Residential Roundup - 1 September

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 <h2>Q2 2023 Sales Index </h2>
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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; 
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).

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%). 
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. 
<h2>Q2 2023 Lettings Index</h2>
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. 
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.
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. 
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.
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. 
<h2>All Source: JLL/ LonRes</h2>
Our JLL Prime Central London Index is based on a &lsquo;basket&rsquo; of properties, valued by JLL at the end of each quarter. 
Director of UK Residential Research at JLL, Marcus Dixon, explains: 
&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. 
&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.
&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;

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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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. 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. <h2>The economy</h2>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.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.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.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.<h2>New development</h2>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.<h2>House prices</h2>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.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.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.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.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.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.<h2>Rents</h2>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%.<h2>Global view</h2>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.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.<h2>What&rsquo;s new from JLL</h2>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><h2>JLL Research | May 2023</h2>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.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.Disclaimer: &copy;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.

JLL Residential Market Update – May 2023

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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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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. 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.
&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.
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Prime Central London – Q1 2023

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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?

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?

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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.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%.<h2>Sales market</h2>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%.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.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.<h2>The mortgage market</h2>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.<h2>The rental market</h2>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.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.<h2>Forecasts</h2>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. <h2>JLL Research | April 2023</h2>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.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.&nbsp;Disclaimer: &copy; 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.

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.

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<a href="https://storymaps.arcgis.com/stories/5c2aeccd86c64c6abe619f4e73b8b183" target="_blank"><button class="Button primary">View the full report</button></a> The JLL Big Six Residential Report compares activity, prices, and rents across six UK cities outside London: Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester. This report incorporates data from the JLL UK Cities index, comparing changes in prices and rents across mainstream and prime developments in each city. In the last ten years UK cities have recorded some of the highest increases in new residents. Figures from the 2021 census show that across England &amp; Wales more than 33.6 million people, over 56% of the population, lived in cities, 2 million more
 than in 2011. With the pandemic accelerating the adoption of hybrid working some questioned the future of urban living. But the influx of new residents heading for our regional cities proves there is more to city living than just the attraction of a short commute.
Demand for homes has risen across our Big Six cities this year. Back in 2020 and early 2021 we saw an acceleration in the number of households looking to leave urban areas and escape to the country. Yet 2022 has firmly signalled the return to the city.
 Students and young professionals are returning in their droves. Rents have risen this year across all our Big Six cities and the new homes market, both build-to-sell and build-to-rent has seen activity increase too. Help to Buy has been a key source of demand for city centre new build over the last ten years. Across the four English cities, over 13,200 equity loans have been issued on Help to Buy homes since the beginning of the scheme. &nbsp;But with 31 October
 marking the end of Help to Buy registrations nationally we were already anticipating interest from first-time buyers would fall in 2023. Combine this with recent rate rises and we expect the number of first-time buyers could fall further.&nbsp;But
 with fewer households buying homes we anticipate demand for rental properties will increase. Almost 100,000 homes have been completed in the city centres of the Big Six in the last ten years. Demand for homes has meant prices achieved in the last three years have risen by an average of 14.6%. The JLL Cities index, which values new flats in each city shows prices have risen by between 4.9% and 17.6%. Demand for rental properties has increased too. With rents rising by an average of 15.4% across the Big Six. Leeds recorded the highest annual increase in rents, with scarcity of stock pushing average rents for new homes in the city up by more than 20%
 in summer 2022 compared with the same period a year earlier.&nbsp;<a href="https://storymaps.arcgis.com/stories/5c2aeccd86c64c6abe619f4e73b8b183" target="_blank"><button class="Button primary">View the full report</button></a>

Big Six Residential Development Report

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The JLL Big Six Residential Report compares activity, prices, and rents across six UK cities outside London: Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester.

