<p>We undertook a survey of JLL employees across Europe to assess whether the extended period spent at home due to Covid-19 has altered the way we feel about our homes.&nbsp;In this first of two blogs, we look at the major shifts in perceptions and preferences. The second will unpick changing work from home expectations and how these translate into housing demands.</p>
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National lockdowns have been a common government response to concerns over the spread of Covid-19, though their stringency has varied across Europe. Our survey sample includes nearly 2,000 respondents from 15 different countries who all have different experiences of lockdown, but one thing is for sure, their time at home has increased. According to Google&rsquo;s Mobility Trends reports, time spent in residential settings within our sample countries was, at its peak, anywhere from 29% to 46% higher than the baseline level.&nbsp;<br />
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<img src="https://weasresicmspd.azurewebsites.net/images/default-source/default-album/graph-1---residential-mobility.png?sfvrsn=a4fc845_0" data-displaymode="Original" alt="Graph 1 - residential mobility" title="Graph 1 - residential mobility" /></p>
<p>In this first blog, we look at how more time spent at home has shaped peoples&rsquo; opinions of their living arrangements and whether they are now more likely to consider moving as a result.</p>
<h2><strong>Moving homes</strong></h2>
<p>The amount of time people are spending at home has encouraged households to think about their living arrangements. One solution to this situation, obviously dependent on financial capacity, is to move home.</p>
<p> </p>
<p>Only 3 in 10 respondents were looking to move home before Covid-19, with a relatively higher rate for renters (38%) and people aged 35-44 (33%). Split by geography, those in the UK &amp; Ireland were actually less likely to be looking to move (22%) whereas German respondents were the most active prospective movers (33%).<br />
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<img src="https://weasresicmspd.azurewebsites.net/images/default-source/default-album/graph-2---moving-homece68f05784544e27a63d37293a459e5c.png?sfvrsn=3f0e3cf2_0" data-displaymode="Original" alt="Graph 2 - moving home" title="Graph 2 - moving home" style="vertical-align: middle;" /></p>
<p>Experiences under Covid-19 lockdowns have changed the landscape. 46% of respondents are now looking to move, though the picture is more muddied at the individual level. One third of those who had been looking are now no longer, perhaps put off by economic uncertainty. Nearly 4 in 10 (37%) of those who had not been looking are now open to moving. </p>
<img src="https://weasresicmspd.azurewebsites.net/images/default-source/default-album/graph-3--location-pref.png?sfvrsn=75918772_0" data-displaymode="Original" alt="graph 3 -location pref" title="graph 3 -location pref" style="vertical-align: middle;" />
<p>Experiences, and expectations for their work-life balance moving forward, have led people to reconsider where they live. Of those now looking to move, only just over half (55%) are looking to change to a similar location, with 38% looking to move further away from the city centre. Unsurprisingly, the desire for more space and the declining importance of an easy commute (based on an expectation for more home working), means that individuals can prioritise the qualities of the home itself, more than just the location in relation to their workplace. In global cities<a href="file:///C:/Users/Himanshi.Luthra/Desktop/2020/August/20200730_Livingprioritiesblog1/TASK%20FOLDERS%20(1)/Insights%20Brief%20-%20Housing%20needs%20and%20resident%20preferences%20across%20Europe%20during%20Covid-19.docx#_ftn1" name="_ftnref1"><sup>[1]</sup></a>, this proportion increased to 41% and rises again to 45% for the Alpha+ global cities of London and Paris. These larger cities tend to offer better suburban and commuter transport links, indicating that people are not looking for wholesale lifestyle changes, but a slight shift in the kinds of neighbourhoods in which they would like to live.</p>
<p><span style="font-size: 10px;"><sup>[1]</sup> As defined by GaWC. Alpha++ (London); Alpha+ (Paris); Alpha (Frankfurt, Madrid, Milan, Brussels, Warsaw); Alpha- (Amsterdam, Dublin, Luxembourg, Munich, Prague, Rome, Barcelona, Lisbon)</span></p>
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<h2><strong>Changing home priorities</strong></h2>
<p>While all those wanting to move may not be able to, our survey does appear to indicate that what we consider to be important in our homes may be changing in light of this shock to our day-to-day lives. Respondents ranked the importance of 14 metrics pre and post Covid-19. The biggest shifts in priorities ranked extremely important were having a personal outdoor space, fast broadband speed and a private workspace.<br />
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<img src="https://weasresicmspd.azurewebsites.net/images/default-source/default-album/graph-4---home-location.png?sfvrsn=5dda12c7_0" data-displaymode="Original" alt="Graph 4 - home location" title="Graph 4 - home location" style="vertical-align: middle;" /></p>
<p>People&rsquo;s now intimate relationship with their homes means many are looking to modify and reimagine their living spaces. Overall, 43% of people would like to adjust, with a strong correlation with age: younger people are most likely (50% aged 18-34) compared to older cohorts (23%; 55+). With renters also more likely to want to modify, it points to the conclusion that older home owners have more space and better work from home environments, which is perhaps unsurprising given they already, on average, spend more time working at home.</p>
<p> Top priorities do, however, vary slightly by country. All regions put <strong>outdoor space</strong>, which could be as little as a balcony or small terrace, and <strong>natural light</strong> among the top 5 most important factors. <strong>Air quality</strong> and <strong>broadband speed</strong> are also seen as important across most regions. Lower down the list of priorities, there is some regional variation: those in Southern Europe, where temperatures are warmer, favour <strong>thermal comfort</strong>, whereas those in the UK &amp; Ireland, Poland and Benelux want to be close to <strong>public outdoor space</strong>.<br />
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<img src="https://weasresicmspd.azurewebsites.net/images/default-source/default-album/graph-5---priorities.png?sfvrsn=69192194_0" data-displaymode="Original" alt="Graph 5  - priorities" title="Graph 5  - priorities" style="vertical-align: middle;" /></p>
<h2><strong style="font-size: 18px;">Longer-term implications</strong></h2>
<p>After weeks and months of housing markets being frozen, this pent-up desire to move is starting to translate into more enquiries, though the economic challenges are putting the brakes on a massive uptick in transactional activity, at least for now. </p>
<p>Anecdotal evidence from real estate agencies is suggesting that some of these home preference trends have already been borne out in both sales and rental market activity across different European markets. How much these strong preferences translate into concrete and long-term demand shifts is still yet to be determined, but one thing is for sure &ndash; the pandemic has heightened an appreciation for good quality homes which meet owner or tenant expectations, which is unlikely to recede. </p>
<p> Click&nbsp;<a href="https://residential.jll.co.uk/insights/theme/covid-19"><strong>here</strong></a>&nbsp;to read our latest COVID-19 insights.&nbsp; </p>

