<p>The Living sectors (student housing, coliving,&nbsp;multifamily, and later living) are a key component of the real estate market and fundamentally driven by structural and demographic change. On that basis, are the changes driven by COVID-19 supportive of that or do they raise new challenges and opportunities for investors, developers and operators?</p>
<p>Our latest article discusses the above question further, delving into each of the&nbsp;Living sectors. Download the article below.</p>
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Reimagining Living: Covid-19 and its impact on the Living sectors

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Are the changes driven by COVID-19 supportive of that or do they raise new challenges and opportunities for investors, developers and operators? Our latest article explores further.

Reimagining Living: Covid-19 and its impact on the Living sectors 

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<p>The COVID-19 pandemic and the ensuing lockdown has had a major impact on our way of life. But how have these changes impacted the Living sectors and those looking to invest in these asset classes?</p>

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<p>On 8<sup>th</sup> July 2020, Chancellor Rishi Sunak announced the Stamp Duty Holiday, updating the previous tax rates for those looking to purchase a residential property in England and Northern Ireland. The threshold for paying stamp duty tax has been raised to &pound;500,000. Whether you&rsquo;re looking for your first home, upsizing or downsizing, or simply want to add to your existing property portfolio, this new change could help you to save money.</p>
<p>Demand to move has spiked since the stamp duty holiday was announced in July. Rightmove reported an uplift in traffic to their website by 22% in the first half hour following the stamp duty announcement (Rightmove and Google Analytics, 8<sup>th</sup> July 2020), and new listings on the property portal are up by 50% compared to July last year (Rightmove, August 2020). Buyers and sellers tempted by the stamp duty holiday are more than ever ready to move.</p>
<p>Nick Whitten, Head of UK Living Research at JLL reported:</p>
<p><em>&ldquo;There is a lot of pent up demand for new homes in the UK &ndash; <a href="https://residential.jll.co.uk/insights/news/stamp-duty-tax-holiday-should-trigger-stronger-than-anticipated-bounce-in-housing-demand"><em>our research</em></a>&nbsp;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.&rdquo;</em></p>
<h2><strong>What does the Stamp Duty Land Tax (SDLT) change mean for you and how can you benefit?</strong></h2>
<p>The estimated cost of moving home in 2020 in the UK is &pound;8,951 according to comparemymove.com. The stamp duty holiday will help you save on your property purchase, if you buy and complete before 31<sup>st</sup> March 2021. </p>
<p>Why not use your savings to give your new home a lift? Purchasers buying a new property can save up to &pound;14,999 which can be used to update your new space. Refresh and brighten up open-plan living areas with a new colour scheme, soft furnishings, a new feature wall or upholstering the old furniture to revitalise a room. </p>
Explore our extensive range of properties and find out how much you could save on your new home using our <a href="https://residential.jll.co.uk/stamp-duty-calculator">stamp duty calculator</a>&nbsp;.

We’re all going on a Stamp Duty Holiday

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Discover how much you can save until March 31st 2021 in our latest blog post 

Stamp Duty Update 2020: read our latest blog post to discover what this means and how can you benefit

<p>Stamp Duty Update 2020: what does this mean and how can you benefit from this unique and exciting opportunity</p>

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<p>The ongoing global COVID-19 pandemic has put the brakes on promising signs of early growth in Q1 and created significant levels of uncertainty. At present we anticipate more challenges ahead but overall the PCL market should bounce back as the strongest of all UK housing markets.</p>
<p>The report at present predicts a 14.4% five year sales price forecast and a 9.8% five year rental growth forecast.</p>
Want the full picture on Prime Central London&rsquo;s sales and lettings markets? Download the report here for a look at what happened in Q1 and what&rsquo;s to come:<br />
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Prime Central London Q2 2020

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Our research examines where the Prime Central London property market is headed and why now is a good time to invest, read the full report here:

Prime Central London Residential Research Report for Q2 2020

<p>Our latest research reviews the effect of Covid-19 on the Prime Central London market recovery and indicates how now is the best time to invest with potential positive returns over the next five years.</p>