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<h3>An oversea buyer&rsquo;s guide to investing in Prime properties in London, UK</h3>Luxury properties in Prime Central London (PCL) present a solid investment opportunity for overseas buyers.The financial and political stability that London affords means that, with the right advice and preparation, investing in London property could result in a springboard for your investment portfolio, a secure pension, or a route to setting your family
 up for the future. Whatever your investment goals, this expert guide is designed to help. Explore the potential opportunity when investing in Prime Central London real estate, the attractions
 that make PCL such a desirable place to buy, and the mechanics of buying a UK property as an overseas investor or non-UK citizen.&nbsp;<h3>What is the size of the opportunity in Prime London properties for an investor?</h3>Prime Central London real estate &ndash; sales growthAccording to the <a href="https://residential.jll.co.uk/insights/news/prime-central-london-q1-2022">JLL Prime Central London Sales Index</a> &ndash; our quarterly study into how the PCL market is performing, there was a 3.3% annual
 increase in achieved prices in Q1 2022, with prices up 0.6% on Q4 2021. Achieved prices for Q1 2022 came in at 4.7% higher than pre-pandemic (Q1 2020).The same study showed a 7% annual increase in sales, making Q1 2022 the busiest Q1 for five years. Activity was predominantly driven by properties listed at between &pound;2million and &pound;5million, with sales up by a quarter (25%) on Q1 2021.Post-pandemic, Londoners continue to make the return to the office, on a full time or flexible working basis, which in turn is driving demand for Prime Central London flats.
 Between January and March 2022, we saw a rise of 13% in the number of PCL flats sold, compared to Q1 2021.With Prime Collection properties commanding strong prices, there continues to be opportunity for overseas investors who are looking to own and occupy or buy to let.Prime Central London real estate &ndash; lettings growth Now is a good time to invest in the buy to let Prime Central London real estate market. Our <a href="https://residential.jll.co.uk/insights/news/prime-central-london-q1-2022">JLL PCL Rental Index</a> recorded a 15% increase in
 rents achieved &ndash; the highest annual rise in more than 10 years. This 15% annual increase in achieved rents also put Q1 2022 3.1% higher than Q1 2020, pre pandemic, proving that the rise wasn&rsquo;t the result of a pandemic dip. As always, there is movement out of and within Central London, with renters negotiating a competitive market. In 2021, some PCL tenants were in a strong position to negotiate significant rent reductions. In 2022, we are seeing many tenants appreciate
 how competitive the Prime Central London rental market is and therefore paying more to stay in exclusive locations. JLL research shows an 18% annual increase in the number of rent renewals across Prime Central London in Q1 2022, compared with Q1 2021, during the pandemic.&nbsp;Attractions in Prime Central London that make this area a unique investment opportunity London&rsquo;s mix of the historic and the modern makes the city a truly unique place to explore, invest in and live. There is an overview of the local area and property types in Knightsbridge, Kensington &amp; Chelsea, Mayfair, Marylebone, Belgravia,
 and Westminster in: <a href="https://residential.jll.co.uk/insights/research/guide-to-investing-in-prime-properties-london-uk-jll">&lsquo;Are luxury properties in Prime Central London a good investment?&rsquo;</a>.
 Prime Central London covers the following six areas:<ol><li>Knightsbridge </li><li>Kensington &amp; Chelsea</li><li>Mayfair</li><li>Marylebone</li><li>Belgravia</li><li>Westminster </li></ol> To make sure you find the right property, in the right area, at the right price, it is critical to work with trusted experts who have in-depth knowledge of the Prime Central London real estate market.&nbsp;The mechanics of buying Prime properties in London as an overseas investor According to research published in Showhouse1, overseas investment in Prime Collection properties collectively brought an estimated &pound;1,188million to
 the Prime Central London market in 2020. Of Prime transactions in 2020, 11% came from French nationals, 9.2% came from Hong Kong and the USA, 8.3% from China, and 7.3% from India. Here, we answer some frequently asked questions from overseas buyers: -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Can a foreigner invest in UK property? Yes. In 2020, more than 40% of investment in Prime Central London&rsquo;s luxury properties came from overseas investors. Residential estate agents like <a href="https://residential.jll.co.uk/">JLL</a> are well versed in guiding
