<p>No.1 Palace Street, The St. Regis Residences is located opposite Buckingham Palace, Westminster and adjacent to St James's Park - one of London's most sought-after neighbourhoods. This palatial development is an exceptional collection of 72 private apartments, across an island site comprising five different architectural styles. </p>

<p>Conceived by Northacre and SHUAA Capital, No.1 Palace Street, The St. Regis Residences embodies all of the hallmarks of a world-class residential development. Parts of the building offer ceiling heights from 2.6 to 3.0 metres, with some as high as 5.0 metres.</p>

<p>Now complete, No.1 Palace Street, The St. Regis Residences offers all residents a new standard of luxury lifestyle, with amenities including valet parking, private residents' garden, library, cinema, meeting room, spa/wellness centre including 20 metre swimming pool and gym.</p>

<p>The location of No. 1 Palace Street, The St. Regis Residences is as unique as its architecture. Set in a unique location, directly opposite Buckingham Palace, the prestigious building has a long-standing affiliation with British Royalty. Built in 1861, the Grade II listed wing of the building, Buckingham Gate, was once the major landmark ‘The Palace Hotel’. It hosted distinguished guests of Queen Victoria, before the third wing of Buckingham Palace was built.</p>

<p>Merely a stone’s throw from the history and tradition of St James’s, the finest restaurants and shopping of Mayfair and Knightsbridge, and only a short walk from the serenity of the Royal Parks, residents will be placed within easy reach of the best that London has to offer.</p>

*Images are CGI and are indicative only.

No.1 Palace Street, The St. Regis Residences

<B>Register for exclusive preview access:</b> Introducing a unique collection of exquisite private apartments in an exclusive new Kensington landmark, 100 Kensington offers the first opportunity to live in the tallest residential building in the Royal Borough of Kensington and Chelsea.
 
Residents will benefit from the prime location, offering convenient access to the vibrant Kensington High Street and the tranquil Holland Park, both within walking distance.
 
The development boasts an impressive array of amenities, including a beautifully landscaped plaza complemented by a diverse range of leisure, commercial, and community facilities. These encompass artisanal cafés, a state-of-the-art gym, a luxurious swimming pool, and versatile community spaces, collectively fostering an engaging and dynamic environment for both residents and visitors.
 
The focal point of the development and the first residential building to launch will be the iconic 29 storey tower, which will offer high-rise living in London’s most desirable borough benefitting from unparalleled views of this storied neighbourhood and the city beyond.  The striking building by SevenCapital and MARK redefines city life, consisting of a unique collection of premium 1, 2 and 3-bedroom apartments with finishes designed by Conran and Partners.
 
Launching Summer 2025 
 
Register your interest now.

100 Kensington

<b>Launching 15th & 17th May -</b> Welcome to Wimbledon Place, an exceptional collection of 135 meticulously designed apartments in the heart of Wimbledon.

Exclusive opportunity to reserve your premium apartment prior to launch.

This prestigious development offers a range of studio, 1, 2, and 3-bedroom residences, each crafted with a design-led approach.

Residents of Wimbledon Place will enjoy stunning communal rooftop terrace, providing breath-taking views of the surroundings. The property boasts premium amenities, including an onsite gym, dedicated concierge service and a versatile co-working space, catering to modern lifestyles. With its central Wimbledon location, Wimbledon Place combines contemporary living with convenience, making it an ideal choice for those seeking a sophisticated urban residence.

Enquire now to register your interest.

Wimbledon Place

The Lanes is a collection of 1, 2 & 3 bedroom apartments and 3 bedroom houses in London’s largest new park.

Set between buzzy Tooting and leafy Earlsfield, enjoy hybrid living with quick transport connections to central London, or disconnect in 32 acres of urban wilderness on your doorstep.

Your Springfield Village neighbourhood provides a supermarket, gym and café for added convenience.

The Lanes

Welcome to Aria, centred within Melbourne’s coveted Arts Precinct, beside the majesty of the Royal Botanic Gardens, a highly enviable position on the edge of Melbourne’s CBD. Surrounded by iconic landmarks, world renowned galleries and award-winning restaurants. 
A living masterpiece spanning 18 levels, boasting a collection of one, two and three bedroom residences with stunning views to Melbourne CBD and Botanical Gardens, Albert Park Lake and Port Philip Bay and within walking distance of Melbourne’s vibrant retail, restaurants, laneways and theatres.

Aria

<b>Peninsula Riverfront is an iconic riverside development at the heart of Greenwich Peninsula -</b> one of London’s most exciting new residential districts.

Already home to a vibrant community, these exclusive apartments are ready for you to move in and make your own.

Exclusive to Peninsula Riverfront, there are a number of payment options available, including the unique Rent to Buy scheme and delayed completions, providing a more affordable path into homeownership. 

Resident’s benefit from access to outstanding amenities at The Upper Riverside Club featuring state of the art gyms, a 15th floor swimming pool and steam room, co- working spaces, cinema, private dining room, and roof terraces.

Situated in Zone 2, Peninsula Riverfront is ideally located a 2-minute walk to North Greenwich Station, offering excellent connectivity to Canary Wharf (2 minutes), London Bridge (8 minutes) and The West End (17 minutes).

<b>Contact us today to find out more.</b>

Peninsula Riverfront

Garden Towers is a dream location on the shimmering Swan River just a short walk from the Perth CBD, and located with a north frontage overlooking the beautiful Queens Gardens.

Planning Permission number: MRA-13388 granted by Metropolitan Redevelopment Authority.

Garden Towers

BLVD, the next residential release at Melbourne Square is designed to engage and enhance the senses. Set on an elegant, tree-lined boulevard and surrounded by 3,745m² of lush green parkland in the heart of Southbank, this peerless inner-city address in an established and thriving precinct delivers resort-style amenities and elevated wellbeing

Melbourne Square - BLVD

<b>The Founding at Canada Water -</b> Show apartments available to view now!
 
Situated 2 minutes from Canary Wharf via the Jubilee Line and only 3 mins from London Bridge, this flagship building combines accessibility across London with elegant luxury and stunning views across The City. Conran & Partners' thoughtful design infuses each apartment in this brand-new building with contemporary urban sophistication, premium features, and a high level of finish and specification. The building itself boasts three unique private terraces for residents only – one for sunrise, one for sunset, and a spacious lawn area – all flourishing with greenery and offering stunning London skyline vistas. Other amenities include a resident’s lounge offering a place for residents to work, relax and socialise, as well as a concierge service that enhances residents' daily lives.
 
Located in Zone 2 directly across from a tube station, The Founding offers excellent connectivity via the Jubilee line, Overground, and bus services, keeping residents close to London's art, culture, nature, and nightlife scenes. Located minutes from London Bridge, the West End, and Canary Wharf via the Jubilee Line and close to Shoreditch and The City via the Overground this new neighbourhood is situated perfectly for accessibility across London.

The Founding is situated at Canada Water, the new masterplan by British Land which will deliver a new vibrant London district – including 3,000 new net zero homes, 1 million square feet of shops and restaurants, a brand-new leisure centre and up to 2 million sqft of workspace. Alongside 12 acres of new public spaces including a 3.5-acre park, a new Town Square, the first new high street in London in many years, and 16 new streets. The adjacent new leisure facility includes two pools, four racket courts, a 150-station gym, three studios, and an indoor sports hall, promoting convenient wellness.