Housing needs and resident preferences across Europe during Covid-19

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We undertook a survey of JLL employees across Europe to assess whether the extended period spent at home due to Covid-19 has altered the way we feel about our homes.

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In the first of two blogs based on our JLL employee survey, we investigate how European experiences of lockdown have altered people&rsquo;s housing needs, their desire to move, and perceptions of the home&rsquo;s most important characteristics.

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<p>New JLL analysis of approximately 900,000 privately rented units across the UK and U.S. reveals rent collection in excess of 94.0 percent in both markets, with occupancy also remaining firm since the onset of the COVID-19 pandemic. Both fundamentals illustrate
    resident prioritization of rent payments and continued tenancy despite mounting hardships. </p><p>Offering income stability and capital-value resiliency through economic downturns, the multifamily sector is commonly regarded as a defensive asset class. Driven by a persistent need for housing and flexible lease terms, contractions tend to be shorter
    while periods of growth are prolonged. For these reasons, 84.0 percent of investors targeted the sector pre-COVID-19, according to our <a href="https://www.jll.co.uk/en/trends-and-insights/research/jll-european-living-investor-survey-what-the-investor-appetite-in-2020">European Investor Survey</a>.
</p><p>The economic impact of the COVID-19 pandemic led to immediate consideration for tenants and their ability to pay rent. Encouragingly, multifamily operators have generally chosen to engage with their tenants and to allay concerns and fears during these
    unprecedented times. These actions have highlighted the service-based approach that many multifamily operators provide, in contrast to private landlords across both markets.&nbsp;<br /></p><h2><b>JLL UK And U.S. Rent Collection and Occupancy Portal</b></h2><p>In an effort to guide and inform owners and operators on the current state of the market, JLL Research on both sides of the Atlantic have partnered with nearly 50 firms, accounting for more than 900,000 units, to actively monitor rent collection and occupancy
    rates. The resounding participation by institutional groups in our rent collection effort underscores commitment to performance and investment in the asset class.</p><h2><b>Key factors impacting multifamily performance</b></h2><p>Government intervention has provided near-term stability to the broader economy, aiming to mitigate deeper negative impacts during the recovery period. Select stimulus packages and policies have supported renter finances and associated multifamily operator
    performance:&nbsp; </p><ul><li><b>United States</b>: the CARES Act bolstered unemployment benefits by $600 per week, often lifting incomes higher than historic earnings (due to expire at the end of July). Municipalities have broadly enacted temporary eviction moratoriums and rent
        freezes.
        <br /></li><li><b>United Kingdom</b>: The Coronavirus Job Retention Scheme, puts employees on leave but allows them to stay on their company's payroll. The policy outlines that the UK Government pays 80.0 percent of furloughed employees&rsquo; salaries up to a
        maximum of &pound;2,500 a month.In addition to government programs, property owners and managers are proactively working with tenants experiencing hardships, offering to defer rents or allow early move-outs without lease-break fees.<br /></li></ul><h2><br /><b>Multifamily performance amid widespread economic closure</b></h2><p>Despite historic job losses and economic uncertainty, rent collections have remained strong during the first three full months of COVID-19 disruptions. UK operators captured 96.3 percent of rents, while the U.S. collected 93.9 percent of rents in June.
</p><ul><li>In the<b> United States</b>, analysis demonstrates that premium product outperforms mid-range and affordable product. Such outperformance is largely attributed to a tenant base comprised of higher-income earners employed in industries experiencing
        more muted economic impacts. Additionally, affordable markets &ndash; commonly in the Southern U.S. &ndash; collect nearly 3.0 percent more, on average, than expensive gateways. Underperforming markets continue to be concentrated in entertainment
        hubs and high-cost gateways, while secondary and tech-centric markets lead rent collections.<br /></li><li>Interestingly, the story in the <b>United Kingdom</b> differs from the U.S., with the mid-range market segment posting higher collections to date. Limited variation has occurred from market-to-market, speaking to the overall stability of institutional
        assets nationwide. The most marked shift over the past month has come at the more affordable segment of the UK market, with rent collection increasing by 430bp at the end of June.<br /><br /></li></ul><p><img src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/icons/overall-rent-collection-by-country-updated-graph-(1).png?sfvrsn=42be32c9_1" sf-custom-thumbnail="true" width="752" sf-constrain-proportions="true" sf-size="100" /></p><p>Source:&nbsp;<i>JLL</i></p><p>Shifting occupancy rates also have a significant impact on investor operating incomes. Occupancy rates in both the UK and the U.S. have begun to deteriorate as financially distressed residents opt to move back in with family, or double-up in a shared
    apartment. &nbsp;</p><ul><li><b>United Kingdom</b>: a 100 bp fall in occupancy rates from March to April was common across operators. The tenant base of UK multifamily assets has a strong weighting towards university students and young professionals who may have alternative housing