 overseas buyers through the UK buying process. -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What do overseas buyers need to know about the UK buying process? The estate agency you partner with (i.e. JLL) and the conveyancing solicitor you appoint are both critical to this process. Once you&rsquo;re ready to buy, the amount you are offering to pay (your &lsquo;offer&rsquo;) is presented to
 the seller by the estate agent. You will need to be able to prove how you will fund your offer, how quickly you are looking to &lsquo;exchange&rsquo; and &lsquo;complete&rsquo; (more on these below), and who your solicitors are. If your offer is accepted by the seller, your solicitor will carry out the conveyancing process on your behalf. This is complex, but, in brief, your solicitor will carry out &lsquo;searches&rsquo; of the Land Registry and Local Authority
 records to examine the planning history and to look for any potential developments surrounding the property. You will also need to instruct a property surveyor to check the structural strength of the property &ndash; this is known as getting a &lsquo;survey&rsquo;.
 &nbsp;
 Next, the seller&rsquo;s lawyers draft a sale agreement (also known as a &lsquo;contract&rsquo;), which, once agreed by both parties, is signed by you and them. The signed sale agreements or contracts are then exchanged between your lawyers
 and theirs. This is known as &lsquo;exchange&rsquo; and means you are legally bound to proceed with the purchase and pay a deposit. The next step is to &lsquo;complete&rsquo; on the purchase, at which point you pay the balance of the purchase price and formal documents will be signed and dated, transferring the property from the seller to you. Your proof of ownership, known as &lsquo;title deeds&rsquo;,
 can then be found on the public register at the Land Registry. It is important to be aware that there are different types of ownership in the UK. Freehold means you own it completely, and leasehold means there is a time limit on the number of years you will own it for. However, many
 leaseholds are very long (up to 999 years) and freeholds can also be purchased if the freeholder is open to selling it. Once you have completed on a property and you become the legal owner of the property, you will be liable for Stamp Duty land tax, which is payable to the Land Registry within 30 days of completion. <a href="https://residential.jll.co.uk/#contactus">Get in touch</a> if you are considering buying in the UK for the first time and would like our experts to guide you through this process over the phone. -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest, or own and occupy? UK property tax laws can be complex, which makes it crucial to work with estate agents and conveyancing solicitors who can direct you through the process efficiently. Depending on whether you decide to invest in UK property to live in (own and occupy) or as an investment (buy to let), the tax implications will be different. Since 1st April 2021, UK non-residents purchasing residential property in England and Northern Ireland are required to pay a 2% Stamp Duty surcharge. This is in addition to: <ul><li>The 3% Stamp Duty surcharge on purchases of &lsquo;additional&rsquo; dwellings. This could be property you are buying as a second home or as a buy to let property;</li><li>The 15% Stamp Duty rate on property purchases more than &pound;500,000 by companies; and</li><li>The Stamp Duty rate for UK home buyers. -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Do you need UK residency to invest in London prime property? </li></ul> No, you don&rsquo;t need to be a UK resident to&nbsp;buy Prime properties in London, or anywhere else in the UK. Our experts can talk you through the buying process,
 tax implications, expected rental yields for buy to let investors, and much more.&nbsp;<a href="https://residential.jll.co.uk/#contactus">Get in touch</a>.Share your investment goals with us and our Prime Central London property experts can help match you to the right type, value and location of property for your needs.
&nbsp;<hr />1&nbsp;<a href="https://www.showhouse.co.uk/news/foreign-buyers-make-up-over-40-of-londons-prime-property-market/">https://www.showhouse.co.uk/news/foreign-buyers-make-up-over-40-of-londons-prime-property-market/</a> <a data-sf-ec-immutable="">&nbsp;</a>