The Founding, London’s best-kept secret, is a superbly connected, nature-rich, dockside location surrounded by 160 acres of parks, woods and water with a diverse, long-established community located just minutes away from Canary Wharf. Don’t miss your opportunity to buy into one of London’s most vibrant and well-located new neighbourhoods.

Estimated completion date Summer 2025.

Viewings available at the marketing suite which has two show apartments, by appointment only, enquire now.

Planning permission number: 18/AP/1604 granted by Southwark Council on 29 May 2020.

Please note, images are computer generated and are indicative only.

The Founding

<b>BRAND NEW DEVELOPMENT</b>

Stepping inside Kew Bridge Rise feels like being transported to a hidden enclave above the city. Scene-stealing rooftop views, impressive residents’ facilities such as concierge, gym, co-working space, podium gardens and private outdoor spaces to all homes – it’s a lifestyle that’s elevated in every sense of the word.

Just a two-minute walk to Kew Bridge Overground station and 10 minutes to Gunnersbury Underground station, Kew Bridge Rise is seamlessly connected to the city. But you don’t need to travel far to find everything you need and more. Kew Gardens is just a short stroll away, and there are shops, restaurants, and river walks on your doorstep.

<b>Connected to everything</b>
You like to get around, Kew Bridge Rise is seamlessly connected. Buses, the Overground, and the Underground are just a short walk away. Plus, there’s easy access by road to both central London and the Middlesex and Surrey countryside, with the M4 corridor and the South Circular Road.

<b>World Class Education</b>
There are three primary and nursery schools rated as Outstanding within a 20-minute walk of Kew Bridge Rise. Plus, an on-site nursery just metres from your door. And the world’s best universities, like Imperial College London and King’s College, are comfortably within reach on the District Line.

Enquire now to find out more.

Kew Bridge Rise

<b>Prime Point: Modern Apartments in Greenwich with Central Park Views -</b> Completing This Year - Sales Suite Now Open

Discover Prime Point, an exclusive collection of Manhattan, 1, 2, and 3-bedroom apartments in Greenwich, London. Each residence features private outdoor space and stunning views of Central Park. Book a viewing today to experience premium London living.

Key Features: Prime Point offers an array of amenities designed to enhance your living experience. Residents can enjoy the convenience of a dedicated concierge service, perfect for managing day-to-day tasks and special requests. The development boasts beautifully landscaped gardens, providing a serene escape from the urban bustle. Stunning roof terraces offer panoramic views of the London skyline, while the residents' lounge provides a sophisticated space for relaxation and socialising. Each apartment features its own private outdoor space, allowing residents to enjoy fresh air and city views from the comfort of their homes. Prime Point's strategic location overlooking Central Park and surrounded by iconic landmarks ensures a prestigious address in one of London's most sought-after areas.

Prime Location: Prime Point's location offers unparalleled convenience and connectivity. North Greenwich Station, just an 8-minute walk away, places residents in Zone 2 with excellent transport links. Canary Wharf is a mere one stop away on the Jubilee Line, making it an ideal choice for professionals working in the financial district. The development also provides easy access to the Elizabeth Line, DLR, and beyond, ensuring seamless travel across London. The world-famous O2 Arena entertainment district is steps away, offering a plethora of dining, shopping, and entertainment options. For unique travel experiences, the nearby IFS Cloud Cable Car provides breathtaking Thames views, while the Uber Boat service at North Greenwich pier offers an alternative commute option. Nature enthusiasts will appreciate the riverside walking and cycling trails along the Thames Path, and Greenwich Park is just an 8-minute cycle away, perfect for weekend leisure activities.

Neighbourhood Highlights: The area surrounding Prime Point is rich with attractions and amenities. The O2 Arena, a landmark in its own right, hosts world-class concerts and events, complemented by a diverse range of shopping and dining options. Fashion enthusiasts will appreciate the designer outlet shopping, offering high-end brands at attractive prices. The neighbourhood buzzes with vibrant entertainment options, ensuring there's always something exciting to do. Perhaps most captivating are the scenic River Thames views, providing a constant reminder of London's historic and beautiful waterway.

Transport Connections: Prime Point's excellent transport connections make it an ideal choice for those who value easy access to all parts of London. With North Greenwich Station nearby, residents enjoy quick and convenient travel to Central London and beyond. The Jubilee Line provides swift access to key areas of the city, while connections to the Elizabeth Line and DLR open up even more possibilities for effortless commuting and exploration. Whether you're heading to work, meeting friends, or exploring the city, Prime Point's strategic location ensures you're always well-connected.

Shared Ownership homes are now available via L&Q Homes. Please note that, at this time, priority is given to households earning an annual income of up to £71,000.

Exclusively marketed by JLL Residential. Don't miss this opportunity to secure your new home in one of London's most desirable locations. Enquire now to be among the first to learn more about Prime Point apartments.

Prime Point

<b>Bermondsey Heights is a landmark, new 26-storey development -</b> consisting of 163 one, two and three-bedroom apartments in Zone 2, south east London ready for a move in summer 2025. Located just a five-minute train ride from London Bridge, everything the Capital has to offer is within easy reach.

The lively character of the area offers world-class shopping and nightlife, beautiful green spaces, tempting restaurants, highly-rated schools and a wealth of cultural and leisure attractions within easy reach.

The ambitious regeneration plans include a proposed new London Overground station just 400 metres away, thriving business district with office space and creative / digital hubs, 13 new public spaces and a state-of-the-art sports complex and arena.

Bermondsey Heights

An exclusive and rare waterfront neighbourhood in Melbourne's CBD with a very rare dual waterfront location on the prestigious Collins Wharf and just a free tram ride away, you will find European-style city streets, culinary laneways, luxury boutiques and all that Melbourne's vibrant cosmopolitan culture has to offer.  Priced from only A$699,000

Collins Wharf Ancora

<b>Eastman Village: A Modern Community with Historic Roots -</b> A vibrant new residential development breathing fresh life into the former Kodak factory site. This community offers a perfect blend of contemporary living and rich industrial heritage.

Located just a short walk from Harrow & Wealdstone station, Eastman Village provides exceptional connectivity with a 12-minute journey to Euston and access to 5 rail and tube lines. On-site amenities include a concierge, gym, Sainsbury's Local, and inviting cafés, while over 6 acres of landscaped green space offer a refreshing urban retreat.

Families will appreciate the development's location in one of London's top 5 boroughs for 'Outstanding' schools. First-time buyers can benefit from our 5% deposit match offer, making homeownership more accessible.

Experience the balance of city connectivity and suburban tranquility at Eastman Village. This thoughtfully designed community caters to all your needs, whether you're commuting to the city center or enjoying local amenities. 

Contact JLL today to explore available properties in this exciting new development.

Eastman Village

<b>The Wilderly, Elephant Park,  Elephant & Castle, Zone 1, London -</b> Welcome to The Wilderly, the final residential collection of homes at Elephant Park, surrounded by an urban garden oasis, and designed to stir your senses on every level. 
 
The Wilderly will offer purchasers a once in a generation opportunity to buy in the final phase of the vibrant town centre regenerated destination of Elephant and Castle, which has rapidly evolved into an established dynamic neighbourhood offering a cohesive mix of education, independent retail, creative dining, leisure, modern workspaces and vibrant arts.
 
