Market Report

Golden Venn's quarterly newsletter provides an update on the London property market and insights on selected global destinations.

Autumn 2017 Quarterly Market Report

Key Points

  • Prime London prices fell by 4.6% in the year to September, the most modest annual fall since October 2016.
  • Transaction levels were up 9.8% between January and August.
  • London has extended its lead as the world's leading financial centre (Z/Yen Global Financial Centres Index).
  • Rental values in the three months to September experienced the smallest quarterly decline in almost two years, at 0.1%.
  • Interest rates are liable to rise in the "relatively near future".

Sales Market

Annual price growth across London was 2.6% in August, with the average price of a property across the capital reaching £484,362 according to the UK House Price Index. Across prime central London Knight Frank report that prices fell by 4.6% in the year to September, the most modest annual fall since October 2016 and an improvement on -6.75% at the start of the year...

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Rental Market

Average rents across the capital rose by just 0.9% in the year to August, according to the Office for National Statistics, with Rightmove indicating that average asking rents across the capital in Q3 2017 were at their lowest level since 2013...

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Fiscal Policy & Economic Backdrop

Draft legislation regarding non-dom tax changes has been published by the Government. Under the new legislation, which is liable to be backdated to 6th April 2017, any person who has been resident in the UK for more than 15 of the previous 20 years will be deemed domiciled in the UK for tax purposes...

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The GV Perspective

Continued uncertainty over Brexit, together with ongoing high transaction costs, has ensured that price sensitivity remains the main theme of the prime central London sales market. Sellers must remain realistic in their pricing given that over three-quarters of transactions since January have witnessed a price reduction...

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Quarterly Tip

“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” Warren Buffett

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