        options such as living with family. While there was another drop from April to May, there has been a strong recovery in overall occupancy numbers, with an increase of 30 basis points totalling 95.9 percent for June. This recovery has provided
        landlords some assurance that tenants who remain in their portfolio, at least for the time being, have job and financial security and are able to meet their rent payments.<br /></li><li><b>United States</b>: since early April, occupancy rates have declined 244 bps for premium, 77 bps for mid-range and 38 bps for affordable product. The drop in premium asset occupancy occurs as residents increasingly seek more affordable, spacious
        options in suburban submarkets. Additionally, properties recently completed are experiencing longer lease-up periods and widening concession packages. Concurrently, concession packages are more pronounced in urban submarkets than their suburban
        counterparts offering 1.3 percent more on average.&nbsp;</li></ul><div style="margin:15px;"><h2><b>How does this compare with other sectors?</b></h2></div><p><img src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/icons/overall-rent-collection-by-sector-updated-graph.png?sfvrsn=c02eda74_1" sf-size="100" /></p><div style="margin:15px;"><p>Source:&nbsp;<i>JLL</i><i></i></p><p>* based on analysis of EMEA listed sector reporting at the end of Q1. </p><p>** U.S. NAREIT as of May collections</p></div><div>JLL research highlights the resilience and outperformance that multifamily has demonstrated in both the U.S. and UK, to date. Industrial and office have increasingly performed well over the past couple months, as the U.S. economy begins to open up
        once again. Furthermore, as highlighted in the previous graph, rent collection for multifamily in both markets has exceeded expectations and stayed at a consistently high rate throughout the pandemic.<br /><br /></div><h2><b>How will the sector perform in the coming months?</b></h2><p>The strong performance to date has been encouraging for both markets. However, as the financial stimulus packages in the UK and the U.S. begin to taper, there are clear concerns regarding the impact to performance for the remainder of the year. </p><p>Recent developments to the Furlough policy in the UK will mandate employers to pay a greater share of workers&rsquo; salaries. This tapering process will begin from 1<sup>st</sup> August, as employers will be required to pay National Insurance and
        pension contributions for their staff. In September, employers will then pay 10.0 percent of employees' salaries - rising to 20.0 percent in October. Meanwhile, in the United States, the extra $600 per week employment benefit is set to expire
        in late July, reducing incomes and likely hurting low-income earners in a pronounced fashion.</p><h2><b>Hobson&rsquo;s Choice: rent or occupancy?</b></h2><p>Despite this strong performance in H1 2020, it seems certain that investors and operators will face pressure on both rental rates and occupancy.</p><p>Entering the height of the leasing season, operators are unable to push rental rates and are often offering rent-free concession packages of two to eight weeks in the U.S. Additionally, an uptick in month-to-month lease agreements has maintained cash
        flow in the short-term, but leads to near-term uncertainty for operators. Similarly, In the UK, the third quarter is peak leasing season with 40.0 percent of existing tenancies due for renewal in these months. However, some doubts persist on whether
        students will return to universities and in what capacity &ndash; potentially further dampening PRS demand. As UK-based investors and operators will focus on maintaining high levels of occupancy rather than driving rents in the short term, we
        believe that many tenants renewing leases or seeking new living opportunities will attempt to negotiate rents. As such, JLL has adjusted our <a href="https://residential.jll.co.uk/insights/research/jll-residential-market-forecasts-may-2020">rental forecasts</a> anticipating an average value decline of circa 2.0 percent across the UK in 2020. </p><p>The sector has performed well through the downturn so far and is expected to remain relatively resilient in the coming months. That said, performance of multifamily is dependent on the extent of economic fallout and recovery, particularly once support
        policies are withdrawn or tapered. JLL will continue to monitor and report on key metrics in the U.S., UK and other global markets. It is likely to be a rejuvenated interest from global investors to deploy capital in the sector as economies emerge
        from the crisis.&nbsp;</p><div style="margin:15px;"><img style="display:block;margin-left:auto;margin-right:auto;" src="https://weasresicmspd.azurewebsites.net/images/default-source/blog---graphs/philip-wedge.jpg?sfvrsn=f5ebaf3c_1" sf-size="100" /></div><div style="margin:15px;"><p style="text-align:center;">Philip Wedge-Bernal &ndash; Associate, EMEA Living Research and Strategy</p><img style="display:block;margin-left:auto;margin-right:auto;" sf-custom-thumbnail="true" width="488" src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/icons/perez_danielle_b-w_488x180b98c1878b48c4dc3a1a91cccf1e616a7.jpg?sfvrsn=cfdc8a2_1" sf-constrain-proportions="true" sf-size="100" /></div><div style="margin:15px;"><p style="text-align:center;">Danielle Perez&nbsp; &ndash; Manager, Capital Markets Research
        </p></div>

JLL study shows multifamily rent collection and occupancy rates remain resilient on both sides of the Atlantic

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New JLL analysis of approximately 900,000 privately rented units across the UK and U.S. reveals rent collection in excess of 94.0 percent in both markets.