Guide to investing in Prime properties London, UK | JLL

An oversea buyer&rsquo;s guide to investing in Prime properties in London, UK

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<div><div id="block-system-main"><article id="node-755" about="/news/2022/09/09/jll-residential-research-report-august-2022" typeof="sioc:Item foaf:Document" data-sf-ec-immutable=""><div><div><div><img typeof="foaf:Image" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1662715761/olmwebcontents/ip/prod/dpbrzqkve5qqphdvoicx.jpg" width="1240" height="1754" alt="" /></div></div></div><div><div><div property="content:encoded"><a href="https://internationalresidential.jll.com.sg/insights/research" target="_blank">Download Report</a><div> </div></div></div></div></article></div></div><div>&nbsp;</div>

JLL Residential Research Report | August 2022

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<h3>Are luxury properties in Prime Central London a good investment?
</h3>
Property prices in Prime Central London (PCL) grew 8.1% in the year to February 20221, compared to Hong Kong, where residential property prices declined by 2.9%, to their lowest since January 20212. Hong Kong was also ranked as the
 least affordable housing market
 3 by Demographia, which assesses house prices in relation to income across 92 major housing markets in eight world nations4.
Prime Central London outperforms many major international markets
While house price growth in the UK in the year to February 2022 was strongest in Wales - with growth of 14.2%, <a href="https://residential.jll.co.uk/insights/news/prime-central-london-q1-2022">London property prices</a> continued
 to increase at a strong rate (8.1%) and England&rsquo;s capital city still boasts unrivalled attractions across the six Prime Central London locations.
As well as boasting strong post-pandemic growth, <a href="https://residential.jll.co.uk/prime-collection">Prime Central London real estate</a> has proven to be a less volatile investment than Hong Kong&rsquo;s, for example, during
 periods of financial crisis. According to a recent article, quoting house price drops during the 2008 credit crunch, London property prices dropped 11%, compared to 50% in Hong Kong and 77% in Singapore5.
PCL property prices are strong and growing compared to previous years
Our quarterly research shows that residential property prices in Prime Central London were up 0.6% in Q1 2022, compared to Q4 2021, and achieving prices that are 4.7% more than in Q1 2020. <a href="https://residential.jll.co.uk/prime-collection">Luxury London properties</a> listed for between &pound;2milion and &pound;5million saw particularly strength growth, with sales up 25% year on year.
The figures speak for themselves, but what are the non-financial benefits of investing in London?
The benefits of buying Prime Central London: A quick area overview
When it comes to investing in luxury London property, are you looking to own and occupy or buy to let? Your investment intentions will inform the best area to buy in and the right type of property for you.
Here&rsquo;s a quick area overview of the six Prime Central London locations.
Knightsbridge
Possibly the most iconic of the six Prime Central London locations, Knightsbridge is home to a selection of high-end townhouses, unique mews properties, and luxury flats, all within touching distance of the luxury, opulence, and history of landmarks like
 Harrods, the V&amp;A, and the London Oratory.
Kensington &amp; Chelsea
A designer shopper&rsquo;s paradise, the London Borough of Kensington and Chelsea boasts stunning detached family homes and spacious terraces, all on the doorstep of the high-end boutiques and designer flagship stores lining the Kings Road and Sloane
 Square.

Luxury dining at the Borough&rsquo;s Michelin-starred restaurants (Bibendum, Elystan Street, and Kitchen W8) means you&rsquo;re spoilt for choice when it comes to fine dining. Properties in this area are also walking distance to the Saatchi Gallery, Chelsea
 Physic Garden, and Chelsea Embankment Gardens. Luxury properties in Kensington and Chelsea offer a feeling of space, opulence, and community within Prime Central London.
Mayfair
Featuring high ceilings and a true feeling of space, Mayfair&rsquo;s luxury flats often sit within stunning period properties that have been sympathetically converted to the highest specifications.
New build developments in Mayfair also put you close to some of London&rsquo;s most famous streets, sights, and shopping. From the designer flagship stores along Bond Street and the quintessentially British tailoring on Savile Row, to outdoor living at
 Hyde Park, and fine dining at Claridge&rsquo;s and Browns, owning a property in Mayfair will give you the very best of city London.
Marylebone
London is a collection of distinctive areas, each one boasting a unique character. Marylebone has built up a real village-like feel right at the heart of the action. Its streets are lined with al-fresco dining spots and independent retailers, and with
 fascinating art on show at the Wallace Collection, a Marylebone property is one for food lovers, those in search of unique boutique spots, and art collectors alike.
The area is perfect if you&rsquo;re looking to invest in the best of London period property, updated to the very highest standards for modern living.
Belgravia
Luxury flats and terraced houses on quiet squares, Belgravia&rsquo;s beautiful residential north to south streets connect Hyde Park to Chelsea Embankment, while its east to west properties join up Chelsea and Westminster.
Home to perhaps Peggy Porschen Cakes &ndash; perhaps the London food scene&rsquo;s most Instagrammable exterior, as well as to a whole host of other beautiful, independent boutiques and eateries, Belgravia feels typically London and is popular among working
 professionals with second properties outside of the capital.
Westminster
Westminster is all about incredible views of iconic landmarks. Home to stunning penthouse apartments close to Westminster Abbey, the Houses of Parliament, Buckingham Palace, and St James&rsquo; Park, Westminster offers riverside views and London living
 at its best.
London is the home of luxury living with properties right at the heart of the action. Prime Central London offers the perfect mix of leafy green parks, river views, iconic landmarks, and opulent retail, dining, and cultural experiences, for the discerning
 buyer.

