<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1741365078/resi/gb/Articles/Images/Roundup-Mar7-Chart1.jpg" />TransactionsThe SDLT rush is evident in transactions figures, with just over 95,000 homes changing hands in January across the UK, 14% higher than the same month a year earlier. This is the highest January figure since 2022 and marginally up on the 10-year January
 average. House pricesThe impact on house prices is less clear cut. Figures from the Nationwide index show house prices rose 3.9% in the year to February 2025, up 0.4 percentage points month-on-month. The Halifax index shows a marginal slowing in February, with prices down
 0.1% monthly and up 2.9% annually. But we could see the rate of growth fall a little in March. More first-time buyers, who are generally purchasing smaller (and often less expensive) homes, means we could see the overall average fall in March and
 potentially rise in April &ndash; as a result it remains prudent to not place too much emphasis on monthly fluctuations in prices this spring.Mortgage approvals The pre-SDLT rush was evident earlier in the mortgage stats, with the time taken to complete a sale meaning those wanting to beat the deadline would need to have been well progressed by early 2025. In late 2024 we saw annual increases in net mortgage
 lending almost 50% higher than they were a year earlier. True, 2023 wasn&rsquo;t a busy year, but the acceleration in activity was particularly evident in Q4.&nbsp; Lower rates helped, but first-time buyers were busy with their brokers too. The latest
 numbers from the Bank of England show mortgage approvals rose 19% annually in January 2025, with UK Finance showing a 16.4% annual increase in loans to first-time buyers in Q3 2024.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1741365078/resi/gb/Articles/Images/Roundup-Mar7-Chart2.jpg" />The death of leasehold?Commonhold isn&rsquo;t new; it was introduced back in 2004 as part of the Commonhold and Leasehold Reform Act 2002, but most new developments completed since continued to adopt a leasehold ownership structure. This looks set to change, with the Government publishing a White Paper proposing replacing leasehold with commonhold for new flatted developments (the sale of new leasehold houses has already been stopped). A consultation on how this could be introduced is set to take place in the coming months. Under a commonhold ownership structure, homeowners would effectively own the freehold of their individual unit, with the freehold of the building held by the building&rsquo;s commonhold association. Each owner would be a member of their building&rsquo;s commonhold association and would be expected to contribute to overall maintenance and running costs, similar to a leasehold service charge. No ground rent would be payable. Plans are afoot, too, to make it simpler for existing owners of leasehold properties to convert to commonhold, although this is a more challenging prospect than imposing the new structure on new build homes. Big Six The latest data from Zoopla shows annual rental growth fell from 3.9% in Q4 2024 to 3.0% in their latest Q1 release. The lowest level for more than three years, it follows a significant increase in rents over that period. This &lsquo;normalisation&rsquo; in the rental market has been evident for some time. Stock levels per agent have risen from recent lows but are still down on pre-pandemic norms. There are still 12 enquiries for every rental home according to Zoopla, with the number of homes to rent per agent averaging 13 in February 2025, up from a low of 10 in 2023, but still below the longer run average of 16 between 2017 and 2021. Our recently released JLL Big Six Residential Development Report shows a similar trend.&nbsp; The report tracks changes in prices and rents across mainstream and prime developments in six cities outside London: Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester.Average annual rental growth across the Big Six stands at 4.2%. New stock coming to the market continues to demand higher rents, however more balance between supply and demand has meant average growth returning to single digits in all six cities.Interest rates have remained higher than expected and continue to impact development viability and buyers&rsquo; budgets through higher mortgage rates. Average prices for new build apartments have risen 2.1% across the Big Six. Markets with lower average prices, notably Birmingham and Glasgow, have seen the highest price growth.After a sharp slowdown in the first half of 2024, the Big Six build-to-rent market had its most active second half since 2021, bringing full-year investment to &pound;1bn. Though reflecting a 12% year-on-year decline, it was a strong finish to 2024.To read the latest JLL Big Six report <a href="https://residential.jll.co.uk/insights/research/big-six-residential-development-report-winter-2024-25">click here.</a>Build-to-rent and UK livingIt is not just the Big Six where build-to-rent activity rose at the back end of 2024. With &pound;5.4bn invested nationally in 2024, BTR activity was up 9% on 2023. Across all sectors of UK living investment rose 5% year-on-year to &pound;13.9bn. There were more than 230 deals completed in 2024, 16% above the five-year average.An uncertain outlook for build and debt costs contributed to drop in forward funding deals, falling 26% below the five-year average, the lowest level since 2018. At the same time, forward purchases and investments in standing stock rose 31%. Domestic investors led the pack, with 44% of total living investment originated in the UK.To read more on our outlook for UK living in 2025 <a href="https://www.jll.co.uk/en/trends-and-insights/research/living-outlook-market-dynamics">click here.</a>

Residential Roundup - 7 March

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The clock is ticking for those looking to take advantage of stamp duty savings before rates revert to previous levels on 1 April. First-time buyers have the biggest incentive, particularly those purchasing more expensive homes.

The clock is ticking for those looking to take advantage of stamp duty savings before rates revert to previous levels on 1 April. First-time buyers have the biggest incentive, particularly those purchasing more expensive homes. The threshold at which first-time buyers no longer benefit from relief drops from &pound;625,000 to &pound;500,000, with the nil rate dropping from &pound;425,000 to &pound;300,000. This means someone purchasing a &pound;500,000 first home would see their stamp duty bill increase from &pound;3,750 in March to &pound;10,000 in April.&nbsp;

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The &pound;300m injection is forecast to deliver 2,800 homes (equating to roughly &pound;107,000 per home), but recent analysis of the housing waiting list shows the number of households on the list topped 1.33 million at last count (March 2024), up 43,000
 in 12 months. Meaning that to build the 43,000 homes required just to keep the list at 2023 levels would have required &pound;4.6 billion in funding at &pound;107,000 a home. If we look to tackle the 1.33 million households on the waiting list it
 would take 21 years at current affordable housing delivery rates to build enough homes, before we even consider new entrants over that period.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1739544753/resi/gb/Articles/Images/Roundup-Feb14-Chart1.jpg" />Fiscal headroom disappearingThe outlook for the UK economy has become more challenging in the last few weeks. The Bank of England cut the base rate (hurrah!) but were pessimistic about the UK&rsquo;s growth prospects. Their expectations for GDP growth in 2025 cut from 1.5% to 0.75%.
 Of course, the Bank are not the only forecasters, with the latest consensus forecasts remaining north of 1%, but we expect to see a more tempered short-term outlook emerge in the coming weeks. The Office for Budget Responsibility will deliver their next forecast to parliament on 26 March. The combined effect of weaker economic growth and higher borrowing costs expected to have significantly reduced Rachel Reeves&rsquo; &pound;10bn of fiscal
 headroom.But fears of a recession in the second half of 2024 have been allayed by news that UK GDP grew by 0.4% in December, up from 0.1% in November.&nbsp; This means estimates for Q4 2024 have tipped (marginally) into positive territory at 0.1% growth, higher
 than the 0.1% contraction forecasters were expecting in a recent poll by Bloomberg. Annually GDP is estimated to be 1.5% higher in December 2024 than it was a year earlier, with full year estimates lower at 0.8% year-on-year.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1739544753/resi/gb/Articles/Images/Roundup-Feb14-Chart2.jpg" />Increased construction activity contributed to the latest growth figures. Government estimates suggest construction output rose 0.5% in the three months to December 2024 compared with the three months to September. The rise in activity was led by new work, which increased by 1.2%, with repairs and maintenance activity falling marginally by 0.4%. Private new housing was one of the main drivers in the growth in new work, rising 1.3%. Positive news for the sector but still 20% lower than the post-pandemic peak in September 2022.&nbsp; The return of the sub 4% fixBoth Santander and Barclays have announced new 3.99% fixed rates deals, signalling the return of the sub-4% mortgage which has been absent from the market for a few months now (although with a hefty fee and low loan-to-value). It&rsquo;s hoped that breaching the psychological sub 4% barrier will bring more home movers, who had become accustomed to record low rates, back to the market. Fewer home movers have meant the proportion of first-time buyers in the market has risen significantly. UK Finance figures crunched by Halifax show there were more than 340,000 first-time purchases in 2024, up 19% on 2023. First-time buyers accounted for more than half (54%) of mortgaged purchases last year, a record high since the data was first collected back in 2014.&nbsp; Latest from the RICSThe proliferation of lower rates will be good news for activity in the housing market, but in their absence the latest RICS Survey shows a tentative start to the year in January. Activity in the sales market remained broadly flat last month, with the same number of respondents reporting new buyer enquiries rising than falling in January. Here at JLL we&rsquo;re in the (marginally) more positive camp, with data from our offices showing a modest uptick in new applicants registering so far this year, up 6% on the same period in 2024.Sellers continue to return to the market, with more respondents (a balance of +25%) reporting an increase in new instructions, higher than the +16% recorded in December. Stock per surveyor rose too, reaching 45 homes in January, up from 41 at the same point a year ago. For lettings, tenant demand remained broadly flat, with the balance of opinion at +2% in January, meaning marginally more respondents reported a rise than a fall. Fewer landlord instructions were reported again in January (net balance of -19%), with March 2022 being the last month when we saw a positive net balance recorded. Lack of stock, through fewer landlord instructions, is still expected to underpin further rental growth this year.New TownsHousing Minister Matthew Pennycook has announced that more than 100 potential sites across England have been submitted to the New Towns Taskforce for consideration. The sites, the majority of which are urban extensions, aim to provide more than 10,000 homes each with the government promising spades in the ground before the end of this parliament. Initial reports suggest the government could green light around 12 schemes, or more than 120,000 homes. But few, if any, of these homes will be delivered within this parliament, meaning their (self-imposed) challenge of building 1.5 million homes remains.