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<h2><strong>Home working during European lockdowns </strong></h2>
<p>In the <a href="https://residential.jll.co.uk/insights/research/housing-needs-and-resident-preferences-across-europe-during-covid-19">previous blog</a>, we identified shifting preferences on home location and priorities within the home itself. Many of these have been stimulated by much more time spent at home under &lsquo;shelter in place&rsquo; orders, as economic activity has drastically shifted from offices to residential units.</p>
This blog unpicks the changing nature of peoples&rsquo; experiences and expectations for working from home, and leads onto identifying the similarities different socio-demographic cohorts exhibit across the whole European sample, including wider changes in home preferences in light of Covid-19.<br />
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<h2><strong>Working from home</strong></h2>
<p>Covid-19 has triggered a widespread temporary shift to homeworking. Government guidance across the continent almost unilaterally was to work from home wherever possible. Time spent at work fell, compared to normal, between 83 and 90% during its nadir under lockdown, according to Google Trends.</p>
69% of survey respondents worked infrequently (less than once a week or never) before Covid-19, but being forced to work from home for a prolonged period has changed perceptions and expectations moving forward. In a post-Covid-19 world, our respondents want to work from home more, with the most common preference (53%) being 1-2 days per week. The below chart shows that the majority of flows are moderate changes to habits. For example, those who never work from home are now mostly wanting to work once or twice a week, rather than all the time. Indeed, the same proportion (7%) of respondents are looking to work from home full-time.<br />
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<img src="https://weasresicmspd.azurewebsites.net/images/default-source/default-album/graph-1---living-prioritiesdd2906d281be463a9b788c86df40000b.png?sfvrsn=ca7b6573_0" data-displaymode="Original" alt="Graph 1 - Living priorities" title="Graph 1 - Living priorities" style="vertical-align: middle;" /><br />
<p>It is worth noting that changing work from home preferences does not necessarily correlate with lower overall office space demand. The equation is much more complicated than this, as discussed in JLL&rsquo;s &lsquo;<a href="https://www.jll.co.uk/en/trends-and-insights/research/future-of-office-demand">The Future of Global Office Demand</a>&rsquo; paper, and includes factors relating to office design and commuting patterns, as well as technological influences. </p>
<p>Most of the changes from our survey are minimal, and are likely to soften as people return to work and realise the benefits that personal interactions can have on productivity and collaboration in particular. Indeed, four months on from the first lockdowns, we are starting to a see a significant return of workers to their offices, albeit at limited capacity for now. As discussed in the earlier blog, people are looking to recreate the professional working environment at home, with second screens, office chairs, spare rooms and so on, meaning they value quality set ups. Indeed, there are many aspects of office life that simply cannot be replicated in a permanent work from home situation. There are many other factors at play as we look to the future across Europe: societal customs across the continent, ability for individuals to balance work and home lives, and ultimately employer rules and receptiveness this change. </p>
One of the interesting elements to this is the differences between age groups across our sample. Younger cohorts were significantly less likely to regularly work from home, with only 24% of 18-34s working from home once a week or more. The pandemic has significantly disrupted this trend, with all age groups relatively equally likely to want to work from home once or twice per week.&nbsp;<br />
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<img src="https://weasresicmspd.azurewebsites.net/images/default-source/default-album/graph-2---living-priorities.png?sfvrsn=1634891_0" data-displaymode="Original" alt="Graph 2 - living priorities" title="Graph 2 - living priorities" style="vertical-align: middle;" /><br />
<h2><strong style="font-size: 18px;">Towards a cohort classification</strong></h2>
One of the most striking things about the survey results is how similar experiences have been, and the strong similarities of preference for those at different life stages. Drawing on themes from both blogs, the below graphic tries to identify different socio-demographic cohorts and their headline results from the survey. We can recognise the groups most likely to look to move, where their preference would be, what they want out of a home. The changing intention around home working is also notable different, perhaps showing the demographics the offices of the future should be more targeted towards.&nbsp;<br />
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<img src="https://weasresicmspd.azurewebsites.net/images/default-source/default-album/graph-3---living-priorities.png?sfvrsn=33046ac1_0" data-displaymode="Original" alt="Graph 3 - living priorities" title="Graph 3 - living priorities" style="vertical-align: middle;" />
<h2><strong>Temporary or permanent?</strong></h2>
<p>The survey was conducted while much of Europe&rsquo;s population was in the deepest throngs of lockdown and is therefore likely that results reflect a bias for immediate concerns. As the continent&rsquo;s lockdowns ease and a semblance of normality emerges, it is possible that some views will soften, but other preferences will endure. </p>
<p>We are looking to re-run the survey in the autumn to understand the permanency of these views &ndash; how far away is the &lsquo;new normal&rsquo; from past expectations?</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;&nbsp;
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<p style="text-align:center;">Tom Colthorpe<br />
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Home working during lockdown across Europe

