JLL Residential

Property Focus October

JLL Property Focus October 2014

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Focus update:

  • UK house prices to grow 30% by 2019
  • Research conducted by Rightmove and Oxford Economics has predicted that property values in England and Wales will climb 30% by 2019, with Brighton, Swindon. Southampton, Luton and Enfield outperforming the rest of the UK. Prices in the South East will grow 37% over the period, while in London they will rise 33%. North West prices will gain 24%, with Carlisle and Manchester up 17% and 19% respectively. Research shows prices in London have risen 50% since the crash, but in other areas of the country they are still yet to exceed pre-crisis levels.

  • Cable: Build on golf courses to address shortage
  • Vince Cable has said that developers should build on golf courses to tackle the housing crisis. Mr Cable used the example of Surrey, where more land is currently used for golf courses than residential property. He questioned the idea of protecting the green-belt, arguing that most families would prefer a garden outside their house than unused green land miles from their doorstep. The business secretary also called rural dwellers who oppose wind turbines due to their supposed unsightliness “irrational”, as the Lib Dem’s look to ban electricity generation from coal by 2025.

  • Mortgage holders unprepared
    Government-backed research has found 56% of mortgage holders have done nothing so far to prepare for the prospect of their home loan repayments becoming more expensive. An interest rate rise of 0.25% would add £200 a year to the typical mortgage of £120,000, but one in 12 borrowers interviewed by the Money Advice Service (MAS) said they were not aware rate rises are on the way. Nick Hill, money expert at MAS, said: “Those who purchased their first property in the last five years will have only ever known historically low interest rates, but less than 10 years ago the interest rate set by the Bank of England was 5% higher than now.”

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

  • Wards Wharf Approach, E16 
  • Goodman’s Fields, E1 
  • New Capital Quay, Greenwich 
  • Mettle & Poise, E2 
  • Ram Quarter, SW1 
  • Trinity House, W14