Featuring an elegant collection of studios, one, two and three bedroom parkside residences in a serene garden setting, The Wilderly at Elephant Park, is a new sanctuary in the heart of the city, which also offers every amenity you need conveniently on your doorstep. Located in a graciously designed Zone 1 neighbourhood integrating excellent transport connectivity amongst cultural landmarks and universities, the area is fantastically unexpected but authentically London. 
 
A joint venture between Lendlease and Daiwa House, the Wilderly consists of 259 apartments across 2 adjoining buildings: an iconic 24-storey tower and 10-storey mansion building, which are both due to complete in 2026. 
 
Unrivalled amenities include a private parkside resident's garden, private landscaped roof terraces with 180° London skyline views, co-working spaces, wellness facilities and dining spaces. Further to this the development sits within an oasis of living, with communal green spaces designed for wellbeing with high-end aesthetics and eco-conscious design.  
 
Don’t miss one this last opportunity to buy a new home in one of central London’s most successful new regeneration areas. 

Purchase now - Register your interest.

The Wilderly, Elephant Park

Experience modern living with a touch of history at Sterling Place, located on the grounds of a former print works.

Enjoy quick access to central London, whilst being ideally located near Kingston, Wimbledon and Richmond.

New Malden offers great schooling & prime location for some of the UK's top universities. Explore our characterful homes, with on-site gym, yoga studio & podium gardens.

Sterling Place

<p>The announcement on additional borrowing had already unsettled investors in the run up to the budget, driving government borrowing costs to a five-month high.&nbsp; But leaks and briefings on some key policies pre-Budget appear to have had the desired
    effect meaning we&rsquo;re still below post mini-budget levels.</p>
<p>For housing there was little evidence of some of the much-speculated changes we heard rumour of in the run up. Some will see this as a missed opportunity.&nbsp; But this is far from the worst-case scenario many had feared. And clarification on government
    plans, or at least an end to pre-budget speculation, should bring more prospective buyers back to the market.</p>
<p>After all, the housing market looks to be in decent shape.&nbsp; Mortgage approval figures in September were at their highest for more than two years, with lower rates bringing more prospective buyers back to the market.&nbsp; Prices are edging up in
    response and activity across the market is recovering, too.</p>
<p><strong>So what was in the budget for housing? </strong></p>
<h2><strong>UK economy on the path to recovery</strong></h2>
<p>The latest figures from the Office for Budget Responsibility (OBR) suggest the UK economy will grow by 1.1% this year and by 2.0% in 2025 in real terms. Inflation (CPI) is expected to sit marginally above the 2% target each year until 2029. </p>
<h2><strong>Stamp Duty Land Tax (SDLT)</strong></h2>
<p>Changes to stamp duty rules mean those purchasing properties in addition to their main residence (buy-to-let and second homes) will now pay a 5% rather than 3% surcharge. Adding &pound;10,000 to the stamp duty bill for a &pound;500,000 home. </p>
<p>The single rate of SDLT charged on the purchase of dwellings costing &pound;500,000 or more by corporate bodies will also rise from 15% to 17%. </p>
<p>Increases in rates were not necessarily viewed as a significant revenue raiser (an extra &pound;400 million by 2029/30) but would rather level the playing field between first time buyers and investors. But extra stamp duty for additional properties was
    not accompanied by an increase in incentives for first time buyers, with nothing in the budget on the first time buyer zero rate thresholds, which are due to drop back from &pound;425,000 to &pound;300,000 in April 2025. Instead, the government has
    committed to consult the industry on extending the mortgage guarantee scheme, effectively a 5% deposit scheme for first time buyers. News on that is promised in Phase 2 of the Spending Review next Spring.</p>
<h2><strong>Capital Gains Tax (CGT)</strong></h2>
<p>Tax on gains for residential property were left at their current level of 18% for lower rate and 24% for higher rate tax payers. Disposal of other assets, including shares, was normalised with residential property at 24%. With suggestions that &lsquo;normalisation&rsquo;
    could have been imposed with income tax rates, this should add some comfort to those in the sector. &nbsp;</p>
<h2><strong>Affordable housing</strong></h2>
<p>The government reaffirmed its commitment to deliver more affordable homes.&nbsp; A &pound;500million top up was promised for the Affordable Homes Programme and a consultation for an ongoing five-year rent settlement at CPI+1 (guaranteeing the rent cap
    on the amount providers can charge) was announced.&nbsp; Those wanting clarity on future grant investment will need to wait until the Spending Review in Q2 next year.</p>
<h2><strong>Right to Buy</strong></h2>
<p>Discounts for those purchasing through Right to Buy scheme will be reduced and councils in England will be able to keep all the receipts from sales to deliver new homes. This will need further investment to stem the loss of social housing through the
    scheme, with the latest annual figures showing 3,046 homes started using Right to Buy receipts versus 6,275 sold. </p>
<h2><strong>Inheritance tax (IHT)</strong></h2>
<p>The Chancellor announced current inheritance tax thresholds will be frozen until 2030, two years ahead of plans pre-budget. This means individuals can continue to leave &pound;325,000 free of tax, rising to &pound;500,000 if leaving your home to your
    children. Couples can inherit each other&rsquo;s allowance, meaning if you tick all the boxes &pound;1million can be left free of IHT. </p>
<p>But new rules will bring previously exempt assets into play, meaning pensions, which had been IHT exempt, will fall within the totals from April 2027. Owners of agricultural and business property, again previously able to benefit from exemptions, will
    from April 2026 need to consider their liabilities over certain thresholds, although allowances will mean an effective rate of 20% rather than 40%. </p>
<h2><strong>Housing supply</strong></h2>
<p>We&rsquo;ve already heard from the government on its plans for delivering more homes, so perhaps a lack of detail within the budget was to be expected. The government committed &pound;5bn to their housing building programme in 2025/26 and repeated its
    commitment to provide 300 new planners (effectively less than one per authority), but the new planning framework (NPPF) due at the end of the year is expected to fill in some further gaps here. </p>
<h2><strong>Non-doms</strong></h2>
<p>As expected, the government announced it will end current non-domiciled tax rules from April 2025 and introduce a new residence-based system. For those looking to bring assets into the UK, the government will extend the temporary repatriation facility
    from two to three years. This isn&rsquo;t new, and follows similar plans announced under the Conservatives. The budget confirmed that only gains made after April 2017 will be considered as part of the new proposals, but the door is still open for
    government to bring worldwide assets within the scope of UK inheritance tax.</p>
<h2><strong>What we missed</strong></h2>
<p>With the government having already announced plans to reinstate ambitious housing targets post-election we had hoped the budget would include some news on stimulus for demand. Yet incentives for home purchase, changes to stamp duty land tax (aside from
    the increase for additional properties) and the reintroduction of Multiple Dwellings Relief were conspicuous in their absence this time around. </p>
<p>More positive news on the UK economy and further interest rate cuts expected before the end of the year will likely support house price growth. But while we acknowledge increasing demand when supply remains low could challenge affordability further, the
    government needs to reassure developers and investors that there will be a market for a higher number of new homes they&rsquo;ve committed to deliver.&nbsp;</p>

Residential Roundup – Budget Special

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With the plans from the first Labour Budget in 14 years expected to bring in an extra &pound;40bn &ndash; read Marcus Dixon&rsquo;s overview of what was included for housing, in this week&rsquo;s Residential Roundup.

With the plans from the first Labour Budget in 14 years expected to bring in an extra £40bn – read Marcus Dixon’s overview of what was included for housing, in this week’s Residential Roundup.