In the second of two blogs based on our JLL employee survey, we interrogate shifting work from home patterns under lockdown across Europe and how they influence people’s perceptions of the home. 

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In the second of two blogs based on our JLL employee survey, we interrogate shifting work from home patterns under lockdown and how they influence people&rsquo;s perceptions of the home. Drawing on all the data, we demonstrate there are significant similarities in the experiences and expectations of distinct socio-demographic cohorts across Europe.

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<h2><strong>Could Covid-19 trigger a growth in live/work units?</strong></h2>
<p>COVID-19 has led to a widespread shift to home working and it seems certain that in the future we will spend much more time working and living in our homes. But will this shift allow for a revisit to delivering purpose built live/work units in the UK &ndash; a concept that emerged in the UK in the 1990&rsquo;s and fell away again by the mid-2000&rsquo;s.</p>
<p>Originally inspired through &lsquo;loft living&rsquo;, the modern concept of live/work housing schemes originated in the United States and was seen as a way to regenerate inner city areas made redundant by the decline of the American manufacturing industry. The appeal for &lsquo;loft living&rsquo; in the 1980&rsquo;s resulted in the gentrification of a number of neighbourhoods in America and appeared in the UK in the early 1990&rsquo;s. </p>
<p>As a concept it was initially welcomed by many Local Authorities in the London area, with several boroughs developing Supplementary Planning Guidance for this development type. This allowed for some element of development control over the separation of &lsquo;live&rsquo; and &lsquo;work&rsquo; areas within the apartments. </p>
<p>As time went on, developers successfully challenged the controls within the guidance, principally the work space requirements and the quantum of affordable housing; which led to scepticism within some planning authorities, with many growing to see the concept as means of overcoming planning controls with projects often reverting to solely residential use.</p>
<h2><strong>Planning</strong></h2>
<p>The main barriers to the live/work product expanding beyond London were founded by these scepticisms. Over time the concept was abused by some as a ruse to get around employment land restrictions whilst not providing actual workspace. Enforcement issues and an inconsistent approach from the Planning Inspectorate on determining appeals led to the concept slowly failing.</p>
<p>In part the confusion surrounded the use class. Live/work is not an easy category to define precisely and is more of a conceptual idea than a precise planning law term and as such is often referred to as sui generis. Conditions have been applied which have sought to secure a continuing ratio between workspace and living space, prevent sub-division and restrict residential occupation to those employed in the linked workspace.</p>
<p>The concept itself complies with a number of the key objectives within the National Planning Policy Framework (&lsquo;NPPF&rsquo;) &ndash; delivering required homes, whilst helping to build a strong competitive economy and making effective use of land. NPPF paragraph 81(d) states when producing planning policies, these should &ldquo;be flexible enough to accommodate needs not anticipated in the plan, allow for new and flexible working practices (such as live-work accommodation), and to enable a rapid response to changes in economic circumstances.&rdquo;</p>
<p>Research suggests that whilst the NPPF appears to encourage flexible accommodation such as live/work, very few schemes have actually been permitted, with those that have consisting of very low-density numbers, often in rural locations.</p>
<p>However, given the COVID-19 pandemic, there is certainly appetite for much more home working.</p>
<h2><strong>JLL Living Priorities Survey</strong></h2>
<p>JLL&rsquo;s recent <a href="https://residential.jll.co.uk/insights/research/has-covid-19-altered-our-housing-needs">Living Priorities Survey</a> revealed a dramatic shift in our staff&rsquo;s appetite to work from home more in the future. If we are to assume that the wider population shares the same view, it is likely that homes including working areas are now of increased importance which could signal more demand in the market for live/work units.</p>
<h2><strong>Mission Lofts, USA</strong></h2>
<p>Mission Lofts is a newly opened live/work development near Washington DC which has taken mixed-use design to a new dimension and presents a case study for how live/work units could work successfully.</p>
<p>Unlike most other live/work developments, Mission Lofts allows each of the units to be occupied at all time at the tenants&rsquo; choice as either a place to live, a place to work, or a place to do both. Amenities are included, accessible to both residential and commercial renters.</p>
<p>One of the key issues surrounding the success of live/work units in the UK in the past came down to obtaining a mortgage and whether it should be on commercial or residential lending terms.&nbsp;</p>
<p>Mission Lofts&rsquo; success indicates that live/work units may evolve more easily from the purpose-built rental models such as co-living or build to rent. </p>
<p>For the live/work model to exist within the English planning system, it may be that a balance is required between the likes of the Mission Lofts model and the evolving co-living and BTR models that are becoming ever more prominent.</p>
<p>A development which provides flexible work space on a communal floor would give the Local Authority and residents surety as to the product which is getting delivered and as such reduce the potential enforcement headaches for the developers/residents down the line.</p>
<p>In order to monetise the model, there may be potential to lease the flexible workspace to a dedicated workspace provider to generate a secondary income. There may also be potential to allow for a designated restaurant or caf&eacute; operator to be included within the floorspace, providing lunch options to those working. This again may allow for some rental income to be generated.</p>
<p>Ultimately there may be some obstacles that remain for the growth of live/work units in the UK, but with an increasing number of us working from home, working areas are likely to become a more common feature of homes generally. And perhaps this is the kickstart that the live/work model has been waiting for.<br />
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<p style="text-align:center;">Aiden Murray<br />
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Could Covid-19 trigger a growth in live/work units?