Residential Roundup - 14 February

Angela Rayner has committed another &pound;350 million to address the shortfall of affordable homes. &pound;300m has been signed off to boost the Affordable Homes Programme with a further &pound;50m for the Local Authority Housing Fund.

Angela Rayner has committed another £350 million to address the shortfall of affordable homes. £300m has been signed off to boost the Affordable Homes Programme with a further £50m for the Local Authority Housing Fund.

Angela Rayner has committed another &pound;350 million to address the shortfall of affordable homes. &pound;300m has been signed off to boost the Affordable Homes Programme with a further &pound;50m for the Local Authority Housing Fund. Every little helps for those looking to deliver affordable housing, but the scale of the problem and the years of shortfall in delivery means that further funding will be needed on top.

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Growth taking off? Heading out to Davos Rachel Reeves was keen to stress Britain was open for business. And on her return the growth narrative continued, with announcements on the intention to support a third runway at Heathrow and investment in the Oxford Cambridge Growth
 Corridor, which could bring in an additional &pound;78bn for the UK economy by 2035. In addition, Reeves reiterated commitments to rail improvements, new mass transit infrastructure and the regeneration of Old Trafford, potentially including a new
 stadium for Man United &ndash; all of which involve unlocking additional sites for viable housing development. To accelerate the timeline for a third runway, planning changes will be pushed through to ensure gaining planning for infrastructure projects becomes simpler and less ponderous. Similar changes have been proposed for our sector, with planning reform sitting
 alongside Labour&rsquo;s ambitious plans for housing delivery. UK housing starts subduedReleased this week, the latest starts and completions figures (for Q3 2024) make for sobering reading, with 37,000 new homes started, 28% lower than the Q3 average pre-pandemic. Starts in the year to September were down 35% on the previous 12 months.
 Completions dropped back too, with 7% fewer in the 12 months to September and a 13% drop annually in Q3. To put these numbers in context, completions across England totalled less than 157,000 in the last 12 months, meaning that if we relied on completions
 alone it would take us more than nine years to get the 1.5 million homes the government has committed to deliver in five.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1738337351/resi/gb/Articles/Images/Roundup-Jan31-Chart1.jpg" />A similar picture in LondonAccording to Molior London, the number of homes started across Greater London last year fell 16% on 2023 and were 50% lower than the previous 10-year average. It was a similar story for completions, down 20% on the 10-year average, and planning permissions,
 down 58% on the 10-year and 37% annually.&nbsp; But ending with better news, applications rose annually in 2024, the number of units at application stage up by a third compared with 2023. Relaxing the rules on non-dom taxationA recent report by New World Wealth and Henley &amp; Partners suggests the UK has seen 26,000 millionaires depart since the start of 2017, with a net outflow of 9,500 in 2024 alone. With many countries now courting footloose high net worths with more
 attractive tax rates, the UK is looking increasingly out of step. Plans to change tax rules around non-doms were initiated under the Conservatives and re-iterated in the Budget, but in a recent interview Rachel Reeves suggests the Government is &lsquo;re-thinking&rsquo;
 it&rsquo;s plans. &nbsp;Reeves stated they will be tabling an amendment to the Finance Bill to include a more generous Temporary Repatriation Facility, which enables non-doms to bring money into the UK at a lower tax rate. She also reassured non-doms over double taxation and
 inheritance tax liabilities for those fearing they would become liable for tax in more than one country. Prime Central LondonConflicting messages were coming out of Prime Central London in Q4. Activity rose, with the number of homes changing hands at a 10-year high for fourth quarter sales, but fewer buyers were in the market at the top end and overall prices dipped 4% in 2024
 due in part to fewer higher value homes trading towards the year end. As usual the fourth quarter was relatively quiet for the Prime Central London lettings market, but activity was in line with Q4 2023, with 3% fewer new lets agreed. Full year figures show there were almost 4,400 new lets agreed in Prime Central London
 in 2024, 5% higher than 2023. While activity gradually increased during the year, we saw slower growth in rents. The JLL PCL Rental Index shows average annual rental growth cooling over the past two years from a high of 15% annual growth in Q1 2022.
 Rents ended the year 0.4% higher than at the end of 2023. Looking ahead stock levels are lower as we move into Q1 2025, with 15% fewer homes on the market to let than at the end of the third quarter and 8.5% fewer than in the same period a year earlier.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1738337351/resi/gb/Articles/Images/Roundup-Jan31-Chart2.jpg" /><a href="https://residential.jll.co.uk/insights/research/prime-central-london-report-q4-2024">Click here </a>to read our latest PCL report. Build-to-rent investment rises in Q4Q4 2024 was the most active quarter for build-to-rent investment since 2021, marking a significant increase on a lacklustre third quarter. Investment in the fourth quarter totalled &pound;2bn, taking the full year total to &pound;5.4bn. Single family housing proved popular with investors, as they acquired 7,000 new rental homes in 2024. However, despite a record year for single family investment, a rise in multifamily in Q4 meant it ended the year marginally higher in overall volumes. Operational stock accounted for the bulk of multifamily transactions, with forward funding accounting for just a fifth of total investment. This is due in part to the fact the sector is maturing, with more stabilised stock to trade, but also reflects continued viability challenges faced by both the build-to-rent and build-to-sell markets. To read more on our latest build-to-rent numbers <a href="https://www.jll.co.uk/en/views/record-year-for-single-family-underpins-btr-investment-in-2024">Click here.</a>

Residential Roundup - 31 January

House prices rose 4.1% in the year to January 2025 according to the latest figures from Nationwide, down from 4.7% in December but still a higher annual growth figure than any other month in 2024.

House prices rose 4.1% in the year to January 2025 according to the latest figures from Nationwide, down from 4.7% in December but still a higher annual growth figure than any other month in 2024. This follows an uptick in mortgage approvals in December, with seasonally adjusted numbers showing a 0.7% rise on November levels and a 28% increase on a slow December 2023. If the MPC lower rates, as expected, at their next meeting on 6 February we could see a further increase in activity in February, although those shopping for fixed rates may find these reductions have already been factored into current deals.

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Latest figures from the Office for National Statistics show inflation fell to 2.5% annually in December, down from 2.6% the previous month, and lower than forecast. Core inflation fell to 3.2%, down from 3.5% in October, and services inflation, at 4.4%,
 was at its lowest since Q1 2022. Economists expected it would drop back to only 4.9%. There was some positive news from across the pond, too. Consumer prices rose annually by 2.9% but core inflation, a figure which often influences policy makers&rsquo; decisions on rates dropped to 3.2%.The response from the markets has been broadly positive, increasing the probability of further rate cuts when the Bank of England and Federal Reserve rate setters next meet.&nbsp; In the case of the MPC, 6 February is the date for your diaries.
UK EconomyUK GDP edged up in November, rising by a disappointing 0.1%. The back end of 2024 was slow, with growth weak in Q3 and a plateau forecast in Q4. For 2025 the consensus is for a return to growth, with the outlook more positive at 1.3% compared to 0.9%
 last year. Forecasts, according to Consensus Economics, range from the most optimistic at 1.8%, to the most pessimistic at 0.8%. For 2026 the forecast for growth is the same at 1.3%.The labour market remains robust if a little underwhelming. Higher public sector pay and an increase in the minimum wage align with rising private sector real wages, which are expected to support real spending this year.That said, challenges remain, with employers facing increased costs coming out of the Autumn Budget: higher national insurance contributions, the rise in the minimum wage and higher business property rates, all of which will likely impact both recruitment
 and inflation over the coming months.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1737126346/resi/gb/Articles/Images/Roundup-Jan17-Chart1.png" />Mortgage ratesWe expect interest rates to fall, particularly following the latest inflation figures. Indeed, with low inflation and growth lower than the long-term trend, it is hard to see why the MPC wouldn&rsquo;t act. The question remains when. We are also facing a global bond sell off that is pushing up benchmark bond yields. Again, we have seen this improve in recent days, but our fiscal situation remains challenging.That said, the rapid rise in bond yields has not been mirrored by a similar rise in swap rates, meaning best buy mortgage rates haven&rsquo;t increased quite as much as feared. As we go to press, best buy rates sit at 4.3% for a two-year fix and 4.2%
 for a five-year (both at 75% LTV).PricesThe drop in mortgage approvals in November and rates remaining north of 4% are impacting buyer demand. In the latest RICS survey, more agents were still reporting an increase in new buyer enquiries, but the net balance fell back from +11% in November
 to +5% in December. However, the usual seasonal slowdown could be playing a role here, too.&nbsp; November figures from the ONS show average UK house prices rose 3.3% in the year to November 2024. Prices were broadly flat in London, down 0.1% annually, compared with growth of 5.9% in the North East.&nbsp;<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1737126346/resi/gb/Articles/Images/Roundup-Jan17-Chart2.png" />RentsDecember isn&rsquo;t always the best month to take the temperature of the UK rental market. But the ONS rental index is still at near-record levels, averaging 9.0% in December, in line with the 9.1% annual change in November. Achieved rents on new lets show only marginal annual increases, falling to 1.3% across the UK in the year to December according to Homelet. New lets in London saw a modest annual fall of 2.6% in 2024.But the outlook for rental growth remains positive, with the latest figures from the RICS suggesting a net balance of +37% of agents expected rents to rise in the next three months, up from +29% last month. This is expected to be driven by lack of stock, with more agents reporting new landlord instructions falling, a net balance of -27% from -13% in November. HousebuildingPrivate housebuilding price inflation rose to 3.7%, once again above CPI. Meanwhile, the UK Construction PMI recorded a third consecutive month of housebuilding contraction, in sharp contrast to construction as a whole, which continues to expand.But some positive news from the housebuilding sector comes from Persimmon Homes, which reported the number of homes delivered in 2024 was up 7% annually, at the upper end of its expectations for the year.Regulatory updateThe Renters&rsquo; Rights Bill has now completed its passage through the House of Commons and is off to the House of Lords as it inches closer to becoming law. Several amendments were added this week, including a clause restricting landlords from requiring upfront payments of more than one month&rsquo;s rent (alongside a security deposit of five or six weeks&rsquo; rent). We&rsquo;ll be updating you separately on the Renters&rsquo; Rights Bill in the coming days.