<strong>The first Labour Budget in 14 years was never going to please everyone. This was a tax raising Budget, with the Chancellor&rsquo;s plans expected to bring in an extra &pound;40bn. Employers will be shouldering much of the financial responsibility, with funding public services core to Labours plans.</strong>

https://res.cloudinary.com/global-cms-assets-np/image/upload/v1730381534/resi/gb/Articles/Images/Resi-Roundup-Budget.jpg

<p>With the October Budget behind us, the outlook for both prices and rents remains positive. The government is forging ahead with its plan to deliver more homes, but it will take some time before we see any real impact on overall supply. Increased government
    borrowing means the latest inflation forecasts from the Office for Budget Responsibility have come in higher than expected, which could throw some cold water on more bullish forecasts for mortgage rates.&nbsp; But the direction of travel appears to
    be the same, even if it may take a little longer to get there. </p><p>Lack of supply and more competitive mortgage rates are expected to underpin growth in prices over the next five years. Rental growth is expected to exceed inflation and wages over the five-year forecast period, but an increase in activity in the sales
    market means rental growth is expected to lag price growth, with rents forecast to be 17% higher by the end of 2029. </p><h2><strong>2024 outlook</strong></h2><p>Back in May we forecast house prices nationally would rise by 2% in 2024. This was underpinned by a continued resilience and lack of distress in the sales market, with prices holding firm despite the challenge of higher rates and uncertainties in the
    run up to the election (which at that point we were thinking would take place in the autumn). An early election was seen as a positive for the market, but Budget jitters meant much of that hoped for momentum was lost (or at least delayed).</p><p>Looking at the latest government figures (year to August 2024) shows prices have risen 2.8% annually, with more recent Nationwide figures for the year to October at 2.4%. There are obviously a few months to go but we expect year end growth to come in
    marginally above our 2% forecast. Scotland and the north of England are expected to see higher growth. Higher mortgage rates remained most challenging for more expensive markets in London and southern England, with growth in these regions, as forecast,
    lower than other areas of the UK this year.</p><p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1730756189/resi/gb/Articles/Images/Resi-Forecast-Chart-1.jpg" /></p><p>We forecast UK rents would end 2024 4.5% higher annually.&nbsp; The ONS Private Rents Index, which we benchmark against, is still showing growth of 8.4% in the year to August, but new lets data from Homelet data shows average rents were 4.3% higher in
    September 2024 than they were a year earlier. We expect ONS figures could end the year higher than our 4.5% forecast, but the significant imbalance between tenant demand and supply has levelled off in recent months so we expect some further heat will
    come out of the rental market as we move into 2025. </p><h2><strong>Lessons from the (recent) past</strong></h2><p>Looking back over the last 25 years, price growth (taken here in five-year chunks to mirror our five-year outlook) shows three distinct periods for growth. Before the Global Financial Crisis five-year growth of 60% or more was the norm. But the period
    of re-correction that followed saw much of this froth removed from the market as five-year growth fell back to single digits or low teens to compensate for the significant tightening of the debt markets. </p><p>But for the last decade, despite significant variation in mortgage rates and a global pandemic, house prices rises over a five-year term have remained remarkably consistent. Peaking in 2017 at 33% but otherwise ranging from 21% to 27%.&nbsp;</p><p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1730756189/resi/gb/Articles/Images/Resi-Forecast-Chart-2.jpg" /></p><h2><strong>UK Economy</strong></h2><style>td,
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<div style="overflow-x:auto;" align="center"><table cellspacing="0" cellpadding="0" border="1" align="left"><tbody><tr class="red"><th scope="col"></th><th scope="col">2025</th><th scope="col">2026</th><th scope="col">2027</th><th scope="col" data-role="resizable">2028</th><th scope="col" data-role="resizable">2029</th><th scope="col">Change 2025-29</th></tr><tr><td>CPI (OBR)</td><td>2.6</td><td>2.3</td><td>2.1</td><td>2.1</td><td>2.0</td><td>11.6</td></tr><tr><td>Wages (OE)</td><td>2.7</td><td>2.4</td><td>2.5</td><td>2.8</td><td>2.9</td><td>14.0</td></tr><tr><td>UK GDP (OBR)</td><td>2</td><td>1.8</td><td>1.5</td><td>1.5</td><td>1.6</td><td>8.7</td></tr></tbody></table></div><p style="text-align:left;">Source: JLL Research using Office of Budget Responsibility, Oxford Economics</p><p style="text-align:left;">The outlook for economic growth remains muted, with inflation expected to sit a little higher than the Bank of England&rsquo;s 2% target until 2029.&nbsp; But the Bank of England rate cutting cycle is expected to continue and assuming swap rates settle
    post Budget and the US election we&rsquo;ll likely see mortgage rates fall back too - if not quite as quickly as we had hoped. </p><p style="text-align:left;">Consensus forecasts suggest rate cuts will run through until the end of 2026, with mortgage rates expected to become more competitive over this period. Following a similar trend to 2024 we anticipate lower value markets will benefit first.&nbsp; Activity
    will be driven by first time buyers, with home movers following once rates become more attractive. Higher value markets in London and the south are expected to see stronger growth in the second half of our five-year forecast period.</p><h2><strong>Market activity</strong></h2><style>td,
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<div style="overflow-x:auto;" align="center"><table cellspacing="0" cellpadding="0" border="1" align="left"><tbody><tr class="red"><th scope="col" data-role="resizable"></th><th scope="col" data-role="resizable">2024</th><th scope="col">2025</th><th scope="col">2026</th><th scope="col" data-role="resizable">2027</th><th scope="col">2028</th><th scope="col">2029</th></tr><tr><td>Housing Starts</td><td>135,000</td><td>157,000</td><td>179,000</td><td>199,000</td><td>224,000</td><td>244,000</td></tr><tr><td>Transactions</td><td>1.0m</td><td>1.2m</td><td>1.3m</td><td>1.3m</td><td>1.3m</td><td>1.4m</td></tr></tbody></table></div><p>Source: JLL Research, Experian</p><p>Committing to build 1.5 million homes over the course of this parliament, the government has set itself an ambitious target.&nbsp; But ramping up delivery without any demand side stimulus will be a real challenge. Current supply side plans have started
    to put the building blocks in place to ramp up delivery but increasing delivery in a meaningful way with current planning, labour force, and supply chain constraints won&rsquo;t be a quick fix. JLL forecast new housing starts across the UK will total