Since the Covid-19 pandemic there has been a forced shift to homeworking. Is this the time to revisit the live/work model in the UK?

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<p>The latest set of A-level results are expected to trigger an active period for the UK student accommodation sector as students race to secure tenancies for the upcoming academic year. The sharp increase in applications between January and June has led to a 2% increase in UK applicants this year, while participation rates are at their highest level on record amongst UK 18-year olds. This goes against the underlying demographic decrease amongst this age group in recent years and defies predictions of the impact of COVID-19. </p>
<p>As of 30<sup>th</sup> June 2020, UCAS data showed that over two thirds of applicants had still not confirmed their final offers, a 10% increase in unconfirmed places compared to 2019/20. However, the first clearing data shows that UK acceptances are up by 2.9%, while non-EU acceptances are up by 2.0%. Although EU acceptances have fallen by 15.2%, overall acceptances on A-level results day are up by 1.9% year on year. </p>
<p>With universities subject to a temporary 5% cap on how many students they can take for the 2020/21 academic year, many students will now be facing strong competition given that 78% of students achieving grades A*- C (up from 75.5% in 2019). The recent GDP and employment data and the disruption caused by several months of national lockdown means that deferrals are not expected to increase. This will give many universities the opportunity to fill their places with high quality students.</p>
<p>Furthermore, the government has announced that any student appealing their decision will be exempt from the cap on places which may help to underpin demand. Although 40% of students received grades different from their teacher&rsquo;s predictions, 97% of all students are within one grade. The introduction of the triple lock and universities taking a more relaxed approach to selection is also welcome. So far, the government will not reissue downgraded students the grades predicted by their teachers, as was the case in Scotland, however public response over the forthcoming weeks may lead to additional updates from central government. </p>
<p>As before, much still rests on how many international students turn up for the start of term. There have been tentative signs that demand from this group has held firm, despite some initial concerns about the impact of COVID-19. UCAS figures from the 30<sup>th</sup> June deadline showed international applications up by 5% when compared to the same time in 2019/20. </p>
<p>Overall, leasing activity for purpose-built student accommodation remains strong. To date, over 70% of private PBSA beds have already been let for the new academic year, according to JLL&rsquo;s Student Housing Leasing Survey of over 145,000 beds, equivalent to 45% of the private market. Total bookings are ahead of where they were 12 months ago, largely as a result of existing students rebooking, and demand from new students is also up. </p>
<p>Following the disruption to the sector in March and April, the flurry of leasing activity expected in the coming weeks, as students settle on their courses and look to secure accommodation ahead of the new academic year, is expected to be positive for the sector. The results today further suggest demand will remain in the short to medium term, providing some much-needed relief to investors. </p>
<p>Philip Hillman, Chairman, Living Capital Markets, comments:</p>
<p>&ldquo;There is still uncertainty around how things will look once the new academic year gets underway in September, but after a significant period of disruption there are some encouraging signs. &nbsp;The longer-term outlook for student housing remains strong and it will continue to be driven by the same underlying counter cyclical factors that has attracted so much investment in recent years.&rdquo;</p>
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<p style="text-align: center;">James Kingdom<br />
Associate - UK Living Capital Markets Research</p>

UK student housing update following A-level results day

An update on the demand outlook for the UK student housing sector following the release of this year’s A-level result. 