Residential Roundup - 17 January

Good news on the UK economy has been hard to come by in recent weeks. But lower than forecast inflation figures have raised hopes and resulted in a much-needed positive response from the bond markets, with 30-year bond yields remaining elevated but down from their recent highs.

Good news on the UK economy has been hard to come by in recent weeks. But lower than forecast inflation figures have raised hopes and resulted in a much-needed positive response from the bond markets.

Good news on the UK economy has been hard to come by in recent weeks. But lower than forecast inflation figures have raised hopes and resulted in a much-needed positive response from the bond markets, with 30-year bond yields remaining elevated but down from their recent highs.

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<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1734604013/resi/gb/Articles/Images/Roundup-Christmas-Chart1.png" />More new homesThe new National Planning Policy Framework (NPPF) was introduced as an early Christmas present last week. Housing targets, based on the new approach to housing need first mooted in July, are now mandatory. The word of the day appears to be flexibility,
 with the NPPF confirming that councils will be required to review green belt boundaries if they cannot meet housing need from non-green belt land first. Any land defined as &lsquo;not strongly contributing&rsquo; to the green belt could be brought
 into scope. There appears to be more flexibility too on affordable housing targets, with a blanket affordable housing requirements of 50% on some sites proposed in the July draft. New plans look instead at a 15% uplift over the current highest policy requirement,
 with the 50% being used as a cap rather than threshold. But planning reform is just one part of the housing delivery puzzle, we&rsquo;ll need a Christmas miracle and plenty more construction elves to ramp up delivery to meet target in the short term.&nbsp;<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1734604013/resi/gb/Articles/Images/Roundup-Christmas-Chart2.png" />Christmas presentThose hoping to put a new home under the Christmas tree this year will be paying more than they were a year ago.&nbsp; All the key house prices indices are reporting growth. The Nationwide index showing prices have risen 3.7%, the Land Registry 3.4% and Halifax 4.8% in the last 12 months. All marginally higher than our 2024 expectations back in May, with JLL forecasting growth of 2% growth in 2024. We are seeing more activity in the sales market. The number of homes sold in October 2024 was the highest since 2020, with the number of sales up 23% on 2023 levels. This follows a similar trend to the one we&rsquo;ve been observing for a few months now, with the number of transactions recorded between April and October 2024 up 11% on the same period a year earlier. Mortgage approvals are on the rise too. With the latest figures for October the highest since 2022. &nbsp;For rents the ONS Index, which includes new and existing tenancies, is showing rental growth of 9.1% in the 12 months to November, with Homelet (new lets only) reporting an annual increase of 2.2%.&nbsp;What do we predict for 2025? A busy start to Q1First-time buyers can save up to &pound;6,250 and existing owner occupiers up to &pound;2,500 in SDLT when buying a &pound;500,000 home before 1 April 2025. Expect a flurry of deals pushed through in Q1 2025 (and a bit of a lull post). But buyers will
 need to get their (ice) skates on to secure a home before the deadline with less than a third of homes going under offer in January traditionally completing before the start of April. House prices will riseThe latest monthly survey from the RICS points to further growth in prices as we move into 2025. Reported as a balance of opinion (a positive balance means more saying they think they&rsquo;ll rise than fall) a net balance of +47% of respondents expected
 prices will rise over the next 12 months, with views on price growth positive for all UK regions.Demand appears to be rising too, with a net balance of +12% of agents reporting an increase, the fifth consecutive month posting a positive reading. This is also reflected in the outlook for sales activity, with a net balance of +19% expecting more sales
 over the next three months and +33% over the next 12. Here at JLL we expect house prices will rise by 20% over the next five-years, with rents expected to increase 17% over the same period. To read more on our forecasts <a href="https://residential.jll.co.uk/insights/news/jll-residential-forecast-2025-2029">click here.</a><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1734604013/resi/gb/Articles/Images/Roundup-Christmas-Chart3.png" />Rental growth returns to low single digitsFor lettings, tenant demand remained broadly flat in November, with the RICS reporting a net balance of -1%. This has grabbed some headlines being the first negative reading on tenant demand since 2020. Despite a drop off in demand (to be fair November is never a busy month for lettings) more agents reported a further fall in landlord instructions, meaning the outlook for rental growth remained positive. A net balance of +29% of respondents to the survey expecting rents to rise in early 2025. Mortgage rates will fall (a bit)Despite average mortgage rates edging up over the last couple of months expectations remain that we&rsquo;ll see further rate cuts as we move into 2025. Five-year swap rates edged down in early December, 44bps lower than they were a year ago and down on recent post-budget highs. As expected, the Monetary Policy Committee held rates at 4.75% at their 19th December meeting, but consensus forecasts suggest we should see three further 25bps drops in the bank rate in 2025.&nbsp;Mortgage activity increasesUK Finance have just released their forecasts for 2025.&nbsp; They expect gross mortgage lending will rise 11% next year. Remortgaging is expected to rise 30% with lending for house purchase up 10% to &pound;148 billion. Only new buy-to-let lending is expected to fall, with lending of &pound;9 billion forecast, 7% lower than 2024 levels. But this follows a stronger than expected year for new buy-to-let lending, with borrowing expected to end the year 13% up on 2023 levels. Here&rsquo;s to 2025That&rsquo;s a wrap on 2024. All that&rsquo;s left is for us to wish you all a very merry Christmas and all the best for 2025 from us here at JLL Residential.&nbsp;

Residential Roundup – Christmas 2024

With the Christmas break in sight this, our last Roundup of 2024, looks back over the year and ahead at what we can expect in 2025.&nbsp;

With the Christmas break in sight this, our last Roundup of 2024, looks back over the year and ahead at what we can expect in 2025. 

News that stamp duty bills are rising for most buyers from April 1st has brought a few more house hunters out in December than usual. But for most minds are elsewhere, meaning that gleaning much from the property tea leaves can be difficult at this time of year. With the Christmas break in sight this, our last Roundup of 2024, looks back over the year and ahead at what we can expect in 2025.&nbsp;

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The Older People&rsquo;s Housing Taskforce Report published this week by the MHCLG flagged stamp duty as holding back activity in the later living market (it mentions it 17 times in the exec summary alone). We need between 30,000 and 50,000 new later
 living homes per annum but only currently build around 7,000. &nbsp;The report suggests introducing stamp duty incentives or equalising first-time buyer and &lsquo;last-time buyer&rsquo; rates for those looking to downsize could increase activity
 and allow older households to move to more suitable properties. Read more <a href="https://www.gov.uk/government/publications/the-older-peoples-housing-taskforce-report/our-future-homes-housing-that-promotes-wellbeing-and-community-for-an-ageing-population#annex-a-combined-set-of-recommendations-for-older-peoples-housinghomes-ophlater-living-housinghomes-llh">here.</a>We&rsquo;re unlikely to hear more on incentives until the Spending Review this coming spring, but until then we thought it was worth looking at rates, who pays and where revenues are coming from. Broader shoulders in higher value marketsProperty transaction tax (the majority of which is residential SDLT) is expected to bring in &pound;12.8 billion in the year to March 2024, rising to &pound;25 billion per annum by 2030 according to the OBR. Property transaction tax receipts are forecast
 to be around 40% higher than the much-discussed inheritance tax take over the next five years. Total residential receipts in year to March 2023 (2024 data is still only provisional) were &pound;11.7 billion.&nbsp;Comparing total residential receipts with the number of transactions shows a rise in revenue per transaction of 72% over the past decade,
 outpacing price growth by around 20 percentage points.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1732891743/resi/gb/Articles/Images/Roundup-Nov29-Chart1.png" />Of the &pound;11.7 billion total, &pound;4.5 billion came from London sales. London buyers account for 59% of receipts, despite London sales being just 11% of the total nationally. The two most expensive London boroughs contributed &pound;1.45 billion to HMRC coffers, with &pound;690 million from sales in Kensington &amp; Chelsea and &pound;765 million from Westminster, 12.4% of national totals. Indeed, the top ten local authorities
 in terms of receipts contributed 26% of the total SDLT take. Eight of the top ten were London boroughs, with the remaining two high value Buckinghamshire and Elmbridge.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1732891743/resi/gb/Articles/Images/Roundup-Nov29-Chart2.png" />Home moversStamp duty rates are most straightforward to understand for home movers purchasing their sole residence. Purchasers pay SDLT at differing rates dependent upon the proportion of the sale price which falls within each bracket. From April 2025 the rate at
 which buyers start paying SDLT returns to &pound;125k, down from &pound;250k currently (known as the nil-rate threshold). This will add &pound;2,500 to the stamp duty bill for someone buying a &pound;500,000 home. First-time buyersCurrent rules mean first time buyers purchasing homes at up to &pound;625k have a higher threshold before they start paying stamp duty, saving buyers at the upper price limit &pound;11,250 compared with rates from April 2025. Currently those purchasing
 homes up to &pound;625k don&rsquo;t pay stamp duty on the proportion of the home priced at below &pound;425k, in April 2025 this falls back to the previous limit of &pound;300k. Additional homesHigher Rates on Additional Dwellings (HRAD) accounted for &pound;4.2 billion of SDLT receipts in the year to September 2024, almost 50% of total receipts over the 12-month period.&nbsp; Following the autumn Budget those purchasing an additional property
 will pay a higher SDLT bill.&nbsp; With the previous 3% surcharge rising to 5% at midnight on Budget day. The SDLT cost to purchase a &pound;500k home as a UK resident now &pound;37,500, up &pound;10k on pre-Budget levels. ATEDAnnual Tax on Enveloped Dwelling, or ATED for short, is levied on residential properties owned by non-natural person, in most case those held within a company structure. It applies predominantly to properties valued at &pound;500,000 or more with the
 owner required to have the property valued every five years.&nbsp; An annual charge is then levied depending on the property&rsquo;s value. These range from &pound;4,400 a year for homes valued at &pound;500k to &pound;1million, to &pound;287,500
 for homes worth more than &pound;20 million (figures for 2024/25 financial year). On top of the annual charge properties purchased by &lsquo;non-natural persons&rsquo; attract a 17% SDLT rate. There are exemptions and reliefs available for certain
 assets so well worth taking advice.Buying multiple propertiesMultiple Dwellings Relief (MDR) was abolished under the previous government. Aimed at transactions where there was more than one dwelling, essentially the purchaser paid SDLT on each property at an individual rate per property, rather than on the total
 purchase price. But without MDR most buyers purchasing six or more residential properties now buy through non-residential SDLT.&nbsp; This approach treats the purchase as a single asset, with buyers paying 0% on purchases up to &pound;150k, 2% on
 purchases between &pound;150k and &pound;20k and 5% on purchases over &pound;250k. For more information on stamp duty rates <a href="https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#!/intro">click here.</a><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1732891743/resi/gb/Articles/Images/Roundup-Nov29-Chart3.png" />&nbsp;