Analysis on UK and US multifamily rent collection and occupancy rates

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            <p><a href="https://residential.jll.co.uk/services/selling">Sales</a></p>
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            <p><strong>Court Road, Eltham, London SE9</strong></p>
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            <p><strong>14 apartments</strong></p>
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<h2><strong>Ambition</strong></h2>
<p>Our Greenwich Estate Agency team won the instruction of fourteen apartments in South-east London from a developer client and were soon after met with challenges incurred by Covid-19.</p>
<h2><strong>How we worked together</strong> </h2>
<p>The team suggested a clear pricing strategy, including the Help to Buy offering which made the apartments attractive to a wider net of customers, and was a key factor in the success of selling the units. The implementation of virtual tours and marketing
images showed perspective buyers what apartments could look like furnished and helped to show the true potential each unit had. The virtual tour offering proved vital once lockdown was enforced by the UK Government. Photographers were able to set up devices
in the empty apartments, allowing clients to virtually view the properties online.</p>
The Greenwich Sales team suggested gradual move-ins which not only was safer for the customers but ensured the process could go as smoothly as possible.
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<p style="text-align:center;"><span></span>&ldquo;We have had a long successful, working relationship with the local JLL team, they have proved to have excellent knowledge of the local residential market, and consequently they had been involved in our Court Road project
from purchase of the site through to completion of the project. Graham&rsquo;s advice and knowledge has always proved to be realistic and fair, instilling a great deal of confidence in the advice that is communicated. The ongoing sales
process was well managed, and the communication exceptional through to the completion of the sale of each unit&rdquo;<br />
Navneet Vij, Land Development Property Group
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<h2><strong>Achieved:</strong></h2>
<p>Ten out of the total fourteen apartments are sold to date (as of April 2020) including two in early February, when buyers were beginning to become more cautious. Three exchanges were made during the month of April, even with lockdown enforced, largely due to
the development being empty and valuations could take place.</p>
<p><a href="https://residential.jll.co.uk/services/valuation-advisory" style="font-size:inherit;font-family:inherit;text-align:inherit;text-transform:inherit;white-space:inherit;word-spacing:normal;caret-color:auto;"></a><button class="Button primary"><a href="https://residential.jll.co.uk/services/valuation-advisory" style="font-size:inherit;font-family:inherit;text-align:inherit;text-transform:inherit;white-space:inherit;word-spacing:normal;caret-color:auto;"></a><a href="https://residential.jll.co.uk/services/selling">Find out more about our services</a></button></p>

Virtual viewings lead to successful sales despite Covid-19 challenges

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Our Greenwich Estate Agency team were able to tackle the challenges of Covid-19, put strategies in place and successfully sell units in a South East London development.

<p>Our Greenwich Estate Agency team were able to tackle the challenges of Covid-19, put strategies in place and successfully sell units in a South East London development.</p>

Help to Buy hero

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<p>JLL analysis of full time individual salaries found only a little over 200,000 individuals could afford to buy an average priced London home even after applying the 30% First Homes discount. Outside of London, however, First Homes as they are currently proposed may prove more effective. </p><p>First Homes is a proposed new discount home ownership scheme which would allow key workers such as nurses, teachers and emergency services workers to purchase a home at a minimum discount of 30% to its open market value. </p><p>JLL calculated that aspiring purchasers wishing to use the First Homes scheme to buy a home at the current London average house price of &pound;479,000 would need a salary of &pound;71,000 pa even after the 30% market discount. This calculation includes the aspiring buyer&rsquo;s 5% deposit and is based on a mortgage being secured at the UK lending borrowing cap of 4.5 times annual salary.&nbsp; </p><p>The Annual Survey of Hours and Earnings (ASHE) shows data on 2 million salaries in full time employment in London. It reveals that only the top 10% of that pool of full-time employees in the Capital or circa 200,000 individuals earn in excess of &pound;71,000 pa. </p><p>In contrast, around 14% of London&rsquo;s full-time employees could afford to buy an average priced London home if they used Help to Buy, theoretically pricing in an additional 85,000 potential individual buyers.</p><p>However, outside London it is a different story. Around 40% of UK full time employees could afford to buy the current average priced UK home of &pound;233,000 using First Homes compared with 30% using Help to Buy. </p><p>It is likely that the Government eyes First Homes as the successor to Help to Buy which is scheduled to be withdrawn from April 2023. As it is currently proposed, First Homes do not offer an improvement on Help to Buy in London. Despite being set out as a scheme to help key workers, among others, get on the housing ladder, &pound;71,000 pa is a prohibitively high barrier to entry for most. Key workers are highly unlikely to constitute a significant part of the 10% of the working population earning sufficiently high salaries.</p><p>One significant positive of First Homes as a Government backed discount home ownership product is that the discount remains in perpetuity. This means it will remain an affordable home ownership product for generations to come. In contrast, Help to Buy subsidises individual buyers with no future buyers benefiting from the Government equity loan. </p><p>It is possible that the Government may conclude that greater discounts need to be applied in some parts of country compared with others &ndash; just as with Help to Buy where loans can be larger in London. Ultimately this may become necessary for First Homes to prove successful in the Capital, given that the median salary to house price ratio is almost twice as high as the rest of the UK (13 versus 8).</p><img src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/07-2020-fh-vs-htb.jpg?sfvrsn=e5b1681e_1" sf-custom-thumbnail="true" width="850" sf-constrain-proportions="true" sf-size="100" /><p>&nbsp;</p><div style="margin:15px;"></div><div style="margin:15px;"><p style="text-align:center;"><a href="mailto:Nick.Whitten@eu.jll.com" target="_blank"><button class="Button primary">Contact</button></a></p></div><div style="margin:15px;"><br /><p style="text-align:center;">Veronica Spanos McGill<br />Research Analyst</p></div>

First Homes vs Help to Buy: which prices in more people?

Only around 10% of full time workers in London can theoretically afford to buy one of the Government’s proposed new First Homes, new JLL research shows. 

