JLL Residential

Property Focus November

JLL Property Focus November 2014

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Focus update:

  • London prices to rise 30% in next 5 years
  • London house prices are set to rise by almost a third over the next five years, according to a report from JLL. The report says: “There are still many very good reasons to buy and invest in London.” For the capital as a whole, JLL predict that prices will be 29.4% higher by 2019 — with the outer boroughs seeing growth of more than 30%. Adam Challis, JLL’s head of residential research, said potential buyers of more expensive properties were holding back until after the election. Elsewhere, JLL reports that the “bank of mum and dad” has replaced easy credit and high loan to value mortgages following the 2008 crash, giving people the ability to get on the property ladder. The report suggests that, in combination with the UK’s housing supply crisis, this level of equity in the system is “keeping house prices high”.

  • Mansion tax will “undermine principles of private ownership”
    A senior Liberal Democrat has hit out at plans to introduce an “arbitrary” mansion tax on expensive homes, stating that it would “undermine the fundamental principles of private ownership”. The former Lib Dem minister, Jeremy Browne, who is standing down from his Taunton Deane seat at the election, warned that imposing an annual charge on homes worth more than £2m would permanently alter “the relationship between the state and the individual who owns a private possession”. Mr Browne is the most senior figure in the party to speak out against the policy which is supported by Labour and the Lib Dems.

  • Record rates reported in Mayfair
    According to a wealth-into-property report from Dataloft and Wetherell, luxury property in the centre of London is the most expensive in the world by square footage. Record rates were reported in Mayfair, with a luxury new home commanding £4,750 a sq ft. A typical newly built 330 sq ft studio in Mayfair will now sell for £1.6m; while a 6,000 sq ft penthouse averages £28.5m.

In this edition we showcase a selection of new and current property instructions from our London offices, such as:

  • River Gardens 
  • Goodman’s Fields, E1 
  • New Capital Quay, Greenwich 
  • Avantgarde Tower, E1 
  • Kensington Apartments, E1 
  • The Heron, EC2