Discuss your property portfolio objectives with our <a href="https://residential.jll.co.uk/prime-collection#enquiry">Prime Central London experts</a> and we will uncover the right luxury property for you. &nbsp;
<hr
/>
1&nbsp;<a href="https://www.gov.uk/government/news/uk-house-price-index-for-february-2022">https://www.gov.uk/government/news/uk-house-price-index-for-february-2022</a> 
2&nbsp;<a href="https://www.reuters.com/world/asia-pacific/goldman-sachs-expects-hong-kong-home-prices-fall-20-by-end-2025-2022-03-30/">https://www.reuters.com/world/asia-pacific/goldman-sachs-expects-hong-kong-home-prices-fall-20-by-end-2025-2022-03-30/</a> 
3&nbsp;<a href="http://www.demographia.com/dhi.pdf">http://www.demographia.com/dhi.pdf</a>
4The study assesses house prices in relation to income in 92 major housing markets across eight nations &ndash; 1. Australia 2. Canada 3. China 4. Ireland 5. New Zealand 6. Singapore 7. The United Kingdom 8. The United States. <a href="http://www.demographia.com/dhi.pdf">http://www.demographia.com/dhi.pdf</a>5&nbsp;
<a href="https://www.habitatinvestments.co.uk/prime-central-london-remains-one-of-the-best-global-real-estate-investments-it-is-claimed/">https://www.habitatinvestments.co.uk/prime-central-london-remains-one-of-the-best-global-real-estate-investments-it-is-claimed/</a>
<a data-sf-ec-immutable=""></a>

Investing in Prime properties London | JLL

Are luxury properties in Prime Central London a good investment?

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Restrictions lift but rising rates could temper demand amongst some potential buyers 
The Bank of England continues to walk a challenging tightrope, one which some say it stepped onto too late. Global economies continue to struggle with rising inflation, a combination of demand returning following the lifting of covid restrictions alongside
 the implications on food and fuel costs following the war in Ukraine. The Bank of England alongside many global banks is responding by increasing rates in an attempt to counter inflation. &nbsp;
For borrowers, the first week of August provided mixed news. On the first the Bank scrapped the requirement for lenders to impose additional affordability tests on borrowers, announced back in June. But days later, the Bank followed this with further
 increases in the base rate. It has to be said this wasn&rsquo;t a complete surprise, as those in the market were preparing themselves for the prospect of further rises this summer.&nbsp;
On 4th August the Bank announced the first half point rise in 27 years.&nbsp; MPC members voted 8-1 in favour of increasing the base rate to 1.75%<img src="https://olmresi-sg-prod.jll.com/images/default-source/agency/microsoftteams-image-(2).png?Status=Master&amp;sfvrsn=8b3f4186_1" sf-size="100" alt="" />
Of course, in the longer term the intention of this rate rise is to curb inflation, but in the short-term households are facing significant increases in the cost of living driven by food and fuel alongside wage rises which in many cases are not keeping
 pace with household expenditure. &nbsp;
For mortgaged owner occupiers the proliferation of fixed rates loans will add some comfort. In Q1 2022 82% of outstanding mortgage debt was on fixed rates, up from less than a third a decade earlier. But for those looking to buy or re-mortgage recent
 rate rises will mean they pay more. Prior to the August interest rate rise the effective mortgage rate hit 2.15% at the end of June. Up from a low of 1.50% at the end of November 2021 and back to levels last seen in November 2016.&nbsp;
But there hasn&rsquo;t been a seismic shift for many borrowers coming out of longer-term fixed rates, who would not have benefited from the record low rates in 2021. Effective rates for those coming out of a five-year fix in June 2022 (2.15%) only marginally
 higher than in June 2017 (2.05%). Albeit those exiting fixed rates in the coming months will experience a wider gap following the 4th August announcement.<img src="https://olmresi-sg-prod.jll.com/images/default-source/agency/microsoftteams-image-(1).png?Status=Master&amp;sfvrsn=d71d87ba_1" sf-size="100" alt="" />
 
 
 