An update on the demand outlook for the UK student housing sector following the release of this year&rsquo;s A-level result for students in England and Wales. The new academic year presents a chance for the student housing sector to resume following the disruption caused by the pandemic in March.

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<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>
<p style="text-align: left;">
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 />
<br />
<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 />
<br />
<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 />
<br />
<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 />
<br />
<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

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.

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

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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<p>&nbsp;</p>
<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.
<p>&nbsp;</p>
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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
</p>
</div>
</div>
</div>
<p><strong>&nbsp;</strong></p>
<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

Shared ownership hero

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;">&nbsp;</div>
<div style="margin:15px;">
<p style="text-align:center;"><a href="mailto:Veronica.SMcGill@eu.jll.com" target="_blank"><button class="Button primary">Contact</button></a></p>
</div>
<div style="margin:15px;">
<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.<em>&nbsp;</em>

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            <p><strong><a href="https://residential.jll.co.uk/services/valuation-advisory">Valuation Advisory</a></strong></p>
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            </td>
            <td style="width: 25%;">
            <div style="text-align:center;">
            <p><strong>Greater London</strong></p>
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            <p><strong>57 asset across 9 locations</strong></p>
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            <p><strong>c.35m</strong></p>
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<p>&nbsp;</p>
<p>&nbsp;</p>
<h2><strong>Ambition</strong></h2>
<p>Following the restrictions imposed by the UK Government as a result of COVID-19, an established London based investor/developer required a business-critical loan to help manage day-to-day operations. Our client required accurate and swift valuation advice
on the assets to be secured against the loan.&nbsp; </p>
<h2><strong>How we worked together</strong> </h2>
<p>Given increased time-pressures, a cross-team collective approach was established quickly.&nbsp; Surveyors across multiple teams and offices coordinated inspections and due diligence on the properties and local markets. Close collaboration with the Bank&rsquo;s
legal advisors ensured key risks were identified and considered early in the process. The ability to consult in-house expertise regarding planning, composition of external walls and local market insights enabled these risks to be further mitigated.
</p>
<p>Specific expertise from our in-house planning consultants and building surveyors allowed us to identify mortgageability risks relating to unit configurations and recent building regulation changes.</p>
<p>&nbsp;</p>
<div style="background-color:#f6f5f1;padding:20px;">
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<div style="padding-left:25px;text-align:left;font-size:20px;">
<p style="text-align:center;"><span></span>"COVID-19 meant inspections had to be completed rapidly before strict travel restrictions were enforced."</p>
</div>
</div>
</div>
<p><strong>&nbsp;</strong></p>
<h2><strong>Challenges</strong></h2>
<p>The progressive nature of COVID-19 meant inspections and the usual due diligence of 57 assets had to be completed before strict travel restrictions were enforced. A multiple team approach with close collaboration with the borrower was imperative in order
to meet the Bank&rsquo;s deadline requirements.</p>
<h2><strong>Resolution</strong></h2>
<p>JLL were able to provide reasoned advice ahead of the agreed deadline. The result being our client was able to provide the business-critical loan to a valued 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;"><button class="Button primary">Read more about our valuation services</button></a></p>

