggering of Article 50...
Quarterly TipAdaptation is survival! Opportunities always exist...
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