Only around 10% of full time workers in London can theoretically afford to buy one of the Government&rsquo;s proposed new First Homes, new JLL research shows.<i>&nbsp;</i>

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<p style="text-align:left;"><b></b>Following RICS&rsquo; guidance today announcing the removal of the need for material uncertainty clauses (MUC) for residential valuations, JLL&rsquo;s and Savills&rsquo; valuation teams have released a joint statement expressing their decision
    to remove MUCs from reports and reflecting on RICS&rsquo; recommendations.</p><p>The guidance by the Royal Institution of Chartered Surveyors impacts the vast majority of residential valuations as it specifies &lsquo;residential property and land&rsquo;, with reference to specific use classes. However, it remains open to individual
    valuers to deploy the clause in exceptional circumstances, if they consider it necessary in relation to the particular asset or assets being valued and in the light of local market conditions. </p><p>Download the joint statement below:
</p><a href="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1594993947/resi/gb/cms/News/PDFs/Covid-19_Joint_Statement_JLL_Savills_Update_17.07.20.pdf" target="_blank" style="font-size:inherit;font-family:inherit;text-align:inherit;text-transform:inherit;white-space:inherit;word-spacing:normal;"><button class="Button primary">Download the statement</button></a>

JLL and Savills valuers announce lifting of material uncertainty clauses based on RICS’ recommendations

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<p style="text-align:left;"><b>Stamp duty holiday</b></p><p>Government policy support is of absolute importance in limiting the economic impact of Covid-19 on the housing market in the UK. The stamp duty holiday until 31st March 2021 for homes up to &pound;500,000 could prove to be a key incentive to kickstart
    the housing market and make up for lost sales. There is a lot of pent up demand for new homes in the UK &ndash; our research shows more people are now looking to move home in the next two years. This stimulus could trigger a stronger than anticipated
    bounce in demand by allowing aspiring purchasers to use their stamp duty saving towards a higher deposit.</p><p>The Government has a recent track record of making stamp duty changes to help those on the earlier stages of the housing ladder such as first time buyers. Looking forward we would also encourage the Government to consider stamp duty incentives for older
    people to downsize or right size their homes. There is strong evidence to show that those over the age of 65 simply do not move until such a time as it becomes a necessity, such as needing care. However, over the next 10 years around 25% of the UK
    population will be over the age of 65. Encouraging these people to move into age appropriate homes would free up much needed housing at the other end of the housing ladder.</p><p><b>The green recovery</b></p>Assisting households with making energy-efficient home improvements will lead to lower energy bills, create job opportunities all over the country and is an important initiative to help deliver a low carbon future for the
UK.&nbsp; But the Government still needs to lay out the full roadmap to decarbonise all homes across the UK, and it must take responsibility to educate the public that living in a low carbon home is both inherently desirable and an absolute necessity
to meet our climate change goals.
<p><i></i><i></i></p><p style="text-align:left;"><a href="https://residential.jll.co.uk/search?tenureType=sale&amp;flags=help-to-buy%7Cshared-ownership&amp;sortBy=price&amp;sortDirection=desc"></a><br /></p><p><img style="display:block;margin-left:auto;margin-right:auto;" src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/nick-whittenff5b6a2f02024effbe2728cd4bd0c4c8.jpg?sfvrsn=aea2d7eb_1" sf-size="100" /></p><p style="text-align:center;">Nick Whitten - Head of UK Living Research</p>

Stamp duty tax holiday should trigger stronger than anticipated bounce in house demand

London, 08 July 2020 - The impact of the Covid-19 pandemic on UK economic growth and business activity is undeniable

<p>Impact of the Covid-19 pandemic on UK economic growth and business activity is undeniable, but the stimulus measures announced today will be key to boosting the housing market through the current downturn.<b></b><br /></p>

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<p>&nbsp;</p>
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            <p><img src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/icons/service-icon-(3).png?sfvrsn=cdec37cb_2" width="45" height="45" alt="Service icon" /></p>
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            <p><img width="45" height="45" src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/icons/location-icon-(3).png?sfvrsn=b3511b0_2" alt="Location icon" /></p>
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            <p><img width="45" height="45" src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/icons/size-icon-(5).png?sfvrsn=631ae7ad_2" alt="Size icon" /></p>
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            <p><strong>Leasehold Enfranchisement</strong></p>
            </div>
            </td>
            <td style="width: 25%;">
            <div style="text-align:center;">
            <p><strong>Across London</strong></p>
            </div>
            </td>
            <td style="width: 25%;">
            <div style="text-align:center;">
            <p><strong>30 units</strong></p>
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<p>&nbsp;</p>
<h2><strong>Ambition</strong></h2>
<div>Resonance has created and manages twelve operational social impact investment funds, which focus on tackling some of the major societal issues in the UK such as homelessness, poverty, health and wellbeing and education. The client, Real Lettings Property
Fund, has sourced, purchased and refurbished a large portfolio of properties in the Greater London area. The Fund has leased these properties to homelessness charity St Mungo&rsquo;s Real Lettings team, who let properties to families and individuals
who may be at risk of homelessness. Real Lettings Property Fund seeks to provide investors with a commercial risk-adjusted return on their investment, including both rental yield and capital appreciation on properties.<br />
<br />
<p>The client wanted to optimise the tenure of the portfolio and reduce annual ground&nbsp;rent expenditure. Some apartments in the portfolio were owned on shortening leases and subject to a ground rent with future increases. The above had negative implications
for value, future marketability, and security for loan.<br />
<br />
</p>
</div>
<h2><strong>How we worked together</strong></h2>
<p>Working with the client&rsquo;s portfolio manager, JLL explained the statutory rights available to the client as a leaseholder and identified those properties in need of a statutory lease extension.&nbsp; We formulated a phased strategy over a two/three
year period, prioritising where the cost and value implications were greatest.&nbsp; Our team also introduced the client to specialist legal advisors to work on the project.</p>
JLL&rsquo;s strategy advice was that the &lsquo;priority&rsquo; Year 1
phase should be those properties where the leases were close to 80 years unexpired, and the lease extension premium payable was at risk of doubling due to &lsquo;marriage value&rsquo; compensation, and the following phases should be those where the cost
implications were less acute. We undertook a process of inspections, research and property specific valuation reports, in accordance with the statutory valuation methodology, and following service of the notice of claim undertook the lease extension premium
negotiations for the client with the landlord&rsquo;s valuers.
<p>&nbsp;</p>
<h2><strong>Challenges</strong></h2>
<p>Some of the portfolio had been owned for less than two years, which is necessary under the qualification criteria for a statutory lease extension.&nbsp; Having reviewed the Land Registry information, we identified those properties and liaised with the
client and their legal team to ensure these lease extension claims were made at the correct time to avoid invalid claims and unnecessary costs for the client.</p>
<h2><strong>Achieved</strong></h2>
<p>Constant liaison with the client and their legal advisors was maintained to reach a successful outcome. JLL&rsquo;s expertise and experience provided the client with an achievable and time specific strategy to realise its goals with. Cost minimisation
was at the core of our strategy, at each stage of the process right through to the negotiated settlement. </p>
<p>Negotiated settlements have been successfully reached to agree the lease extension premiums on all cases in the project, being the least costly scenario for the client.</p>
<p><a href="https://residential.jll.co.uk/services/valuation-advisory" style="font-size:inherit;font-family:inherit;text-align:inherit;text-transform:inherit;white-space:inherit;word-spacing:normal;caret-color:auto;"></a><button class="Button primary"><a href="https://residential.jll.co.uk/services/valuation-advisory" style="font-size:inherit;font-family:inherit;text-align:inherit;text-transform:inherit;white-space:inherit;word-spacing:normal;caret-color:auto;"></a><a href="https://residential.jll.co.uk/services/valuation-advisory">Find out more about our services</a></button></p>