Critical valuation advice faced with COVID-19 challenges

Following the restrictions imposed by the UK Government, JLL&rsquo;s valuation advisory team excelled in delivering a swift and accurate valuation advice for a London-based investor despite time pressures and other challenges.

Following the restrictions imposed by the UK Government, JLL’s valuation advisory team excelled in delivering a swift and accurate valuation advice.

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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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label="£5,000 pcm"
value=5000
[max.6]
label="£6,000 pcm"
value=6000
[max.7]
label="£7,000 pcm"
value=7000
[max.8]
label="£8,000 pcm"
value=8000
[max.9]
label="£9,000 pcm"
value=9000
[max.10]
label="£10,000+ pcm"
value=1000000

Rent - Price

Price

title="Price"
metric="£"
type="minmax"
name="Price"
order=1

[min]
[min.0]
label="No Min"
value=""
[min.1]
label="£100,000"
value=100000
[min.2]
label="£200,000"
value=200000
[min.3]
label="£300,000"
value=300000
[min.4]
label="£400,000"
value=400000
[min.5]
label="£500,000"
value=500000
[min.6]
label="£600,000"
value=600000
[min.7]
label="£700,000"
value=700000
[min.8]
label="£800,000"
value=800000
[min.9]
label="£900,000"
value=900000
[min.10]
label="£1,000,000"
value=1000000
[min.11]
label="£2,000,000"
value=2000000
[min.12]
label="£3,000,000"
value=3000000
[min.13]
label="£4,000,000"
value=4000000
[min.14]
label="£5,000,000+"
value=5000000

[max]
[max.0]
label="No Max"
value=""
[max.1]
label="£100,000"
value=100000
[max.2]
label="£200,000"
value=200000
[max.3]
label="£300,000"
value=300000
[max.4]
label="£400,000"
value=400000
[max.5]
label="£500,000"
value=500000
[max.6]
label="£600,000"
value=600000
[max.7]
label="£700,000"
value=700000
[max.8]
label="£800,000"
value=800000
[max.9]
label="£900,000"
value=900000
[max.10]
label="£1,000,000"
value=1000000
[max.11]
label="£2,000,000"
value=2000000
[max.12]
label="£3,000,000"
value=3000000
[max.13]
label="£4,000,000"
value=4000000
[max.14]
label="£5,000,000+"
value=1000000000

Sale - Price

title="Bedrooms"
metric="bedrooms"
type="minmax"
name="bed"
order=2

[min]
[min.0]
label="No Min"
value=""
[min.1]
label="Studio"
value=0
[min.2]
label="1 bedroom"
value=1
[min.3]
label="2 bedrooms"
value=2
[min.4]
label="3 bedrooms"
value=3
[min.5]
label="4 bedrooms"
value=4
[min.6]
label="5 bedrooms"
value=5
[min.7]
label="6 bedrooms"
value=6
[min.8]
label="7 bedrooms"
value=7
[min.9]
label="8+ bedrooms"
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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