Residential Roundup - 29 November

Stamp Duty Land Tax (SDLT) has been in the news quite a bit recently.&nbsp; Those buying additional properties are paying more post-Budget and changes in the zero-rate threshold will mean added costs from April 2025 for all buyers.

Stamp Duty Land Tax (SDLT) has been in the news quite a bit recently.  Those buying additional properties are paying more post-Budget and changes in the zero-rate threshold will mean added costs from April 2025 for all buyers.

Stamp Duty Land Tax (SDLT) has been in the news quite a bit recently.&nbsp; Those buying additional properties are paying more post-Budget and changes in the zero-rate threshold will mean added costs from April 2025 for all buyers.

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The latest figures from the Office for National Statistics show the UK economy all but plateauing in Q3, with economic growth of 0.1% recorded, below the 0.2% forecast and lower than the 0.5% figure for Q2. Understandably the Chancellor is disappointed
 with these numbers and will be hoping that with the budget behind us we&rsquo;ll see more activity and a shift away from pre-Budget inertia. <h2>Wages rising</h2>Annual growth in weekly earnings rose 4.8% in the three months to September, according to the latest figures from the Office for National Statistics. Wage growth remained above inflation, rising 1.4% in real (inflation adjusted) terms. These figures support
 assertions by the Bank of England that some heat is coming out of the labour market as we move towards the end of the year and remains in line with expectations. <h2>The latest from the RICS</h2>In contrast to the lacklustre economic news, the latest RICS survey showed some signs of cautious optimism in the housing market. The headline net balance (remember the RICS report on balance of opinion so anything in positive territory suggests more
 agents reporting a rise than a fall) for new buyer enquiries was positive for the fourth consecutive month, albeit little changed from September at +12%. Sales activity looked to be edging up too, with a net balance of +9% of agents reporting an increase.
 This is the third consecutive monthly rise, following broadly negative readings since early 2022. Outlook on price growth remained positive too, with the net balance of agents expecting prices to rise over the next 12 months increasing to +20% in
 October, up from +12% the month prior. <img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1731679600/resi/gb/Articles/Images/Rise-Q4.png" />For lettings, results from the October survey show tenant demand rising in the three months to October, with more respondents seeing an increase than a fall, returning a positive net balance of +19%. But there were fewer landlord instructions, possibly
 reflecting pre-Budget caution from landlords, with a net balance of -29% of agents reporting a fall in the three months to October.&nbsp; The most negative figure for three years. Unsurprisingly, with demand increasing and fewer instructions, respondents
 were more optimistic about the prospect for rent rises in the coming months. A balance of +33% of agents expecting rents to rise over the next three months. <img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1731679599/resi/gb/Articles/Images/Rent-Rises.png" />The ONS rental index (all lets) shows rents up 8.4% annually, but new lets (via Homelet) are showing a 3.4% annual increase nationally. For sales, Nationwide show prices up 2.4% annually with Halifax figures suggesting higher growth of 3.9%. <h2>Base rates fall but fixed rates rise</h2>In the run up to the Monetary Policy Committee meeting on 7th November most were forecasting a further reduction in the base rate.&nbsp; Even with a mixed reaction following the budget this view didn&rsquo;t waiver much and was confirmed with
 a 25bps reduction.&nbsp; The MPC members voting eight to one to reduce rates (the one voting to stick). But messaging from the MPC suggests chances of a further 2024 reduction when they next meet on 19th December remain slim. The November drop is good news for those on variable or tracker rates, but for those shopping for fixed rates a rise in swap rates, which started to build pre-Budget, means a host of lenders have increased their fixed rates.&nbsp; At the time of writing
 most sub 4% five-year fixes have been pulled from the market, rates are still lower than the 4.7% best-buys a year ago but expect them to sit slightly higher until we have some clarity on swaps. &nbsp;<h2>Starts drop in London</h2>A new approach to measuring housing need in London suggests we should be targeting 80,000 completions a year in the capital. But Molior London figures show housing starts in London so far this year (January to September) are down 53%
 on the ten-year average. Figures from the GLA show the number of affordable housing starts in the six months to September 2024 fell 23% on 2023 levels, with just shy of 2,700 affordable homes completed. Over the same six-month period there were just
 582 GLA-funded affordable homes started, up on 2023 levels but nowhere near target. Expect continued scarcity in the London new homes market until we see an uptick in activity. <h2>Updated JLL forecasts</h2>Back in May our revised forecast coincided with the announcement of a UK General Election and in November we were upstaged again when our forecast launch fell on the same day as the US election.
So, for those who may have missed it, our updated 2025 to 2029 forecast expects activity to
increase steadily from 2025 onwards, with prices up 20% and rents up 17% by the end of the five-year forecast period. To read more on our latest outlook for 2025-2029 <a href="https://residential.jll.co.uk/insights/news/jll-residential-forecast-2025-2029">click here.</a><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1731677711/resi/gb/Articles/Images/Outlook-Price-Rent.png" />

Residential Roundup - 15 November

It&rsquo;s been a busy couple of weeks since we last updated you following the UK Budget. Trump is heading back to the White House, the Bank of England has dropped the bank rate 25bps to 4.75%, and here at JLL we&rsquo;ve released our latest house price forecasts.

It’s been a busy couple of weeks since we last updated you following the UK Budget. Trump is heading back to the White House, the Bank of England has dropped the bank rate 25bps to 4.75%, and here at JLL we’ve released our latest house price forecasts.

It&rsquo;s been a busy couple of weeks since we last updated you following the UK Budget. Trump is heading back to the White House for a second time, the Bank of England has dropped the bank rate 25bps to 4.75%, and here at JLL we&rsquo;ve released our latest house price forecasts. The latter obviously grabbing the lion&rsquo;s share of headlines&hellip;.