Lease extensions for an impact investment fund targeting homelessness

An impact investment fund tackling major societal issues sought our assistance to optimise the tenure of their portfolio of homes.

An impact investment fund tackling major societal issues sought our assistance to optimise the tenure of their portfolio of homes and reduce annual ground expenditure.

<p>An impact investment fund tackling major societal issues sought our assistance to optimise the tenure of their portfolio of homes and reduce annual ground rent expenditure, through the negotiation of lease extensions on some of their properties.</p>

https://res.cloudinary.com/jll-global-olm-np/image/upload/v1595435529/resi/gb/cms/Test/Leasehold_Enfranchisement_2.jpg

<p>After 100 days of lockdown due to Covid-19, the first steps towards the process of recovery are now being taken.</p><p>While the social and economic impact of the pandemic has been severe, the reduction in social distancing measures and relaxation of other guidelines are a welcome return to some degree of normality.</p><p>In the face of widespread disruption and many challenges, the Living sectors have performed well in recent months. With uncertainty clearing, we anticipate a strong increase in activity and demand across these markets over the rest of the year.</p><p>Download the bulletin below to find out more, or get in touch with one of our team&nbsp;<a href="https://author-jll-prod65.adobecqms.net/content/jll-dot-com/countries/emea/gb/en/campaign/living.html" target="_self">here</a>.</p><button id="btn-1" class="Button primary">Download Report</button>

Q2 UK Living Capital Markets Bulletin

Our UK Living Capital Markets Bulletin provides an update on the Living sectors (exploring the student housing, coliving, multifamily and later living markets), reflecting on the impact of Covid-19 so far and looking forward to the rest of the year.

<p>Our UK Living Capital Markets Bulletin provides an update on the Living sectors (exploring the student housing, coliving, multifamily and later living markets), reflecting on the impact of Covid-19 so far and looking forward to the rest of the year.</p>

https://res.cloudinary.com/jll-global-olm-np/image/upload/v1594053536/resi/gb/cms/Research/Images/Q2emeabulletin-tile.jpg

<p style="text-align:left;">Chris Ireland, UK CEO at JLL, has added his signature to a letter that has been sent by the National Housing Federation to the chancellor urging him to put good quality, affordable housing at the centre of plans for social and economic recovery from the coronavirus crisis.</p><p>Homes at the Heart is a national campaign and coalition calling for a once-in-a-generation investment in social housing.</p><p><i>Dear Chancellor,</i></p><p><i>Put homes at the heart of recovery.</i><br /></p><p><i>We are writing to urge you to put good quality, affordable housing at the heart of your plans for social and economic recovery from the coronavirus crisis.</i></p><p><i>This pandemic has transformed our relationship with our homes. For some, home has been a sanctuary from a dangerous and unpredictable virus. Home has become their office, a classroom, a gym or a place of worship. But for countless others, the place they have spent lockdown has felt like a prison &ndash; housing that is far too small, too expensive, of poor quality or isolated from the support that would help them to live well.</i></p><p><i>The coronavirus crisis is further highlighting the need for secure, high quality, better designed affordable homes and, for many people, support to live in them. Not least for many of the people most affected by this crisis &ndash; low-paid key workers living in homes they can&rsquo;t afford, rough sleepers helped off the streets, homeless families in temporary accommodation, older people in unsupported homes, and families stuck in overcrowded conditions.</i></p><p><i>Without action, we are likely to see many people&rsquo;s housing situations get much worse in the weeks, months and years ahead, as the economic impacts of the crisis are felt across the country.</i></p><p><i>In times of crisis, the worth of social housing is ever more visible and to so many of the challenges that lie ahead, social housing is the answer. The social housing sector stands ready to play a major role in shoring up the future of the country.</i></p><p><i>Public investment in all types of new and existing social housing gives more back to the economy than it takes.</i></p><p><i>Building and improving social homes, including delivering on the decarbonisation agenda, creates jobs, kick-starts growth and brings huge environmental benefits.</i></p><p><i>Investing in supporting people to live well in their social homes improves health and wellbeing, and drives cost savings for the NHS.</i></p><p><i>Social housing is at the centre of thriving communities.</i></p><p><i>That is why we support the Homes at the Heart campaign.</i></p><p><i>As you develop and deliver plans to get the country back on track, we are calling on the government to put social homes at the heart of recovery &ndash; as a driver of economic and social prosperity, and an anchor for strong communities.</i></p><p><i>More information on the Homes at the Heart campaign is available </i><i><a href="https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.housing.org.uk%2Four-work%2Fcoronavirus%2Fhomes-at-the-heart%2F&amp;data=02%7C01%7CNikhil.Vaishnavi%40ap.jll.com%7Ccc03a47154354b9f458d08d818f2789e%7Cbfef2b06d2564f8ebd038d3687987063%7C0%7C0%7C637286776968061120&amp;sdata=5SsZAjRL%2F1gFyg8lY%2BJtIbuAkOdEZy28kdsyNYAOPlY%3D&amp;reserved=0">here</a>&nbsp;</i><i></i></p><p style="text-align:left;"><a href="https://residential.jll.co.uk/search?tenureType=sale&amp;flags=help-to-buy%7Cshared-ownership&amp;sortBy=price&amp;sortDirection=desc"></a><br /></p>