Lifting restrictions
Earlier in the same week, on 1st August, the Bank removed the requirement for lenders to impose an affordability test, which required lenders to assess whether potential borrowers would be able to afford an interest rate hike equivalent to 3%. Which as
 interest rates rise would have meant much tighter affordability criteria for borrowers.
The Loan to Income (LTI) threshold, the more meaningful measure for most borrowers remains.&nbsp; With lenders limited on the number of loans they can issue at more than 4.5X income.&nbsp;
What will this mean for the housing market?
In recent months the UK housing market has continued to defy gravity. Significant increases in energy costs and rising inflation have been with us for some time now, yet house prices have so far appeared immune to rising costs elsewhere in the economy.&nbsp;
 The latest figures from the Nationwide Index show prices nationally rose 11% in June 2022, with regional growth of between 6.0% in London and 14.7% in South West. There are some signs that levels of demand are slowing, but few are reporting price
 falls and agents continue to see demand outstripping supply.
It would be na&iuml;ve to assume rising interest rates will not have some impact on the market. But in the short term it is possible that we will not see as significant an impact as one might expect.&nbsp;
Not all households are being impacted equally.&nbsp; Research by the Institute of Fiscal Studies suggested the poorest 10% of households experienced CPI inflation three percentage points higher than the richest 10%, due in part to these households spending
 a higher proportion of their income on energy and food. It is likely that those households where rising living costs bite the hardest are either renting their homes or are not in a position to move.&nbsp;
Indeed, this could mean we see prices rise further as more affluent households with a larger financial buffer, who usually buy more expensive properties, make up a higher proportion of transacting households.&nbsp;
Where we could see rising costs (living and debt financing) impact most significantly is on transaction volumes. But this too is far from certain, with some households potentially looking to purchase now, anticipating further rate rises or looking to
 take advantage of schemes like Help to Buy. It is also important to remember that 30% of purchases nationally were cash.
Looking ahead
Over the next six months we expect the sustained double-digit growth in prices we&rsquo;ve experienced so far in 2022 will recede as the market settles. But it is important to state that this is expected to be a slowing of growth not a fall in prices.&nbsp;
While some households will be deterred from moving due to higher rates, others will be keen to lock in at current (albeit higher) rates rather than risk further rate rises in the months to come.&nbsp; The ending of the government backed Help to Buy scheme
 in March 2023 also means that we could see a flurry of deals from first time buyers keen to take advantage of the scheme before it closes.&nbsp;
In the longer-term higher interest rates will of course be a barrier to some households. This combined with the end of Help to Buy will undoubtedly impact on first time buyer&rsquo;s ability to enter the market.&nbsp; With higher borrowing costs, rises
 in the cost of living and recent house price appreciation all acting as barriers.&nbsp; Conversely, we expect existing owner occupiers, particularly those buying with cash will increase as a proportion of sales.
Marcus Dixon &ndash; Director of Residential Research at JLL comments:
&ldquo;The UK is not alone in experiencing high rates of inflation, with the Bank of England reacting in the same way as many global banks in imposing multiple rate rises. For households this comes at a difficult time as the cost-of-living squeeze erodes households disposable incomes and adds a layer of uncertainty on future outgoings.&nbsp;
&ldquo;For the housing market the removal of the affordability stress test will add some wriggle room for purchasers and lenders alike, but we expect rate rises alongside and imbalance between wage rises and living costs will combine to deter activity amongst first time buyers and more financially exposed home movers.&rdquo;&nbsp;
 
&nbsp;
 
 
 
 
 
 
About JLL | August 2022
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.&nbsp;
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.&nbsp;
 
Disclaimer: &copy; 2022 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.

JLL – Interest rates, mortgages, and the impact on house prices

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1st&nbsp;Phase of St William&rsquo;s Poplar Riverside launching in SingaporeSt William, part of the Berkeley Group, will be unveiling the first phase of their latest riverside homes in Singapore on the weekend of 21 August 2021. Located on the banks of the River Lea, Poplar Riverside will offer over 2,800 homes, complemented
 by world-class residents&rsquo; facilities, a beautiful new 2.5 acres park and a host of retail services.An Exciting New DistrictPoplar Riverside is set to become one of East London&rsquo;s most vibrant neighborhoods. Strategically located between Canary Wharf and Stratford, Poplar Riverside&rsquo;s locale will allow future residents effortless accessibility to an abundance of
 East London&rsquo;s most exciting social, cultural, and educational offerings.Set within Zone 2/3 it is ideally placed for commuting to Canary Wharf or the City. Canary Wharf which holds an enormous collection of shops, bars, and cafes, alongside the United Kingdom&rsquo;s largest inland fish market, Billingsgate Market as well
 as Canary Wharf the global business headquarters, both just 12 minutes cycle away.The development is well connected via various public transport options that includes the East London&rsquo;s DLR, London Underground services, and an extensive bus network. Poplar Riverside is also within 45 minutes by tube to United Kingdom&rsquo;s top
 16 universities such as the Queen Mary University of London, University of Greenwich, and King&rsquo;s College. There are also secondary schools, primary schools, and pre-schools within the vicinity, catering to families with children of all ages.
 Poplar Riverside will even be delivering its own school in later phases.A Green HavenWith over 500m of river frontage and accompanied by a 2.5-acre riverside park, Poplar Riverside offers ever changing views and proximity to nature. With half the park dedicated to open spaces, park users can expect facilities such as playgrounds, lounge
 areas, and spaces that can be used to host social gatherings. Connecting the park squares and gardens, The Green Link runs the length of Poplar Riverside and features over 6,000 sq ft of plantings and provides a beautiful green frontage for the on-site
 caf&eacute;s and restaurants.Residents are truly spolit with the environment around them as there are countless outdoor activities such as paddle boarding at the Lee Valley Country Park, a boat cruise along the River Lea, cycling through the Hackney Marshes or a tour of the Walthamstow
 Wetlands.
A Vibrant Place to Call HomePoplar Riverside aims to provide its residents with a healthy balance between work and play. Located in the center of Poplar Riverside, Shelduck Square is a 10,000 sq ft public square for performances, remote working spaces, and outdoor dining.The Riverside Club within Poplar Riverside is a 16,000 sq ft space with a mix of premium social and work facilities. Entertainment rooms such as the cinema room and games room provide a space for residents to relax and unwind. With WiFi throughout, facilities
 like The Workspace, The Great Rooms, and meeting rooms provide conducive workspaces for residents. A 20-meter pool on the first floor includes spectacular pool facilities such as a salt room, experience shower, steam room, and sauna.The first phase of Poplar Riverside will launch 643 riverside studios, one, two, and three-room apartments, with a 24-hour concierge to cater to the needs of the residents. All homes will enjoy a balcony, many with beautiful views of the park, city, and
 river.
Join&nbsp;JLL at the Singapore launch of Poplar Riverside at Berkeley&rsquo;s Office in Marina Bay Financial Centre Tower 2. The exhibition will run through 21st to 22nd August 2021 from 11 AM to 6 PM, strictly by appointment only. Virtual and one-to-one
 appointments are also available for&nbsp;booking now!

