Golden Venn's quarterly newsletter provides an update on the London property market and insights on selected global destinations.
Winter 2017 Quarterly Market Report
- Property sales in central London increased towards the end of 2016.
- A rise of 9% in new buyer enquiries for properties over £2 million was reported in 2016 compared to 2015.
- The number of both new tenancies agreed and viewings were up in November 2016 compared to November 2015.
- Draft legislation for Inheritance Tax and residential property has been published by the UK government.
- London is currently ranked as the most desirable city in the world in which to purchase luxury property.
Sales MarketThe end of 2016 proved busier than many expected for the prime London housing market. The UK House Price Index indicates that annual price growth (November 2015 to November 2016) across Greater London continues to outperform the rest of England and Wales (8.1% compared to 7.1%)...
Rental MarketAnnual rental prices across the UK rose by 2.3% in November according to the Office of National Statistics, a similar level of increase to the last five months. Prices across Greater London however, have fallen by 4.4% according to Rightmove (Q4 2016 and Q4 2015) and in prime areas they are down by 5.1% in the year to December according to Knight Frank, as high stock levels here have impacted on prices...
Fiscal Policy & Economic BackdropDraft legislation for Inheritance Tax and residential property has been published. From April 2017, holding UK residential property in non-UK companies, known as ‘enveloping’, will no longer have tax advantages and will become transparent...
The GV PerspectiveProperty sales in central London increased towards the end of 2016, largely due to the weaker pound and more realistic prices being set by vendors. Following the increase in base rate by the Federal Reserve in December, the US dollar strengthened...
Quarterly TipBuying a property without an advisor is like going to court without a lawyer...
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