    1 million homes between 2025 and 2029.&nbsp; Conversions of existing stock (currently accounting for around one in ten net additions) are expected to rise too, so we&rsquo;ve allowed (possibly sightly ambitiously) for 200,000 in the next five years
    taking us to a forecast of 1.2 million homes.<br /></p><h2 style="text-align:left;"><strong>Sales price forecasts</strong></h2><style>td,
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<div style="overflow-x:auto;" align="center"><table cellspacing="0" cellpadding="0" border="1" align="left"><tbody><tr class="red"><th scope="col">Sales price growth (% pa)</th><th scope="col">2025</th><th scope="col">2026</th><th scope="col">2027</th><th scope="col" data-role="resizable">2028</th><th scope="col">2029</th><th scope="col">Change 2025-29</th><th scope="col">Average pa 2025-29</th></tr><tr><td>UK</td><td>3.5</td><td>4.0</td><td>4.5</td><td>3.5</td><td>3.0</td><td>19.9</td><td>3.7</td></tr><tr><td>Greater London</td><td>2.5</td><td>3.5</td><td>5.0</td><td>5.0</td><td>4.0</td><td>21.6</td><td>4.0</td></tr></tbody></table></div><p style="text-align:left;">Source: JLL Research </p><p>A new government with ambitious plans for housebuilding and more comfortable with a higher tax environment, particularly for wealthier households, could mean future growth prospects differ from the recent past. But neither of the these seem a sufficient
    departure from the current trend to meaningfully change the path of growth over the coming five-year period (2025-2029). </p><p>We do expect higher rates (even if they fall back from current levels) will limit growth prospects, meaning our 2025-2029 forecasts sit at the lower end of the recent five year averages. </p><p>We expect growth of 19.9% nationally 2025-2029. London house prices are expected to increase by 21.6% over the same period, underpinned by a lack of new homes reaching the market for sale. We expect lower value markets to see stronger growth towards the
    beginning of our five-year forecast period, with more expensive markets outperforming once the rate cutting cycle continues into 2026 and 2027.&nbsp; <br /></p><h2 style="text-align:left;"><strong>Rental forecasts</strong><strong></strong></h2><style>td,
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<div style="overflow-x:auto;" align="center"><table cellspacing="0" cellpadding="0" border="1" align="left"><tbody><tr class="red"><th scope="col">Rental growth (% pa)</th><th scope="col">2025</th><th scope="col">2026</th><th scope="col">2027</th><th scope="col" data-role="resizable">2028</th><th scope="col">2029</th><th scope="col">Change 2025-29</th><th scope="col">Average pa 2025-29</th></tr><tr><td>UK</td><td>3.0</td><td>2.5</td><td>3.0</td><td>3.5</td><td>4.0</td><td>17.1</td><td>3.2</td></tr><tr><td>Greater London</td><td>2.5</td><td>3.0</td><td>3.5</td><td>4.0</td><td>4.0</td><td>18.2</td><td>3.4</td></tr><tr><td>UK BTR</td><td>3.0</td><td>3.5</td><td>3.5</td><td>4.5</td><td>4.5</td><td>20.5</td><td>3.8</td></tr></tbody></table></div><p style="text-align:left;">Source: JLL Research </p><p style="text-align:left;">In the five years to September 2024 rents rose nationally by 27%. But the rapid rise in rents in the last three years isn&rsquo;t reflective of the long-term trend.&nbsp; Five-year growth figures in early 2020 sat at around 12%, when rents broadly tracked
    wage growth. </p><p style="text-align:left;">The supply demand imbalance which has in part driven rent rises (wage growth and inflation also contributed) is now becoming more balanced, but a lack of new stock entering the market means we anticipate rental growth will exceed wage growth and inflation
    over the next five years. </p><p style="text-align:left;">The October Budget did little to change our view.&nbsp; Capital Gains Tax for residential property remained the same, meaning exit costs didn&rsquo;t rise, but entry costs did.&nbsp; Landlords looking to purchase homes now having to pay an additional
    2% stamp duty over the previous already elevated bill. We expect this will mean more traditional buy-to-let landlords will leave the market than enter over the next five years. </p><p style="text-align:left;">But activity in the sales market is expected to increase too, likely meaning an increase in tenants moving across into owner occupation, alleviating some demand side pressures in the short term.&nbsp; </p><p style="text-align:left;">JLL forecast UK rents will rise 17% over the next five years, with rental growth in the London expected to total 18% over the same period.</p><h2 style="text-align:left;"><strong>What to watch</strong></h2><ul><li style="text-align:left;"><strong>EPC C by 2030</strong> &ndash; Around half of all privately rented homes nationally are EPC D or below.&nbsp; As we move closer to the 2030 deadline, we expect some landlords will offload less efficient stock or remove properties from the
        market to retrofit to meet the new standard. Expect rents to rise in the run up as stock levels fall. For sales, landlords selling properties could bring more lower value homes to the market impacting average prices.<br /></li><li style="text-align:left;"><strong>Renters Right Bill</strong> &ndash; Current proposals include the provision for tenants to challenge market busting rental increases. Our forecast for lower annual increases will help cushion the impact here but may limit the potential for
        growth in some markets, particularly if the courts are overwhelmed with applicants. Landlords concerned around the impact of the bill could also chose to exit the market, particularly as the sales market improves.<br /></li><li style="text-align:left;"><strong>Buyer incentives</strong> &ndash; With the stamp duty threshold returning to its previous &pound;300,000 level for first time buyers next spring there was surprisingly little in the budget to incentivise buyers.&nbsp; However, there was reference
        to Phase 2 of the Spending Review in Q2 2025, so we could see further incentives or concessions introduced then.<br /></li><li style="text-align:left;"><strong>Rates &ndash; </strong>A more rapid fall in mortgage rates could mean higher value markets see stronger growth earlier.<br /><strong></strong></li><li style="text-align:left;"><strong>Housebuilding &ndash; </strong>The government has ambitious plans for new homes.&nbsp; We do expect activity to increase but still assume starts will lag the 1.5 million target. Our current forecast accounts for stock scarcity in the new homes
        market towards the start of the five-year period with new development activity not expected to be sufficiently high to have any negative impact on prices.<br /></li><li style="text-align:left;"><strong>International buyers and prime London &ndash;</strong> Changes to non-dom rules and increases in SDLT on additional properties mean higher costs for overseas buyers. But a lack of stock, particularly of new homes, means those who are in the
        market may find choice scarce and competition for the best stock remains strong.&nbsp;</li></ul>

