Golden Venn's quarterly newsletter provides an update on the London property market and insights on selected global destinations.
Winter 2023 Quarterly Market Report
Key Points
- Exchanges of contract are 16.2% higher in November than same month in 2021
- Prime London prices at the end of 2022 just 1.4% below their previous 2015 peak
- Buyers remain wary in lower value markets because of borrowing costs
- Rental growth is very strong as supply remains tight
- The economic backdrop remains uncertain, but most commentators are less pessimistic
Sales Market
According to Knight Frank, the number of exchanges in November – the most recent month with full data – in prime London markets was 16.2% higher than the same month in 2021 and 15% higher than the five-year average1. Given that the markets were still shaking out the mini-budget, this is an encouraging sign. LonRes […]Read More
Rental Market
LonRes, in its latest Winter report, notes that – in sharp contrast to the Pandemic period, where supply in Prime London rose sharply as tenants disappeared – 2022 saw a complete reversal: as tenants returned, there was a severe shortage of property to rent, which inevitable led to rapid rental growth over the year. Knight […]Read More
Fiscal Policy and Economic Backdrop
Commentary4 from HSBC UK expects the recession which began in the third quarter of 2022 to be short and mild, with GDP expected to contract by slightly more than 1% in 2023, but with growth returning later in 2023. Deutsche Bank’s quote in Money Week is broadly in line with this, although Nomura is more […]Read More
The Golden Venn Perspective
The release of pent-up demand, which was held back by Brexit and Covid, has given a boost to London’s £10 million-plus property market. At Golden Venn we believe that in higher value markets – where cash buyers are more common – prices might be protected even as borrowing costs rise. Prime Central London demand will […]Read More
Past issues
- Spring 2014
- Summer 2014
- Autumn 2014
- Winter 2015
- Spring 2015
- Autumn 2015
- Winter 2016
- Spring 2016
- Summer 2016
- Autumn 2016
- Winter 2017
- Spring 2017
- Summer 2017
- Autumn 2017
- Winter 2018
- Spring 2018
- Summer 2018
- Autumn 2018
- Winter 2019
- Spring 2019
- Summer 2019
- Autumn 2019
- Winter 2020
- Summer 2020
- Autumn 2022
- Winter 2023
- Spring 2023