JLL urges quality and affordable housing to form part of social and economic recovery from Covid19

JLL supports National Housing Federation’s Homes at the Heart Campaign

<p><i></i>JLL supports National Housing Federation&rsquo;s Homes at the Heart Campaign<i></i></p>

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<div></div><div><h2>COVID-19</h2></div><div><p>While Living sub-sectors are driven by many of the same demand characteristics, there are obvious nuances that ensure that the impacts from Covid-19 are likely to be felt differently across the Living spectrum. JLL will continue to monitor the chronology
        of the crisis and use our global reach to identify market insights from the Covid-19 battlegrounds all over the world.</p></div><p>Download our EMEA Living Capital Markets Quarterly Bulletin below.
</p><p>&nbsp;</p><button id="btn-1" class="Button primary">Download Report</button>

Q2 EMEA Living Capital Markets Update

<p>Our Living Capital Markets Bulletin provides an update on the Living sectors (Student Housing, Multifamily, Healthcare and Coliving), as well as highlighting the potential implications of the situation going forward.&nbsp;</p>

https://res.cloudinary.com/jll-global-olm-np/image/upload/v1593087970/resi/gb/cms/Research/Images/EMEA-Living-Capital-Markets-Bulletin-Tile.jpg

<p>&nbsp;</p>
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            <p><img src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/icons/service-icon-(3).png?sfvrsn=cdec37cb_2" width="45" height="45" alt="Service icon" /></p>
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            <p><img width="45" height="45" src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/icons/size-icon-(5).png?sfvrsn=631ae7ad_2" alt="Size icon" /></p>
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            <div style="flex:33.33%;padding:0;text-align:center;vertical-align:bottom;">
            <p><img width="45" height="45" src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/icons/location-icon-(3).png?sfvrsn=b3511b0_2" alt="Location icon" /></p>
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            <div style="text-align:center;">
            <p><a href="https://residential.jll.co.uk/services/development-consultancy">Development Consultancy</a></p>
            </div>
            </td>
            <td style="width: 25%;">
            <div style="text-align:center;">
            <p><strong>1843 new homes</strong></p>
            </div>
            </td>
            <td style="width: 25%;">
            <div style="text-align:center;">
            <p><strong>Fulham, London</strong></p>
            </div>
            </td>
        </tr>
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<p>&nbsp;</p>
<h2><strong>Our ambition</strong></h2>
<p>At JLL we are increasingly being asked to advise on sustainability requirements through design. Whilst many requirements must comply with legislation, it is important that we understand purchasing decisions for investors and owner occupiers, as future
proofing new homes is key to helping achieve our global sustainability goals. We were tasked with providing consultancy advice to St William throughout the design process before establishing a sales and marketing strategy to launch phase one to the
UK, followed by the international market.</p>
<p>A 15.6-acre Gasworks site in Fulham is one of St William&rsquo;s flagship schemes, known as King&rsquo;s Road Park. Following an extensive design process, a planning application was submitted in 2018 with a decision to approve in early 2019, providing
consent for 1,843 new homes, over 100,000 sq ft of commercial space and 6 acres of landscaping including a public park, central square and residents&rsquo; gardens.</p>
<p>&nbsp;</p>
<div style="background-color:#f6f5f1;padding:20px;">
<div style="border-left:3px solid #e30613;">
<div style="padding-left:25px;text-align:left;font-size:20px;">
<p style="text-align:center;"><span></span>&ldquo;King&rsquo;s Road Park is designed for the long-term with green, usable spaces and sustainability at its heart.<br />
Charlie Fleming, Head of Sales and Marketing, St William, Fulham</p>
</div>
</div>
</div>
<p><strong>&nbsp;</strong></p>
<h2><strong>How we achieved it</strong></h2>
<p>With UK households accounting for 30% of UK energy
use and around a quarter of greenhouse gas emissions every year, it was
important to St William to ensure the design of King&rsquo;s Road Park is energy
efficient and low carbon.</p>
<p>However, a sustainable development is more than
being energy efficient and St William takes holistic approach to supporting the
all-round health and wellbeing of future residents of King&rsquo;s Road Park.
Significant thought has gone into the residents&rsquo; amenities, and their design
and layout, which was developed with the support of EPR Architects - known for
its work at The Ned and The Rosewood. Well-designed, useable spaces to live,
work and play are of huge importance to purchasers and the generous facilities
at King&rsquo;s Road Park have been carefully designed to enhance the quality of life
of future residents.</p>
<p>We provided consultancy advice to St William
throughout the design process before establishing a sales and marketing
strategy to launch phase one to the UK, followed by the international market in
August 2019.</p>
<h2 ><strong>The results</strong></h2>
<p>The world-class facilities include a 24 hour concierge, 25m swimming pool, spa facilities, treatment rooms, virtual golf simulator, private meeting and dining rooms, comprehensive gym with two fitness studios, games room, two cinemas and a residents&rsquo;
lounge with a dedicated Wi-Fi enabled workspace, centred around an atrium courtyard garden to bring both light and greenery into the space. The first phase also benefits from an exclusive first floor podium garden, celebrating the traditional
garden heritage of the local area.</p>
<p>Creating a welcoming and sustainable neighbourhood, both for residents living within the new homes and the wider Fulham community, is central to St William&rsquo;s vision. The walls around this long closed off site are coming down and much of the
land is becoming landscaped green space including an expansive open public park with a mix of natural habitats and native plants. A network of green roofs across the buildings will support even greater biodiversity. Rainwater will be harvested
and grey water recycled for re-use in the irrigation of landscaped areas. Photovoltaic panels will provide renewable energy and every space in the car park will have an electric vehicle charging point to support the shift towards more sustainable
transport choices and improve local air quality.</p>
&lt;p"&gt;There will be approx. 3,500 spaces for bicycles and cycle routes through the development increasing connectivity of surrounding areas. St William will also be planting a wildflower meadow and introducing beehives as part of their strategy to enhance
nature and support local wildlife.&lt;/p"&gt;
<p>&nbsp;</p>
<p><a href="https://residential.jll.co.uk/services/development-consultancy" style="font-size:inherit;font-family:inherit;text-align:inherit;text-transform:inherit;white-space:inherit;word-spacing:normal;caret-color:auto;"><button class="Button primary">Our Development Consultancy services</button></a></p>