JLL Residential Forecast 2025-2029

Houses prices expected to rise by 20% in the next five years as lower mortgage rates bring buyers back to the market. Rental growth slows from recent highs.

<strong>Houses prices expected to rise by 20% in the next five years as lower mortgage rates bring buyers back to the market. Rental growth slows from recent highs.</strong>

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Residential Roundup

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<div>There are few who would question the need to deliver more homes. Research from Centre for Cities suggests Britain has a 4.3 million home deficit compared with the average European country. Meaning we would need to build almost 450,000 homes per annum over the next 25 years to satisfy future demand and address the historic deficit. At present we struggle to hit 200,000.</div>

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Residential Roundup - 1 September

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<div class="row">
    <h2><strong style="background-color:initial;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">Q2 2023 Sales Index</strong><br /></h2>
</div>
<p><strong></strong>The JLL Prime Central London Index saw prices fall for the third consecutive quarter.&nbsp; The Q2 2023 index recorded a quarterly fall of 2.1%, with prices 5.9% down compared with the same period in 2022. Prices are now 6.8% lower than
    they were when prices peaked in the third quarter last year.&nbsp; </p>
<p>The upper echelons of London&rsquo;s prime market are proving more resilient. With prices down 0.8% in the 12 months to June 2023 compared with a 6.7% fall in homes priced at under &pound;2 million (likely to be most impacted by changes in interest rates).
</p>
<p>Despite sentiment impacting prices we saw deals agreed (exchanges) increase in an admittedly slow Q1 this quarter, with a 28% increase in sales in Q2 2023.&nbsp; With volumes on par with Q2 2022 (down -1.2%). </p>
<p>Stock levels rose in Q2, with 8.3% more properties on the market than in Q2 2022 and 9.7% more than at the end of the first quarter this year. Stock on the market is now at the highest level since the end of Q2 2020. </p>
<h2><strong>Q2 2023 Lettings Index</strong></h2>
<p><strong></strong>The uncertainty which is hampering activity in the sales market often has the opposite effect on lettings. With households more likely to stay in rented for longer or choosing to rent when delaying their decision to buy. Just over half
    (51%) of JLL deals agreed in Q2 2023 were renewals, up from 45% a year ago and 24% in Q2 2021. This was the highest rate of renewal since Q2 2020. </p>
<p>The number of new lets rose this quarter compared with last, up 13%.&nbsp; But the second quarter is usually more active than the first. Comparing new lets agreed (excluding renewals) in the second quarter this year with Q2 last year showing there were
    18% fewer deals agreed, with the number agreed down 35% compared with the Q2 five-year average.</p>
<p>This quarter the JLL Prime Central London Index saw rents rise by 1.9%, with rents 5.4% higher than they were at the same point a year ago. Small flats (1 and 2 beds) saw this highest annual increase in rents at 6.7% whereas more expensive properties
    (&pound;3,000 per week or more) saw a more modest 2.9% annual increase. </p>
<p>Rents are now 26% higher for one-bedroom flats (which have seen the highest growth) than they were three years ago at the end of Q2 2020. With the JLL Prime Central London Rental Index 19.2% higher overall over the last three years.</p>
<p>For prospective tenants having to contend with low stock levels there appears to be some respite as we move into the summer. Stock levels are starting to increase, albeit off a low base. With the number of rental properties listed to let at the end of
    Q2 2023 up 13.8% on the same point in 2022. But volumes remain 55% down on levels we were seeing pre-pandemic in Q2 2019. </p>
<h2>All Source: JLL/ LonRes</h2>
<p><strong>Our JLL Prime Central London Index is based on a &lsquo;basket&rsquo; of properties, valued by JLL at the end of each quarter. </strong></p>
<p><strong>Director of UK Residential Research at JLL, Marcus Dixon, explains: </strong></p>
<p><em>&ldquo;The implications of stubborn inflation on the UK mortgage market are hampering activity in prime central London. While fewer buyers are heavily indebted - almost half buy cash - uncertainty surrounding the short-term outlook is impacting prices. </em><em></em></p>
<p><em>&ldquo;The lettings market remains competitive, stock levels have improved on their 2022 lows but there are still more prospective tenants than there are properties. This has resulted in further rent increases this quarter, with rents almost 20% higher than they were in 2020.</em><em></em></p>
<p><em>&ldquo;The lower end of the rental market continues to see a steady stream of (formerly) prospective buyers moving across into lettings. With smaller properties, mainly one- and two-bedroom flats, recording the highest annual increase in rents, while prices for similar properties are seeing more significant falls than homes in more expensive price bands.&rdquo;</em></p>

JLL – Prime Central London (PCL) Index – Q2 2023

The recent rise in interest rates does not impact all sectors of the housing market equally.

Prime Central London (PCL) Index – Q2 2023

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<p>The Renters (Reform) Bill was introduced to parliament on 17th May 2023. It follows the 2022 private rented sector white paper, which outlined the government&rsquo;s aspirations for the future of privately rented homes. The bill aims to deliver on the
    government&rsquo;s plan to &ldquo;bring in a better deal for renters&rdquo;, which includes the ending of &lsquo;no fault&rsquo; evictions. These changes of course have implications for landlords too, but the bill aims to allay some of their concerns
    by strengthening Section 8 powers under which landlords can recover their properties.</p><p>Further regulation includes proposals for a new property portal and rental redress scheme, which aim to make it easier for landlords and tenants to resolve issues and for councils to track and penalise rogue landlords. For landlords, increased use of
    Section 8 could also make it easier to identify tenants with a history of rent arrears and antisocial behaviour, aiding the tenant referencing process and mitigating risk for those taking on new tenants.</p><p>But we are still at an early stage. The bill is entering the approval period, where questions on the detail behind the proposals can be answered and views sought. The bill must follow a set path before receiving Royal Assent and becoming law. The next
    step will be a second reading, giving MPs the opportunity to scrutinise the bill and make any amendments to the proposals. This will also be an opportunity for interested parties to contact their MP to put forward their views on the proposals.</p><p>The bill must then progress through committee, parliament, and the House of Lords before details are agreed and Royal Assent is sought. This is a lengthy process, with the time from bills being introduced to becoming law often exceeding 12 months.</p><h2>Current proposals include:</h2><p><strong>The end of the AST - </strong>Section 21 will be abolished, aiming to provide tenants with greater security. Fixed term tenancies will be scrapped, meaning a tenancy will end only if the tenant chooses to leave (usually by giving two months&rsquo;
    notice) or the landlord is able to provide a valid reason to end the tenancy. To assist with this Section 8 will be strengthened to allow landlords to recover their properties. From six months into the tenancy landlords may give the tenant notice
    (usually two months) to vacate if they are looking to move back into the property, sell or redevelop. Landlords can also gain possession if the tenant is in breach of their tenancy or falls into arrears.</p><p>If implemented, it is likely changes will apply first to new tenancies, with existing tenancies transitioned across into the new structure within a pre-defined period. There are some exemptions for students lets, however this could we be one of the elements
    of the bill where we see some changes introduced.</p><p><strong>Annual rental reviews&nbsp;</strong><strong>&ndash;</strong><strong>&nbsp;</strong>Rental increases will be limited to one per year, with new powers for tenants to challenge above market rate rental increases through a tribunal.
</p><p><strong>Pets&nbsp;</strong><strong>&ndash;</strong><strong>&nbsp;</strong>Landlords must have reasonable grounds to refuse a tenant the right to request a pet in their rented property. It is not yet clear what constitutes &lsquo;reasonable grounds&rsquo;,
    hopefully this will become clearer as the process progresses, but tenants who are refused can use the new redress scheme to refer the final decision to the ombudsman. For landlords, existing regulations will be strengthened to ensure tenants are liable
    for any damages caused by their pets.</p><p><strong>Redress scheme &ndash; </strong>Proposals for a single redress scheme for both landlords and tenants. The ombudsman will provide a free service if tenants have complaints regarding their landlord, the standard of the property, or any outstanding
    repairs. Under current proposals landlords would not be able to make a complaint about a tenant to the ombudsman but they could be offered mediation services to settle disputes between them and their tenants. Landlords would be required to join the
    scheme with local councils empowered to take enforcement action against those who fail to sign up. Lettings agents will not be required to join.</p><p><strong>New property portal &ndash; </strong>Landlords will need to sign up to a new property portal. This will be a digital record of the landlord and their properties. Landlords will need to be registered and keep records on themselves and their rental
    properties up to date to legally market a property to let. Proposals are for councils to have access to the portal to enable them to flag any unspent offences or restrictions in the landlord&rsquo;s name.</p><p>More detail on the bill can be found <a href="https://www.gov.uk/guidance/guide-to-the-renters-reform-bill" target="_blank">here</a>.</p><p>Our team here at JLL will keep you updated throughout the process and are here to answer any questions you may have on the bill or the implications for you as a landlord or tenant.</p><h2>JLL Research | June 2023</h2><p>JLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000. With over 7,000 employees and 15 offices
    in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory, leasing,
    building management and sales.</p><p>JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare
    and student housing.</p><p>&nbsp;</p><p><sup>Disclaimer: <sup>&copy;</sup> 2023 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or
    warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any
    form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves
    the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.</sup>
</p>

Renters Reform Bill

The Renters (Reform) Bill was introduced to parliament on 17th May 2023. It follows the 2022 private rented sector white paper, which outlined the government&rsquo;s aspirations for the future of privately rented homes.