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The announcement on additional borrowing had already unsettled investors in the run up to the budget, driving government borrowing costs to a five-month high.&nbsp; But leaks and briefings on some key policies pre-Budget appear to have had the desired effect meaning we&rsquo;re still below post mini-budget levels.For housing there was little evidence of some of the much-speculated changes we heard rumour of in the run up. Some will see this as a missed opportunity.&nbsp; But this is far from the worst-case scenario many had feared. And clarification on government plans, or at least an end to pre-budget speculation, should bring more prospective buyers back to the market.After all, the housing market looks to be in decent shape.&nbsp; Mortgage approval figures in September were at their highest for more than two years, with lower rates bringing more prospective buyers back to the market.&nbsp; Prices are edging up in response and activity across the market is recovering, too.So what was in the budget for housing? <h2>UK economy on the path to recovery</h2>The latest figures from the Office for Budget Responsibility (OBR) suggest the UK economy will grow by 1.1% this year and by 2.0% in 2025 in real terms. Inflation (CPI) is expected to sit marginally above the 2% target each year until 2029. <h2>Stamp Duty Land Tax (SDLT)</h2>Changes to stamp duty rules mean those purchasing properties in addition to their main residence (buy-to-let and second homes) will now pay a 5% rather than 3% surcharge. Adding &pound;10,000 to the stamp duty bill for a &pound;500,000 home. The single rate of SDLT charged on the purchase of dwellings costing &pound;500,000 or more by corporate bodies will also rise from 15% to 17%. Increases in rates were not necessarily viewed as a significant revenue raiser (an extra &pound;400 million by 2029/30) but would rather level the playing field between first time buyers and investors. But extra stamp duty for additional properties was not accompanied by an increase in incentives for first time buyers, with nothing in the budget on the first time buyer zero rate thresholds, which are due to drop back from &pound;425,000 to &pound;300,000 in April 2025. Instead, the government has committed to consult the industry on extending the mortgage guarantee scheme, effectively a 5% deposit scheme for first time buyers. News on that is promised in Phase 2 of the Spending Review next Spring.<h2>Capital Gains Tax (CGT)</h2>Tax on gains for residential property were left at their current level of 18% for lower rate and 24% for higher rate tax payers. Disposal of other assets, including shares, was normalised with residential property at 24%. With suggestions that &lsquo;normalisation&rsquo; could have been imposed with income tax rates, this should add some comfort to those in the sector. &nbsp;<h2>Affordable housing</h2>The government reaffirmed its commitment to deliver more affordable homes.&nbsp; A &pound;500million top up was promised for the Affordable Homes Programme and a consultation for an ongoing five-year rent settlement at CPI+1 (guaranteeing the rent cap on the amount providers can charge) was announced.&nbsp; Those wanting clarity on future grant investment will need to wait until the Spending Review in Q2 next year.<h2>Right to Buy</h2>Discounts for those purchasing through Right to Buy scheme will be reduced and councils in England will be able to keep all the receipts from sales to deliver new homes. This will need further investment to stem the loss of social housing through the scheme, with the latest annual figures showing 3,046 homes started using Right to Buy receipts versus 6,275 sold. <h2>Inheritance tax (IHT)</h2>The Chancellor announced current inheritance tax thresholds will be frozen until 2030, two years ahead of plans pre-budget. This means individuals can continue to leave &pound;325,000 free of tax, rising to &pound;500,000 if leaving your home to your children. Couples can inherit each other&rsquo;s allowance, meaning if you tick all the boxes &pound;1million can be left free of IHT. But new rules will bring previously exempt assets into play, meaning pensions, which had been IHT exempt, will fall within the totals from April 2027. Owners of agricultural and business property, again previously able to benefit from exemptions, will from April 2026 need to consider their liabilities over certain thresholds, although allowances will mean an effective rate of 20% rather than 40%. <h2>Housing supply</h2>We&rsquo;ve already heard from the government on its plans for delivering more homes, so perhaps a lack of detail within the budget was to be expected. The government committed &pound;5bn to their housing building programme in 2025/26 and repeated its commitment to provide 300 new planners (effectively less than one per authority), but the new planning framework (NPPF) due at the end of the year is expected to fill in some further gaps here. <h2>Non-doms</h2>As expected, the government announced it will end current non-domiciled tax rules from April 2025 and introduce a new residence-based system. For those looking to bring assets into the UK, the government will extend the temporary repatriation facility from two to three years. This isn&rsquo;t new, and follows similar plans announced under the Conservatives. The budget confirmed that only gains made after April 2017 will be considered as part of the new proposals, but the door is still open for government to bring worldwide assets within the scope of UK inheritance tax.<h2>What we missed</h2>With the government having already announced plans to reinstate ambitious housing targets post-election we had hoped the budget would include some news on stimulus for demand. Yet incentives for home purchase, changes to stamp duty land tax (aside from the increase for additional properties) and the reintroduction of Multiple Dwellings Relief were conspicuous in their absence this time around. More positive news on the UK economy and further interest rate cuts expected before the end of the year will likely support house price growth. But while we acknowledge increasing demand when supply remains low could challenge affordability further, the government needs to reassure developers and investors that there will be a market for a higher number of new homes they&rsquo;ve committed to deliver.&nbsp;

Residential Roundup – Budget Special

With the plans from the first Labour Budget in 14 years expected to bring in an extra &pound;40bn &ndash; read Marcus Dixon&rsquo;s overview of what was included for housing, in this week&rsquo;s Residential Roundup.

With the plans from the first Labour Budget in 14 years expected to bring in an extra £40bn – read Marcus Dixon’s overview of what was included for housing, in this week’s Residential Roundup.

The first Labour Budget in 14 years was never going to please everyone. This was a tax raising Budget, with the Chancellor&rsquo;s plans expected to bring in an extra &pound;40bn. Employers will be shouldering much of the financial responsibility, with funding public services core to Labours plans.

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UK economic outlook improvingWith economic growth across the UK coming in broadly above expectation so far this year, a raft of forecasters have begun upgrading their outlook for growth. Consensus forecasts now expect the UK economy will grow by 1.0% this year (they were at 0.6%
 at the start of 2024). The Bank of America and the British Chamber of Commerce are the latest to upgrade, both now expecting growth of 1.1% in 2024. Before we get too excited, these aren&rsquo;t big numbers and still mean the UK lags many of our mainland
 European neighbours. However, a brighter picture will embolden investors as many of the other key economic and housing market indicators turn positive in H2.&nbsp;<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1725625974/resi/gb/Articles/Images/RR-6-Sept-1.jpg" />More favourable ratesFollowing the Bank of England&rsquo;s August rate cut and more competitive five-year interbank lending rates (SONIA) emerging we&rsquo;ve seen a flurry of more competitive mortgage rates enter the market.&nbsp; The latest being a five-year fix at sub
 3.8%. While these rates would still make your average 2020 borrower wince, in the &lsquo;new normal&rsquo; a sub 4% rate appears to be sufficient for the wheels of the mortgaged housing market to begin turning more freely again. &nbsp;It's still a little early for the latest mortgage approval figures to fully reflect the impact of lower rates and certainly many have had other things on their mind over the summer break. But the July approval figures do appear to be showing the early
 signs of an uptick in activity. The latest figures from the Bank of England showing July approvals rose to 62,000, the highest since September 2022. More stock entering the marketRightmove reported an uptick in listings this summer, with July recording an 11% annual increase in stock reaching the market for sale. Rate cuts in early August added further to vendors propensity to list, with listings to mid-month in August up 19%
 on the same period a year earlier. Prospective buyers are returning to the market. Here at JLL the number of viewings in July and August are up 48% compared with the same period a year ago. Prices are rising too, with Nationwide reporting prices up 2.4% annually in August, having risen
 on an annual basis every month since February.Transactions riseTransaction data is always a lagging indicator. With lengthy conveyancing delays also meaning the time between a buyer committing to purchase and the sale completing often stretching to more than three months. However, even accounting for these delays
 we are starting to see the number of homes changing hands edge up. The latest government figures showing just shy of 91,000 seasonally adjusted transactions in July, up 7% on July 2023.Rents The latest new lets figures from Homelet show a disparity between rental growth nationally. London, often the most reactive market, has seen annual rental growth of just above flat this month at 0.1% (albeit up 2.2% on last month). Whereas some regional
 markets are still seeing rents rise by up to 9.4% (East of England).Conflicting reports on landlords selling upRightmove data shows an increase in listings of homes for sale which have been previously let on the portal.&nbsp; With 18% of homes currently on the market nationally previously listed to let, up from 8% in 2010 and 14% over the last five years. This
 rises to 29% in London, although it is worth noting that around 30% of households in London rent privately, far higher than in other regions. There are a few reasons homes are being listed. Obviously, debt costs for leveraged buy-to-let investors have risen, in addition to the removal of tax breaks on mortgage interest payments. &nbsp;Uncertainty around capital gains and inheritance tax post
 budget alongside the expected return of the 2030 EPC C obligation will also be impacting investors&rsquo; choices. However, this too could be a sign of a stronger sales market, with reluctant landlords who in a more challenging market have looked
 to rent rather than sell simply returning to the market to test the water. &nbsp;
<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1725625974/resi/gb/Articles/Images/RR-6-Sept-2.jpg" />New developmentDelivering more homes was one of the key pledges of the Labour manifesto, with all regions aside from London set to see their housing targets increase (even London&rsquo;s new targets still expected to be more than double recent delivery). For more on what this means at a local level <a href="https://residential.jll.co.uk/insights/research/jll-new-housing-targets-analysis-targets-by-numbers-august-2024">click here.</a>But the latest starts and completions figures for Q1 demonstrate the scale of the task ahead. The Q1 2024 figures, released at the end of August show there were 22,310 house building starts (seasonally adjusted) in England, a 11% increase compared with the previous quarter, but 41% down on the same quarter of 2023.&nbsp; The introduction of new building regulations just over a year ago caused starts to spike in Q2 2023 at almost 67,000. This meant schemes which would under normally (regulatory) circumstances have been delivered later were pulled forward.&nbsp; As a result, falls in more recent quarters could be overstated, but in any case, we&rsquo;ll need to see a reversal of this trend soon to get near the 1.5 million homes target within this parliament. In case you missed it&hellip;.Our latest Big Six Residential Development Report, <a href="https://residential.jll.co.uk/insights/research/big-six-residential-development-report-summer-2024">Click here to read more.</a>

Residential Roundup – 6 September

jll-why-to-live-in-greenwich-london

Looking closely at the latest numbers to see what impact the new government and more importantly the August rate cut are having on the market.

Regardless of your age September has a distinct back to school feel. Those of us ditching the beach bag for the briefcase will be looking closely at the latest numbers to see what impact the new government and more importantly the August rate cut are having on the market. Despite the usual summer slowdown making it a bit more difficult to tell, there are signs that the market is waking up.