1st Phase of St William’s Poplar Riverside launching in Singapore

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Despite a turbulent year, the UK property market has performed exceptionally,&nbsp;<a href="https://www.theguardian.com/business/2021/apr/21/uk-property-sales-at-16-year-high-as-house-prices-soar" target="_blank">soaring to a 16 year high for its property prices</a>.
 As the global outlook improves, foreign investors are looking for their next property investment opportunity.Since the Covid-19 Pandemic, most companies have evolved their working model. Tech firms and establishments have relocated from the big cities to promising new estates. Remote work has displaced working in offices. Now, tenants &amp; buyers re-evaluate
 what they want out of their property - their ideal work-home environment.Touted to be the future of smart cities, Reading&rsquo;s a hot commodity to buy a home in the UK.&nbsp; meets the evolving needs of tenants and buyers and is expected to reap handsome returns. Here are 5 Reasons Why Reading Is The Choice Real Estate Investment.<h2>1.&nbsp; Fastest Growing Economy in The UK</h2>For aspiring startups or angel investors, Reading&rsquo;s the place to be. Second only to London, Reading has the&nbsp;<a href="https://www.pwc.co.uk/industries/government-public-sector/good-growth.html" target="_blank"></a><a href="https://www.pwc.co.uk/industries/government-public-sector/good-growth.html" target="_blank">largest concentration of SMEs and businesses</a>&nbsp;(364.6% per 10,000 population).Its economic outlook continues to rise with a forecasted 1.1% increment per annum. Reading was rated as the&nbsp;<a href="https://www.pwc.co.uk/industries/government-public-sector/good-growth.html" target="_blank">2nd best place for work productivity</a>&nbsp;(&pound;83,801
 per job) and the 6th highest employment rate in the UK.Reading&rsquo;s performance and potential growth has got it the deserving accolade of being the top 10 most attractive European cities for Foreign Direct Investment in the FDI European Cities &amp; Regions of the Future. <ul><li>Today, Reading is home to 13 of the world&rsquo;s top 30 brands (including Microsoft, PepsiCo, Cisco, Symantec, Oracle Corporation, Prudential, Verizon, Thales and Bayer). You can expect an increase in property value as more multinational companies
 move in over the next decade. Invest in UK properties today through the&nbsp;latest Huntley Wharf development. </li></ul><h2>2.&nbsp; New Transport &amp; Infrastructural Developments</h2>There&rsquo;s a reason why Reading has the&nbsp;2nd highest housing stock growth in the UK. Thanks to the &pound;900 million investment for the Reading station, you can get to London city within 30 minutes via a direct line, or to Heathrow Airport in
 under 40 minutes.Reading currently holds the title of&nbsp;Fastest Growing City in the UK&nbsp;with newly minted and upcoming business parks. These include:<ul><li>Forbury Place - 370,000 sq ft of international HQ space</li><li>Station Hill &ndash; 900,000 sq ft office, residential, and retail</li><li>University of Reading&rsquo;s Science and Innovation Park</li><li>Thames Valley Park - 1,500,000 sq ft office, residential, and retail</li><li>Winnersh Triangle </li></ul>Expect better infrastructure to facilitate efficient freight capacity and transport. The Network Rail plans to modernise the Great Western route, as well as a 3.8km rail tunnel as part of a new Western Rail Link to London Heathrow Terminal 5 to be operational
 this year.With The Crossrail, commuters can travel from Reading Station (10 mins walk from&nbsp;Huntley Wharf) to London Paddington in 23 minutes! Furthermore, Reading Station will be upgraded with a 600 lot bicycle parking hub.The Royal Elm Park development will host new transport measures, such as subsidised local public transport, a new transport hub, and shuttle bus services to help relieve congestion. <h2>3.&nbsp; World-Class Education &amp; Tech Facilities</h2>Reading defends their title for the&nbsp;best A-level results in the country&nbsp;for the fourth consecutive year. Reading University ranked 30 in the World University&rsquo;s ranking. 54% of the working population holds a<a href="https://www.centreforcities.org/city/reading/" target="_blank">&nbsp;degree level</a>&nbsp;or equivalent.True to its reputation as the Silicon Valley of the UK, Reading has transformed from a manufacturing centre into a hub for IT, telecoms, tech. and digital businesses within the last few decades. They continue to attract real estate investment with the