The Renters (Reform) Bill was introduced to parliament on 17th May 2023. It follows the 2022 private rented sector white paper, which outlined the government’s aspirations for the future of privately rented homes.

market-update-may-23

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<p><strong>The housing market remains more resilient than many had anticipated. The latest results from the RICS Survey show market conditions remain challenging, with agents still expecting prices to fall in the coming months in response to higher borrowing costs and uncertain market sentiment. But the outlook for the next 12 months remained more positive. </strong></p><p><strong>Over the longer term there is a clear commitment from both Labour and the Conservatives to support home ownership. But until we see rates top out, we expect the market to continue to tread water. This means lower levels of activity, but prices will, we expect, remain more resilient as a lack of distress and high levels of equity act as a buffer to more challenging economic conditions. </strong></p><h2>The economy</h2><p>The outlook for the UK economy is improving, with the IMF upgrading their 2023 UK forecast. Echoing recent announcements from the Bank of England the IMF no longer expects the UK will fall into recession this year, with their latest forecasts expecting
    GDP will rise in 2023. Growth is expected to be modest at +0.4% but reflects a welcome venture into positive territory following the previous -0.3% forecast in April. This improved outlook means the UK no longer sits at the bottom of the list of G7
    economies for 2023, now moving ahead of Germany.</p><p>But inflation is still proving stickier than many had hoped. Rates have fallen, with single digit annual increases for the first time since August 2022. It was always anticipated that rates would drop back this month, with the impact of rising energy
    costs priced into rates a year ago, but the 8.7% annual increase remained higher than the Bank of England and many forecasters had anticipated.</p><p>Further falls in energy costs in the coming months will help to bring inflation down further, but annual food price inflation remains at 19.1% according to the latest ONS figures.</p><p>Core inflation (calculating the rise in costs when energy and food, alcohol and tobacco are stripped out) rose by 6.8% in the year to April, up from 6.2% in March. With the recent increase in five-year swap rates and stubbornly high inflation meaning
    a further rise in Bank Rate at the June MPC appears more likely.</p><h2>New development</h2><p>Activity in the new homes market remains muted. While schemes on site continue to deliver homes, levels of new starts have dropped and activity in the sector has been more subdued in Q1. The National House Building Council (NHBC) reported new build completions
    fell 7% annually in Q1 2023 but the number of new homes registered to be built fell 40% to less than 28,000. This follows news that new applications in 2022 fell 14% on 2021 levels, now at their lowest level since 2006, according to figures from the
    DLUHC. In London, Molior reports constructions starts down 43% on Q1 2022.</p><h2>House prices</h2><p>Considering the considerable change that has been thrust upon the UK housing market this year it remains remarkably robust. Activity has dropped back, but we are starting to see the reaction to the initial interest rate and sentiment shock following the
    mini budget recede, as prospective buyers re- enter the market. With time on the market and mortgage approvals all starting to recover from the lows of late 2022 and early 23.</p><p>Low levels of unemployment, wage growth (albeit mostly below inflation), and more equity within the market all mean forced sales are less prevalent. But for those who are looking to transact in this market there does need to be some realism about prices
    and additional cost facing purchasers.</p><p>The latest Land Registry figures show all regions saw a monthly fall in prices in March, with prices UK wide 1.2% lower than in February, the fourth consecutive monthly fall. Prices are now 2.4% below their November peak but remain 4.1% higher than they
    were a year ago.</p><p>After seven consecutive monthly falls the Nationwide reported house prices rose 0.5% in April, but prices dropped back marginally in the latest May figures, down 0.1% month-on-month with prices falling annually by -3.4%, now -4% lower than they were at
    the peak last summer. The Halifax reported at -0.3% fall in April, following a rise of 0.8% the previous month, with prices on par (+0.1%) with April 2022. First time buyer activity is proving more resilient than expected, with a competitive rental
    market driving those who can to buy instead.</p><p>Falls in achieved prices show higher rates and rising costs are impacting the housing market, although both activity and prices appear more resilient than many had expected. The latest figures from Rightmove show asking prices rose in May, up 1.8%, higher
    than the usual 1.0% May figure.</p><p>Uncertainty over rates appears to have put the brakes on the recovery in mortgage approvals posted in March. Seasonally adjusted figures from the Bank of England showing the number of mortgages approved for house purchase fell by 5%, from 51,500 in March
    to 48,700 in April. The average rate on new mortgages rose to 4.46% in April, up 5 basis points on March figures. Overall borrowers repaid &pound;1.4bn more than was lent in April 2023, which aside from the pandemic was the biggest net repayment on
    record.</p><h2>Rents</h2><p>The rental market continues to record near double digit growth in rents on new lets. The Homelet Rental Index showing annual rental growth remains strong at 9.9% across the UK in April 2023, with a current average rent of &pound;1,199, 1.3% higher than
    the March figure. London saw rents rise annually by 11.0%, with average rents on new lets exceeding &pound;2,000 per month. Scotland saw the highest annual increase, with rents on new lets rising 12.1%.</p><h2>Global view</h2><p>In the US, the Federal Reserve increased its key interest rate by 25 basis points, pushing its benchmark rate to between 5% and 5.25%. This is the tenth time rates have increased since March 2022. Rates could be topping out though with the Fed hinting
    at a pause on further rate rises when they next meet in June.</p><p>Singapore has announced a doubling of its Additional Buyer Stamp Duty. Overseas buyers purchasing a property in Singapore will now pay 60% tax on their purchase, with those buying using a trust will pay 65%. Permanent residents buying second homes in
    the city will also pay more.</p><h2>What&rsquo;s new from JLL</h2><p>Our latest Prime Central London report shows rents rose again in Q1 2023, but prices have dropped 4.3% compared with Q1 2022. Read more <a href="https://residential.jll.co.uk/insights/research/prime-central-london-q1-2023">here </a></p><h2>JLL Research | May 2023</h2><p>JLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000. With over 7,000 employees and 15 offices
    in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory, leasing,
    building management and sales.</p><p>JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare
    and student housing.</p><p><sup>Disclaimer: <sup>&copy;</sup>2023 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations
    or warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in
    any form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL
    reserves the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.</sup>
</p>

JLL Residential Market Update – May 2023

The housing market remains more resilient than many had anticipated. The latest results from the RICS Survey show market conditions remain challenging, with agents still expecting prices to fall in the coming months in response to higher borrowing costs and uncertain market sentiment. But the outlook for the next 12 months remained more positive.

The housing market remains more resilient than many had anticipated. The latest results from the RICS Survey show market conditions remain challenging, with agents still expecting prices to fall in the coming months in response to higher borrowing

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Affordable and attractive London hotspots for First Time Buyers

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House prices have risen significantly nationally over the last three years, and it feels as if the first step onto the housing ladder has become more challenging. Despite this, the dream of owning their first home for many is not dwindling.