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<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1723790127/resi/gb/Articles/Images/RR-16-Aug-1.jpg" />
GDP rising
The UK economy grew by 0.6% in the three months to June, following a 0.7% increase in Q1. The services sector was the key driver behind growth, rising 0.8%, with both manufacturing and construction posting a marginal fall of 0.1% (although worth remembering
 this was pre-election and pre-rate cut). Annually, this means real GDP is estimated to have risen 0.9%. There is good news on per capita GDP growth, too, rising for the second quarter running, albeit still down 0.9% on pre-pandemic highs. 
What does this mean for my mortgage? 
The Bank of England&rsquo;s rate cut has started to feed through into the mortgage markets. Five-year fixes for those with healthy deposits are now available at below 3.9%, with best-buy two-year equivalents sitting at circa 4.3%.
More activity? 
The latest data from the S&amp;P Purchasing Manager Index (PMI) suggests activity in the construction sector continues to increase. Its latest release shows activity rising for the fifth consecutive month in July. More activity has also led to increases
 in recruitment, with firms reporting a rise in staffing levels for the third consecutive month. Housebuilding, which had lagged the commercial sector, has now also entered growth territory. 
Rental Market
Overall rental growth remains high and unchanged at 8.6%, according to the latest figures from the ONS (Office for National Statistics), but new lets data tells a different story, particularly in London. Rental growth among new lets has fallen from 5.7%
 to 5.2% nationally over the last month, dragged down especially due to London registering a negative reading (-0.4%) for the first time since May 2021. Despite this, RICS (Royal Institution of Chartered Surveyors) survey data shows a positive net
 balance of respondents who expect rents to rise in the coming months, including in London.<a href="https://www.gov.uk/government/consultations/proposed-reforms-to-the-national-planning-policy-framework-and-other-changes-to-the-planning-system/proposed-reforms-to-the-national-planning-policy-framework-and-other-changes-to-the-planning-system"></a>
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House prices up
Rightmove figures show an increase in activity in July, with the number of sales agreed up 15% on the same period a year ago. The Land Registry House Price Index remains unchanged, with annual growth of 2.7% in June &ndash; the fourth consecutive month
 with rising prices. Nationwide and Halifax indices similarly show growth of more than 2% annually. 
Investor activity 
The Living sector continues to draw investment. The latest JLL figures show investment in Living account for 30% of total real estate investment in H1 2024. The build to rent sector continues to grow, with the number of operational units rising 24% in
 Q2 2024 compared with the same period in 2023.
But the multifamily sector faces many similar challenges to new homes, with high debt cost, increasing regulation and uncertainty over build costs impacting activity in the sector. As a result, the number of units in the pipeline (planning approved or
 under construction) dropping 12% annually in Q2. 
As many of the challenges facing the multifamily sector unwind (a little), investment in single family has continued apace. UK single family investment topped &pound;1.5 billion in the first half of 2024, accounting for more than half of total build to
 rent investment in H1, with the second quarter this year seeing record single family investment of &pound;826 million. To read more <a href="https://www.jll.co.uk/en/views/uk-multifamily-pipeline-slows-down-amid-surge-in-single-family-housing">Click here.</a>
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&nbsp;

Residential Roundup - 16 August

On the face of it the July inflation figures could give cause for concern, with CPI (Consumer Prices Index) rising for the first time this year, from the 2% Bank of England target in June to 2.2% in July.

On the face of it the July inflation figures could give cause for concern, with CPI (Consumer Prices Index) rising for the first time this year, from the 2% Bank of England target in June to 2.2% in July. But dig a little deeper and there is more positivity in the numbers. Forecasters expect inflation to hover somewhere between 2% and 2.75% for the rest of the year, and the July figure is lower than the 2.4% the Bank predicted.The outlook is more positive for services inflation, too (an indicator that has been watched closely by rate setters on the Monetary Policy Committee) with the July figure of 5.2% down from 5.7% in June and lower than the forecast of 5.6%. Will that be enough to convince the&nbsp;MPC&nbsp;to cut rates further when they meet next month? So far, the markets are doubtful, but further cuts later in the year remain on the cards.UK unemployment fell to 4.2% in July, again below the Bank of England&rsquo;s forecast of 4.4%. Total earnings, including bonuses, rose 4.5% in the latest three-month period. This is the lowest figure since November 2021 but still higher than the Bank would like, throwing more cold water on the likelihood of a September rate cut. Total pay in the private sector was up 5%, down from 5.6% previously.

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Private outdoor space is now one of the biggest requirements for buyers looking for their new home, in London it is quite rare to have a garden, but terraces offer a fantastic alternative. Whether you're in the heart of central London or in the suburbs, a terrace can provide outdoor space city views and a unique space for relaxation and entertainment. When the sun is out a terrace can provide the perfect low maintenance outdoor space you might be looking for.<img style="text-align:center;padding-top:5%;" src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1723610540/resi/gb/cms/News/Images/jll-st-marychurch-street.jpg" />St Marychurch Street, SE16 &pound;1,675,000 A stunning duplex penthouse in the centre of Rotherhithe village, with a leafy roof terrace that feels like a little sanctuary in this corner of London, and boasts views of the city
 in every direction.
 <a href="https://residential.jll.co.uk/sale-penthouse/london-se16-4hw-p154024" target="_blank">Explore this property</a>
<img style="text-align:center;padding-top:5%;" src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1723610540/resi/gb/cms/News/Images/jll-dundee-wharf.jpg" />Dundee Wharf, E14 &pound;1,999,999 Spread across the entire 10th floor is this beautiful waterside penthouse, a spiral staircase leads up to the private roof terrace with sweeping river views of many of London&rsquo;s iconic
 landmarks.
 <a href="https://residential.jll.co.uk/sale-penthouse/london-e14-8ax-p151374" target="_blank">Explore this property</a>
<img style="text-align:center;padding-top:5%;" src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1723614301/resi/gb/cms/News/Images/jll-one-thames-quay-new.jpg" />One Thames Quay, E14 Prices from &pound;595,000 An exceptional selection of stylish one, two and three bedroom apartments across a 48-storey tower. Every apartment offers panoramic riverside views across the London skyline.
 <a href="https://residential.jll.co.uk/sale-development/one-thames-quay/london-a0o8w00000j3cxguar" target="_blank">Explore this property</a>
<img style="text-align:center;padding-top:5%;" src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1723610545/resi/gb/cms/News/Images/jll-chiswick-green.jpg" />Chiswick Green, Chiswick W4 Prices from &pound;585,000 A contemporary collection of one, two and three bedroom apartments, penthouses and townhouses arranged across four buildings. Every home benefits from private balconies
 or terraces and communal roof terraces.
 <a href="https://residential.jll.co.uk/sale-development/chiswick-green/london-a0o1i00000apzvzuan" target="_blank">Explore this property</a>
<img style="text-align:center;padding-top:5%;" src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1723614198/resi/gb/cms/News/Images/jll-battersea-powerstation-new.jpg" />Battersea Power Station, Nine Elms SW11 Prices from &pound;547,000 A collection of one and two bedroom apartments on Electric Boulevard at Battersea Power Station. Residents benefit from the communal Battersea roof gardens,
 with dramatic views of London&rsquo;s skyline to both the east and the west.
 <a href="https://residential.jll.co.uk/sale-terraced/london-se10-8qt-p151226" target="_blank">Explore this property</a>

The best terraces in London

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From its rich history and stunning architecture to its excellent transport links and top-rated schools, Greenwich is quickly becoming one of the most popular areas in Zone 2. Whether you're a history enthusiast, a nature lover, or simply seeking a peaceful and family-friendly community, Greenwich has it all.
<h2>The appeal of Greenwich</h2>
Greenwich boasts an array of landmarks that attract visitors from around the world, from the Royal Observatory and the stunning Cutty Sark, to the iconic Greenwich Market, where locals and visitors alike can explore stalls offering everything from artisanal crafts to delicious street food.
One of the most appealing aspects of living in Greenwich is its strong sense of community that prides itself on its inclusivity and diversity. The area has a friendly and welcoming atmosphere, with residents actively participating in community events and initiatives.
<h2>The property market in Greenwich</h2>
The area offers a diverse range of properties to suit various preferences and budgets, whether you are looking for a charming Victorian terrace or a modern apartment with stunning river views, you can find it in Greenwich.
In addition to the established areas, there are also up-and-coming neighbourhoods in Greenwich that are worth considering. These areas may offer more affordable options or have potential for future growth. These neighbourhoods often attract young professionals and families looking for a vibrant community atmosphere.
<h2>Transport links</h2>
Greenwich offers excellent transport links that make it a convenient and accessible place to live. Public transport options are diverse and well-connected, the area is served by several bus routes, the Greenwich DLR station provides quick and efficient connections to other parts of London, including Canary Wharf and the City of London, and the North Greenwich Underground station on the Jubilee Line offers direct access to the West End and other major destinations.
<h2>Schools and Education</h2>
Greenwich is popular with families with school-age children, the borough offers a wide range of top-rated schools that provide quality education and a nurturing environment for students.
Greenwich boasts several top-rated schools that consistently achieve outstanding academic results, these schools are known for their high standards of teaching and their commitment to providing a well-rounded education. Whether you're looking for primary, secondary, or sixth form education, Greenwich has a variety of options to suit every child's needs.
<h2>Lifestyle and Leisure</h2>
Whether you're a nature lover, a food enthusiast, or a sports enthusiast, this charming borough has something for everyone. One of the highlights of living in Greenwich is the abundance of parks and green spaces. With its stunning views of the River Thames, Greenwich Park is a popular spot for residents to relax, go for a jog, or enjoy a picnic with friends and family.
When it comes to dining and entertainment, Greenwich has a diverse selection of options to tantalise your taste buds. The borough boasts an array of restaurants, cafes, and bars, where you can enjoy a delightful meal or unwind with a drink.
The area is known for its world-class venue; the O2 Arena, which hosts a wide range of events, including concerts and sporting competitions. If you prefer to participate in sports yourself, Greenwich has a wealth of options, from tennis courts and golf courses to swimming pools and fitness centres, there are ample opportunities to stay active and lead a healthy lifestyle.
<h2>Explore our top properties in Greenwich</h2>
<img style="text-align:center;padding-top:5%;" src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1723092310/resi/gb/cms/News/Images/jll-west-grove.jpg" />
West Grove £4,500,000 A five-story, six bedroom luxury residence in the vibrant heart of West Greenwich.
 <a href="https://residential.jll.co.uk/sale-terraced/london-se10-8qt-p151226" target="_blank">Explore this property</a>

