Golden Venn's quarterly newsletter provides an update on the London property market and insights on selected global destinations.
Summer 2016 Quarterly Market Report
- Average London prices rose to £472,204 in June, 12.6% higher than a year earlier according to data released in the new UK House Price Index.
- House prices across the capital are expected to soften as a result of the vote to leave the EU, but the rate of growth achieved across the whole of London remained considerably higher than England as a whole.
- Annual house price growth in the sub-£1 million market remains positive at 1.1% although across prime central areas as a whole annual growth fell to -1.5% in July, with properties priced £5-£10 million witnessing the greatest decline.
- The pound has fallen 12% against the dollar since the vote (as at 11th August), offering US dollar-denominated buyers an effective 12% discount.
- Across prime central London, Knight Frank report a 3.6% reduction in average rents in the year to July.
Sales MarketAverage London prices rose to £472,204 in June, 12.6% higher than a year earlier according to data released in the new UK House Price Index. House prices across the capital are expected to soften as a result of the vote to leave the EU...
Rental MarketThe Homelet Rental Index showed annual rents across the UK and Greater London continuing to rise in July, albeit at a slower rate than a year ago. Across Greater London average rents rose by 4% in the year to July...
Fiscal Policy & Economic BackdropWhile fiscal policy remained intact post EU vote, on 4th August the Bank of England announced that interest rates would be cut to a new historic low of 0.25%. This was the first change in seven years following a unanimous vote by the Monetary Policy Committee...
The GV PerspectiveUp to now this has been an interesting year for the economy and housing market alike. Prime London residential had been slower due to stamp duty increases, plus the additional stamp duty levy for second home owners and buy-to-let investors introduced earlier this year. Now we wait to see how the impact of Brexit plays out...
Quarterly TipEvery crisis presents an opportunity...
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