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Spotlight on Cambridge

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JLL Residential - Spotlight on Cambridge&nbsp;

JLL Residential - Spotlight on Cambridge

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<p><a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1683722906/resi/gb/Articles/PDFs/PCL_Report_Q1_2023_-_V8.pdf" target="_blank"><button class="Button primary" style="text-align:center;">Download full report</button></a></p>
<p>A higher proportion of homes bought with cash and a sustained lack of stock in the most sought-after locations means Prime Central London (PCL) is less tied to fluctuations in UK mortgage rates.<strong> </strong>However, the central London market is not
    immune to changes in economic conditions, with sentiment rather than interest rates often having a greater impact on activity and pricing. And while Prime Central London is less reliant on debt the discretionary nature of many purchasers buying decisions
    means PCL is often more reactive to changes in sentiment and economic headwinds than mainstream, both when prices fall and when they increase.</p>
<p>&nbsp;For the rental market, uncertainty often increases demand with prospective purchasers holding off on their decision to purchase and renting or remaining in rented instead. We continue to see demand outstripping supply for prime homes, but there
    is more balance in the market this year than we have seen over the last 12 months. Stock levels, while still significantly lower than the pre-pandemic norms have improved, and rental growth recorded in the Q1 2023 JLL Prime Central London Index has
    returned to single rather than double digit annual growth.</p>
<p><a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1683722906/resi/gb/Articles/PDFs/PCL_Report_Q1_2023_-_V8.pdf" target="_blank"><button class="Button primary" style="text-align:center;">Download full report</button></a></p>

Prime Central London – Q1 2023

jll-residential-market-update-april-2023

How has the Prime Central London (PCL) housing market performed so far this year, and how much of an impact will the ongoing economic headwinds have on the sector?

<strong>How has the Prime Central London (PCL) housing market performed so far this year, and how much of an impact will the ongoing economic headwinds have on the sector?</strong>

https://res.cloudinary.com/global-cms-assets-np/image/upload/v1673446559/resi/gb/Articles/Images/PCL_2.jpg

<p><strong>Inflation remained stubbornly in double digits (just) in March. With a rate of 10.1% meaning expectations of
        a further rate rise at the next MPC meeting are looking more likely. Consensus amongst forecasters is for rates
        to now top out higher than the 4.25% to 4.5% anticipated earlier in the year. Albeit, then expected to fall back
        later this year. Confidence in the UK economy is returning, with ratings agency S&amp;P Global upgrading the UK
        rating, reversing the post mini-budget downgrade, as well as reaffirming the AA rating for UK debt.</strong></p><p>News is mixed on the jobs front too. Unemployment edged up in March to 3.8%, from 3.7% in February. The number of
    payrolled employees is rising, with figures showing a million more payrolled workers nationally in March 2023
    compared with pre-pandemic
    in March 2020 (a 3.5% increase). Rates had risen the most in London (+4.0%) and Northern Ireland (+5.0%) in the
    three years to March. Despite this the job market has been slightly less frenetic than it has been of late, with
    government figures showing
    the number of vacancies fell for the ninth consecutive month in March, albeit at 1.1 million they remain higher than
    the pre-pandemic norms. Wage growth in the three months to February averaged 6.6%. But spending power continues to
    be eroded by increases
    in living costs, particularly food and energy, with real wages (accounting for inflation) dropping 2.3%.</p><h2>Sales market</h2><p>The latest figures on house prices show quite a spread in performance between indices, with the Nationwide figures
    for March suggesting an annual fall of 3.1%, with prices falling for the seventh consecutive month. Figures from the
    Halifax put prices
    in March 1.6% higher than they were a year ago, up 0.8% on the previous month (Nationwide is reporting a 0.8%
    monthly fall). The Land Registry, tracking completions and usually less reactive to changes in the market, is
    reporting February figures,
    with prices down 1.0% monthly but still showing an annual increase of 5.5%.</p><p>But the consensus amongst agents is that prices have softened so far this year. The latest RICS survey suggesting
    respondents were more likely to have seen houses prices fall in their market in the last three months, with the net
    balance -47% for the
    UK and -43% for London.</p><p>According to the RICS survey, demand for homes remained more subdued in March too.&nbsp; More agents reported a
    reduction in new buyer enquiries, with the net balance relatively unchanged from the previous month at -29%
    nationally. London respondents
    reported a fall in new buyer enquiries too, but results were less clear cut, with a net balance of -7% seeing fewer
    buyers.</p><h2>The mortgage market</h2><p>Just over 40,000 loans were approved for house purchase in February, 37% up on the lows of January 2023 but still 37%
    down on volumes last February and 18,000 (31%) shy of February 2019 levels. Yet despite further rises in the Bank
    Rate, fixed rates offered
    by lenders are more competitive, with both two- and five-year fixed rates at their most competitive since the
    mini-budget in March 2023, with rates sub 4.3% for a two-year fix and below 4.8% for a five-year according to
    figures from the Bank of England.</p><h2>The rental market</h2><p>Rents are still rising nationally.&nbsp; The latest figures from Homelet show all UK regions saw rents rise both
    annually and month-on-month. UK rents rose to a new high of &pound;1,184 per month, up 0.8% on February 2023 and
    9.8% on March 2022. London
    recorded the highest annual increase of any UK region, with rents up 0.2% monthly and 11.8% annually in March.</p><p>Tenant demand nationally continues to be strong. The non-seasonally adjusted net balance is at a five months high of
    +46%, while landlord instructions still lag, with more agents reporting landlord instructions falling in the last
    three months. In London,
    market conditions are similar, with more agents reporting an increase in tenants registering (the net balance
    increased from +31% to +40% month-on-month) and landlord instructions failing to keeping pace with demand, with a
    net balance of -20% in
    March. A shortage of stock combined with strong demand is expected to put additional pressure on rents. The
    near-term rent expectations balance (those expecting them to rise) increased from +45% to +59% month-on-month.</p><h2>Forecasts</h2><p>JLL forecasts remain unchanged. We anticipate price falls in most markets this year as purchasers try to balance
    increases in living costs and higher interest rates. But with significant levels of equity and a resilient
    employment market we expect these
    falls to be limited to single digits in 2023. Rents are forecast to rise in all markets this year, supported by
    increases in wages and supply shortages.<br /></p><h2>JLL Research | April 2023</h2><p>JLL is a leading global professional services firm specialising in real estate and investment management, with
    $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000.&nbsp; With
    over 7,000 employees and 15
    offices in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle
    across both commercial and residential asset classes. This includes land purchase, access to capital, planning,
    development advisory,
    leasing, building management and sales.</p><p>JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end
    service across all residential property types, including social housing, private residential, build to rent,
    co-living, later living, healthcare
    and student housing.</p><p>&nbsp;</p><p><sup>Disclaimer: <sup>&copy;</sup> 2023 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on
    material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no
    representations or warranties as to
    the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a
    general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any
    form or by any means
    without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability,
    damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL
    reserves the right to pursue
    criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.</sup></p>

JLL Residential Market Update – April 2023

Inflation remained stubbornly in double digits (just) in March. With a rate of 10.1% meaning expectations of a further rate rise at the next MPC meeting are looking more likely.

https://res.cloudinary.com/global-cms-assets-np/image/upload/f_auto/q_auto/v1682585949/resi/gb/Articles/Images/Market_update_-_April_23.jpg

<p>2022 was a record-breaking year for Prime
Central London (PCL). Buyers spent almost &pound;5.2
billion on homes last year, 9% higher than in
2021, already a strong year, and the highest
amount spent for more than ten years. Even in
2014, when sales reached &pound;4.94 billion, 5% less
was spent than in 2022.</p><p><a href="https://res.cloudinary.com/drt5ol8ck/image/upload/v1673866400/videos/APAC%20Articles/JLL_PCL_Report_Q4_2022.pdf" target="_blank">Download report </a></p>

Prime Central London Report - Q4 2022

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