<img style="text-align:center;padding-top:5%;" src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1723089759/resi/gb/cms/News/Images/jll-greenwich-peninsula.jpg" />
Greenwich Peninsula £487,499 - £1,799,999 A collection of studio, one, two and three bedroom new build apartments. <a href="https://residential.jll.co.uk/sale-development/greenwich-peninsula/london-a0o1i000001hu7ouaq" target="_blank">Explore this property</a>

<img style="text-align:center;padding-top:5%;" src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1723089759/resi/gb/cms/News/Images/jll-admirals-gate.jpg" />
Admirals Gate £5,000 per month A stunning five bedroom, three-storey family house located in West Greenwich. <a href="https://residential.jll.co.uk/rent-semi-detached/london-se10-8jx-p154161" target="_blank">Explore this property</a>

<img style="text-align:center;padding-top:5%;" src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1723089761/resi/gb/cms/News/Images/jll-prime-point.png" />
Prime Point Prices from £385,000 Coming soon – an exciting new residential development of one, two and three bedroom apartments on Greenwich Peninsula. <a href="https://residential.jll.co.uk/sale-development/prime-point/london-a0o8w00000lsqviuad" target="_blank">Explore this property</a>

<img style="text-align:center;padding-top:5%;" src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1723089764/resi/gb/cms/News/Images/jll-pelton-road.jpg" />
Pelton Road £700,000 Formerly an old sweet shop, now a charming two-bedroom Victorian terraced home in East Greenwich. <a href="https://residential.jll.co.uk/sale-terraced/london-se10-9ah-p150671" target="_blank">Explore this property</a>

Why to live in Greenwich, London: Top Reasons

Find out why to live in Greenwich, London. Explore its vibrant community, parks, and stunning river views.

Find out why to live in Greenwich, London. Explore its vibrant community, parks, and stunning river views.

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<h2>Planning and Infrastructure Bill</h2>
Labour has committed to building 1.5 million homes within this parliament, with an updated National Planning Policy Framework (NPPF) due in the first 100 days. The new NPPF is expected to set out some of the more detailed commitments around targets and
 land use. 
Many of the reforms included in the Planning and Infrastructure Bill will be familiar from Labour&rsquo;s manifesto and involve improving resources and funding for local planning authorities, reintroducing planning targets and extending powers to bring
 forward stalled housing and infrastructure projects. Separately, Labour has committed to 300 additional planning officers to boost capacity. Local councils will be given greater compulsory purchase powers, with new rules on purchase compensation for
 landowners (promised to be fair but not excessive) where significant infrastructure or affordable homes are delivered. 
<h2>Renters&rsquo; Rights Bill</h2>
This (mild) rebrand of the Renter&rsquo;s Reform Bill follows similar principals. The bill will abolish Section 21 &lsquo;no fault evictions&rsquo;, with new clear and expanded possession grounds for landlords, to reclaim properties when they need to
 (the need to sell or move back into the property likely to stay but beyond that we&rsquo;ll need further clarity). &nbsp;
To improve the quality of privately rented homes a Decent Homes Standard will be applied, seemingly much needed as the RICS suggests that in certain areas of the country a third of homes currently wouldn&rsquo;t comply. In addition, Awaab&rsquo;s Law,
 already in place to ensure social housing landlords are held to account on issues including damp and mould will be introduced to the private rented sector, setting clear legal expectations on landlords to rectify dangerous hazards within their properties.

Rent controls do not form part of Labour&rsquo;s strategy, but tenants will be given additional powers to challenge rent increases. In addition, new laws will be introduced to end rental bidding wars, but this may prove difficult to enforce.
A new digital database will be introduced to allow tenants and their landlords to access key information when entering new tenancies.&nbsp; A property ombudsman service will be established to deal with disputes. Tenants will also be officially given the
 right to request a pet, which a landlord can&rsquo;t unreasonably refuse. In turn, landlords will be given the right to request an insurance policy to cover potential damages.
<h2>Leasehold and Commonhold Reform Bill</h2>
The government has committed to implement the Leasehold and Freehold Reform Act 2024. Existing leaseholds will not be abolished, but leaseholders will be given more rights. This includes the banning of forfeiture clauses, ensuring leaseholders are protected
 from losing their homes over small unpaid debts. New rules to simplify leasehold enfranchisement, right to manage and tackle unregulated and unaffordable ground rent charges will also be introduced. This will include a new legal framework to protect
 leaseholders&rsquo; rights. 
Labour will look to restrict the sale of new leasehold flats (they will consult on the best way to do this) and look to promote commonhold. This may prove a challenge, as despite being introduced 22 years ago the government itself acknowledges that there
 are fewer than 20 commonhold blocks operating nationally. An overhaul of the legal framework and new rules around the transition from freehold to commonhold means agreeing an approach to align commonhold with modern building methods will require work.
<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1721381784/resi/gb/Articles/Images/RR-19-07-Graph1.jpg" />
<h2>What wasn&rsquo;t included?</h2>
The King&rsquo;s Speech is never intended as an exhaustive list of government intentions. Beyond these three bills we&rsquo;ll need to wait a bit longer for information of a few other key manifesto pledges. 
The focus of the King&rsquo;s Speech appeared to be on increasing delivery rather than fuelling demand. For first time buyers it is likely that the nil-rate band will return to &pound;300k (from &pound;425k) in April 2025. There was no sign of Help to
 Buy 2.0; instead, Labour is promoting Freedom to Buy. The scheme, designed to make it easier for first time buyers to secure a deposit, is similar to the current mortgage guarantee scheme. Labour has previously stated the scheme will help 80,000 young
 people onto the housing ladder over this parliamentary term. A big number, but far lower than the 52,000 Help to Buy completions recorded in just one year in 2019. 
No mention yet on when, but overseas buyers will likely face and additional 1% stamp duty when buying UK homes in the future &ndash; an additional expense for those looking to buy in the UK but one which on its own is unlikely to have a significant impact
 on buyer activity. 
Of greater importance for those falling into the non-domiciled (non-dom) group is Labour&rsquo;s plans on income and inheritance taxes. Non-doms paid &pound;8.9billion in tax in 2023, the highest since 2017 and not far off the &pound;11.7billion raised
 in Stamp Duty Land Tax from residential sales. There was no reference made in the King&rsquo;s Speech to non-doms, possibly meaning this has been filed in the &lsquo;too difficult&rsquo; pile for now. More clarity will likely appear in the autumn
 budget.

<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1721381784/resi/gb/Articles/Images/RR-19-07-Graph2.jpg" />
<h2>But is economics more important than politics?</h2>
The outlook for the housing market, at least in the short term, has more to do with factors which fall outside government control. The cost of debt remains a key challenge.&nbsp; We&rsquo;ve seen more competitive rates begin to enter the market in recent
 weeks, but the first official drop in the bank rate (whether that comes in August or September) will be a clear signal on the direction of travel.&nbsp; As we saw earlier in the year even modest falls in mortgage rates have the potential to drive
 activity. The latest house price data from the ONS shows an annual increase in UK house price of 2.2%, with prices rising (on an annual basis) for the third consecutive month. In London prices rose annually for the first time in a year, up 0.2%. 
The June inflation figures give little away on the prospects for a drop on 1st August. CPI remains at 2.0%, slightly higher than the 1.9% forecast but still in line with the BoE 2% target. Services inflation, which has remained a thorn in the
 side of the MPC, remains high at 5.7% though, meaning those already on the fence could justify a stick rather than twist position. Similarly, wage growth in the three months to May slowed to 5.7% from 5.9% in April but remained higher than the Bank
 forecast back in May.&nbsp; 
The outlook for the UK economy is improving too (not necessarily helping when we are considering cutting rates). The International Monetary Fund (IMF) has upgraded its outlook for the UK economy this year, now expected to grow by 0.7% this year, up from
 the 0.5% estimated in April. The upgrade means the UK has a higher growth forecast than Germany this year and is expected to grow at the same pace as Italy and Japan.
&nbsp;

Residential Roundup - 19 July

jll-residential-roundup-april-19[2]

With Sir Kier promising to &ldquo;take the brakes off Britain&rdquo; the King&rsquo;s Speech saw announcements on a wide range of new bills. For housing there were three directly impacting the sector:

With Sir Kier promising to “take the brakes off Britain” the King’s Speech saw announcements on a wide range of new bills. For housing there were three directly impacting the sector:

