Golden Venn's quarterly newsletter provides an update on the London property market and insights on selected global destinations.
Winter 2018 Quarterly Market Report
- Average prices in prime central London fell by 0.7% in the year to December, the most modest rate of annual decline since June 2016.
- Sales volume 9.4% higher year-on-year in the six months since June.
- London retains its title as the 'World's Best City' in the Resonance ranking of Global Place Equity.
- Rental demand strong, especially at the upper end of the market.
- FTSE 100 reaches an all-time high and inflation falls.
Sales Market2017 was a year of price readjustment in the prime London housing market. The continued impact of heightened property taxation and uncertainty over the implications of Brexit resulted in significant readjustments in property prices. Knight Frank report that across prime central London 40% of sub £2 million properties underwent a price reduction in the year to November, versus 29% above £5 million...
Rental MarketAverage rental prices across Great Britain rose by 2.1% in the year to December according to the Office for National Statistics (ONS), the lowest annual increase since the index was started in January 2012. Rightmove report average asking rents rose by just 0.7% in the U.K (excluding London)...
Fiscal Policy & Economic BackdropNon-UK resident companies that carry on a UK property business, or who receive income or gains associated with UK property, will face the same tax rules and rates as UK resident companies from April 2020. This means non-UK resident companies will be liable to UK corporation tax as opposed to income tax and capital gains tax...
The GV PerspectiveWhile 2017 saw a readjustment in prime central London property prices, there are signs of the market bottoming out. Average prices fell by just 0.7% in the year to December, the lowest decline since June 2016. Sales volume remained steady in 2017...
Quarterly Tip"It is not necessary to do extraordinary things to get extraordinary results." Warren Buffet
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