How we help our clients lead the way in sustainable residential developments

A look at how St William&rsquo;s King&rsquo;s Road Park residential development in London&rsquo;s Fulham area is contributing to a sustainable neighbourhood and keeping residents&rsquo; health and wellbeing at the heart of the design.

A look at how St William’s King’s Road Park residential development in London’s Fulham area is contributing to a sustainable neighbourhood

<p>A look at how St William&rsquo;s King&rsquo;s Road Park residential development in London&rsquo;s Fulham area is contributing to a sustainable neighbourhood and keeping residents&rsquo; health and wellbeing at the heart of the design.</p>

https://res.cloudinary.com/jll-global-olm-np/image/upload/v1595514377/resi/gb/cms/Test/King_s_Road_Park.jpg

<p style="text-align:left;">On June 16 at 17:00, join Kimberly Markiewicz Senior Research Analyst within the UK Residential Research team to discuss the impact of the global pandemic on the residential market, including predicted forecasts and the potential shift in buyers&rsquo;
    preferences. </p><p style="text-align:left;">Holly Stock, Director of Help to Buy and Eloise Robins, Director of Share Ownership will outline the various implications the current pandemic may have on the government schemes Help to Buy: Equity Loan and Help to Buy: Shared Ownership as well as JLL&rsquo;s
    collection of properties across London.
</p><p style="text-align:left;"><a href="https://players.brightcove.net/1268729899001/default_default/index.html?videoId=6165245736001" target="_blank">Watch our webinar</a></p><p style="text-align:left;"><a href="https://residential.jll.co.uk/search?tenureType=sale&amp;flags=help-to-buy%7Cshared-ownership&amp;sortBy=price&amp;sortDirection=desc">View JLL&rsquo;s Help to Buy and Shared Ownership properties.</a> </p><p style="text-align:center;">&nbsp;</p><img style="display:block;margin-left:auto;margin-right:auto;" src="https://weasresicmspd.azurewebsites.net/images/default-source/blog---graphs/kimberly-markiewicz-for-website.jpg?sfvrsn=8dccad1c_1" sf-size="100" /><p style="text-align:center;"><br />Kimberly Markiewicz<br />&nbsp; &nbsp; &nbsp; Senior Research Analyst&nbsp; &nbsp; &nbsp;</p>

JLL Share to Buy Webinar, June 16 2020

In partnership with Share to Buy, our Research, Help to Buy and Shared Ownership teams will discuss the current market activity, potential future trends impacting the UK residential market in light of Covid-19.

<p><i></i>In partnership with Share to Buy,<b> </b>our Research, Help to Buy and Shared Ownership teams will discuss the current market activity, potential future trends impacting the UK residential market in light of Covid-19 as well as spotlight on some of our qualifying properties.<i></i></p>

https://res.cloudinary.com/jll-global-olm-np/image/upload/v1591272510/resi/gb/cms/Research/Images/Share_to_Buy_webinar_488x180.jpg

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value=8

[max]
[max.0]
label="No Max"
value=""
[max.1]
label="Studio"
value=0
[max.2]
label="1 bedroom"
value=1
[max.3]
label="2 bedrooms"
value=2
[max.4]
label="3 bedrooms"
value=3
[max.5]
label="4 bedrooms"
value=4
[max.6]
label="5 bedrooms"
value=5
[max.7]
label="6 bedrooms"
value=6
[max.8]
label="7 bedrooms"
value=7
[max.200]
label="8+ bedrooms"
value=200

Bedrooms

title="Property Type"
metric="propertyType"
type="select"
name="type"
placeholder="Any Type"
order=3

[[options]]
label="Any Type"
value=""
[[options]]
label="Flats"
value="flats"
[[options]]
label="Houses"
value="houses"

Property Type

type

title="Must be"
type="checkboxes"
name="flags"
order=4

[[options]]
label="New homes"
value="new-home"
[[options]]
label="Help to buy (equity loan)"
value="help-to-buy"
[[options]]
label="Shared ownership"
value="shared-ownership"
[[options]]
label="Coming soon"
value="coming-soon"
[[options]]
label="Reduced Stamp Duty"
value="reduced-stamp-duty"

Sale - Options

flags

Must be

title="Options"
type="checkboxes"
name="flags"
order=4

[[options]]
label="Short Term"
value="short-term"
[[options]]
label="Furnished"
value="furnished"
[[options]]
label="Unfurnished"
value="unfurnished"

Rent - Options

Options

General Enquiry

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