 increased demand for tech/digital jobs.Thanks to a strong performing tech sector, Reading&rsquo;s gross value added forecast (2.2%) surpassed the UK's average of 1.7%. Multinational &amp; tech companies continue to offer well-paying jobs to recruit the best talent.It&rsquo;s a strategic time to buy a home in the UK at Reading. Reading&rsquo;s rental market is booming with tenants like these having more spending power. Most rentals are&nbsp;let within one week of being marketed. Should you be interested,&nbsp;
 check out the Huntley Wharf project in Reading. <h2>4.&nbsp; The Forefront of Green &amp; Sustainability Initiatives</h2>As a smart city, Reading is primed to be a green city. Most facilities are designed to reduce environmental impact and for sustainable living. These include energy-efficient heating systems, high levels of insulation, incorporating the advancements in
 technology to improve driving efficiencies and reduce fuel wastage.Marina and nature reserves will be an integral part of the city. Some residential areas would also incorporate acres of ecological areas, including ponds and reed; for residents to observe wildlife living in its natural habitat.Under Reading 2050, Reading aims to become a city that can adapt to climate change.&nbsp; As a self-replenishing and self-reliant ecosystem, Reading will have all its resources locally sourced and consciously educate all its residents of their responsibility
 to live within their limits. <h2>5.&nbsp; Ethnic &amp; Cultural Diversity</h2>In an environment where ethnic and cultural diversity is highly valued, Reading paves the way for its counterparts. McKinsey reported&nbsp;<a href="https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-wins-how-inclusion-matters" target="_blank">companies with diverse gender and ethnic executives are likely to perform 27% better than their counterpart</a>s.Across the Borough, Reading residents speak 150 different languages in their homes. Reading is also the&nbsp;<a href="https://www.centreforcities.org/city/reading/" target="_blank">10th city in the UK with 18.6% of the population born outside the UK</a>. <h3>Conclusion</h3>If you are looking to buy a home in the UK, or make a real estate investment for rental purposes, Reading is your choice location. It&rsquo;s a property investment bargain with relatively cheaper prices in the South East region and property letting yields
 at 4.6%. No doubt you can reap handsome returns. Just in the past 25 years,&nbsp;<a href="https://www.getreading.co.uk/news/reading-berkshire-news/reading-house-prices-grown-five-18113160" target="_blank">Reading properties have quintupled in their value.</a> Interested in Reading&rsquo;s real estate? Check out the&nbsp;latest development&nbsp;to find out more.

5 Reasons Why Reading Is The Choice Real Estate Investment For UK

sg 5 reasons

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Resale - Price

Price

Sale - Price

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Bedrooms

Beds

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Rent - Options

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Options

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Sale - Options

Country

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PRIVACY NOTICEJones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.Generally the personal information we collect from you are for the purposes of dealing with your enquiry.We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our&nbsp;<a href="https://www.jll.co.uk/en/privacy-statement" target="_blank">privacy statement</a>.

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