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But as the removal vans manoeuvre into No. 10, many in the industry will be thinking about the housing market and what the incoming Labour government will bring. Of course, housing was high on the agenda in the run up to the election, but the vagaries
 of the manifesto will now need to make way for greater clarity. 
The new Prime Minister had previously committed to turbocharging the housing market from &ldquo;day one&rdquo;. Realistically, we might be waiting a few days longer to find out Sir Keir&rsquo;s plans. But those close to the top have signalled an announcement
 could be a matter of a few weeks rather than a few months away. 
They&rsquo;ll need to pull their socks up as building 1.5 million homes over the next parliament will be a Herculean task. The main plans touted so far have been a recruitment drive for planners, with the intention to recruit 300 additional planning officers
 to ease bottlenecks and get Britain building. Undoubtedly a recognition of the challenges in the planning process, in practice this is the equivalent of less than one planner per planning authority and may not be the game changer we really need (a
 step in the right direction though). 
The term grey belt is also likely to enter the vernacular as Labour attempt to make developing on the greenbelt more palatable (their landslide victory and corresponding majority will help here).
Plans are afoot, too, for encouraging first-time buyer activity through further promotion of a mortgage guarantee scheme. However, the temporary increase in the first-time buyers stamp duty threshold (from &pound;300k to &pound;425k) won&rsquo;t be extended
 under Labour &ndash; although this mostly affects higher value markets.&nbsp; 
Before we delve too deeply into what-ifs we&rsquo;ll need to wait and see what emerges in the coming weeks. Until then, let&rsquo;s look at what the new government are inheriting:
<h2>The economy</h2>
Whisper it quietly, but things might not be quite as bad as we thought. The new Labour government aren&rsquo;t inheriting an economy in rude health, but quarterly GDP growth for Q1 was revised up in June to 0.7% (from 0.6%), putting GDP 0.3% higher than
 it was a year earlier in Q1. 
With growth revised up, expectations of economic growth at sub 1% in 2024 may be looking conservative. Oxford Economics expect 0.9% and consensus forecasters 0.5% this year, but we could well see these figures creep up as we move through the summer. 
Despite CPI hitting the 2% target rate, stubborn services inflation has thrown some cold water on the prospect of multiple rate cuts this year.&nbsp; But we still expect the bank rate will be cut before the year end, meaning more favourable mortgage rates,
 which are already starting to creep into the market, continue to emerge in the second half of the year.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1720173441/resi/gb/Articles/Images/JLL-house-prices-labour.png" />
<h2>House prices</h2>
House prices edged up in June, 0.2% higher month-on-month and 1.5% higher than they were at the same point a year ago. The latest figures from Nationwide show London was the only region in southern England where prices have risen in the last 12 months,
 up 1.6%. East Anglia saw the most significant annual fall at -1.8% with the North West and Northern Ireland both recording annual increases of 4.1% in Q2 2024. 
House prices have risen 59% since Labour were last in power back in 2010. They are up 68% since they last won an election back in 2005 and up 353% since the last won an election in opposition back in 1997. In 14 years under the Conservatives (2010 to
 2024) prices have risen by 57%, versus 191% in the 13 years under Labour (1997-2010) 
<h2>Activity</h2>
Mortgage approvals for house purchase continue to hover around the 60,000 mark, around 10,000 (or 19%) higher than they were a year ago. Despite rising off a low base, activity remains around 15% down on long-run norms. 
The number of transactions has risen too so far this year.&nbsp; The latest May figures show an estimated 91,660 sales, 24% (or almost 18,000) higher than volumes in May last year and just 2% shy of the 2015 to 2019 average.
The latest S&amp;P Global Construction Purchasing Managers&rsquo; Index (PMI) was released the day we went to the polls. The UK construction sector remained in growth territory for the fourth consecutive month in June, albeit dipping slightly month-on-month.
 Growth was led by the commercial sector, with housing, which had moved into positive territory for the first time in 19 months in May, dropping back in June.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1720173441/resi/gb/Articles/Images/JLL-rental-growth-price-growth.png" />
<h2>Rents</h2>
As we enter the busy summer market for lettings, prices achieved on new lets, according to the latest June figures from Homelet, were up 6.9% nationally. London and the South West were the only regions where rents fell month-on-month but were still 4.9%
 and 3.4% higher annually. 
Rental growth rates in London have finally dropped below wage growth, meaning the rent to affordability ratio dropped from 40% in January to 38.9% in May, but it remains 10 percentage points higher than it was a decade ago. 
Results for the latest JLL Buyer and Tenant Survey highlight the challenge facing tenants, with half of the tenants surveyed spending more than 50% of their take home pay on rent each month, up from 45% in 2022.&nbsp; To read more from the latest JLL
 Buyer and Tenant Survey <a href="https://residential.jll.co.uk/insights/research/buyers-and-tenants-survey-2024">click here.</a><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1720173440/resi/gb/Articles/Images/JLL-rent-to-income-ratio.png" />

Residential Roundup 5 July

The Labour Party have won more than 400 seats, giving them a comfortable majority in the 2024 general election.

The Labour Party have won more than 400 seats, giving them a comfortable majority in the 2024 general election.

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<h2>Party manifestos</h2>
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<div style="overflow-x:auto;width:100%;" align="center"><table cellspacing="0" cellpadding="0" border="1" align="left"><tbody><tr><td>&nbsp;</td><td><img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1719493784/resi/gb/cms/Research/Images/logo-1.png" /></td><td><img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1719493784/resi/gb/cms/Research/Images/logo-2.png" /></td><td><img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1719493784/resi/gb/cms/Research/Images/logo-3.png" /></td></tr><tr><td>Housebuilding target</td><td>1.6m homes in England (320k per year)</td><td>1.5m homes in England (300k per year)</td><td>380,000 per year across the UK, including 150,000 social homes</td></tr><tr><td>Rental reform</td><td><ul><li>Deliver court reforms to abolish Section 21 &lsquo;no fault&rsquo; evictions</li><li>Strengthen grounds for landlords to evict private tenants guilty of anti-social behaviour</li></ul></td><td><ul><li>Ban &lsquo;no fault&rsquo; evictions</li><li>Raise PRS standards, including extending Awaab&rsquo;s Law &ndash; which requires social housing landlords to address dangerous hazards quickly &ndash; to PRS</li></ul></td><td><ul><li>Ban &lsquo;no fault&rsquo; evictions</li><li>Default tenancy of three years</li><li>Create national register of licenced landlords</li></ul></td></tr><tr><td>Rent controls/caps</td><td>No mention</td><td>No mention, but renters will be able to challenge &lsquo;unreasonable&rsquo; rent increases</td><td>No mention</td></tr><tr><td>ESG policy</td><td><ul><li>Abolish nutrient neutrality rules; developers would be required to pay a &lsquo;one-off mitigation fee&rsquo; to avoid additional pollution</li><li>Invest &pound;6bn in energy efficiency over three years and fund energy efficiency vouchers for households to improve their homes</li></ul></td><td><ul><li>PRS homes must meet minimum energy efficiency standards by 2030</li><li>Invest &pound;6.6bn over five years to improve energy efficiency in 5 million homes</li><li>Offer grants and low interest loans to support investment in insulation, solar panels, batteries, low carbon heating, etc.</li><li>Work with private sector to offer private finance for home upgrades</li><li>Unlock homes affected by nutrient neutrality without weakening environmental protections</li></ul></td><td><ul><li>10-year emergency upgrade programme to improve energy efficiency, including free insulation and heat pumps for those on low incomes</li><li>Incentives for households to install solar panels</li><li>Ensure all new homes are zero-carbon</li><li>Require up to 100% biodiversity net gain for large developments</li></ul></td></tr></tbody></table></div>&nbsp;<h2>General election</h2>

<div style="overflow-x:auto;width:100%;" align="center">,
 <table cellspacing="0" cellpadding="0" border="1" align="left"><tbody><tr><td>&nbsp;</td><td><img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1719493784/resi/gb/cms/Research/Images/logo-1.png" /></td><td><img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1719493784/resi/gb/cms/Research/Images/logo-2.png" /></td><td><img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1719493784/resi/gb/cms/Research/Images/logo-3.png" /></td></tr><tr><td>Leaseholds</td><td><ul><li>Cap ground rents at &pound;250, reducing them to peppercorn over time</li><li>Require continuation of developer-funded remediation programmes in mid- and high-rise buildings</li></ul></td><td><ul><li>Abolish leaseholds and make commonhold the default tenure in flats</li><li>End &lsquo;unregulated and unaffordable&rsquo; ground rent charges</li><li>Review leaseholder protections and accelerate remediation programme, funded by &lsquo;those responsible&rsquo;</li></ul></td><td><ul><li>Abolish residential leaseholds</li><li>Cap ground rents to a nominal fee</li><li>Remove dangerous cladding and protect leaseholders from paying for it</li></ul></td></tr><tr><td>Development</td><td><ul><li>Raise density levels in inner London; regenerate major sites like Euston, Old Oak Common and Thamesmead</li><li>Create locally-led urban development corporations with the private sector; support delivery of new quarters in Leeds, Liverpool and York</li><li>Consider extending full-expensing to brownfield housing delivery</li><li>Require councils to set aside land for SMEs</li><li>Scrap Section 106 &lsquo;on more smaller sites&rsquo;</li><li>Require Infrastructure Levy to be used to deliver necessary infrastructure to support new homes</li></ul></td><td><ul><li>Brownfield-first approach, fast-tracking approval of urban brownfield sites</li><li>A &lsquo;new generation of new towns&rsquo; across England</li><li>Reform compulsory purchase compensation rules to ensure landowners are awarded &lsquo;fair compensation&rsquo; rather than values based on the prospect of planning permission</li><li>Support for councils and housing associations to &lsquo;build to their capacity&rsquo; and deliver more affordable housing</li><li>Prioritise new social rented homes</li></ul></td><td><ul><li>Build 10 new garden cities</li><li>Allow councils to buy land for housing based on current use value through reform of Land Compensation Act 1961</li><li>Encourage use of rural exception sites to expand rural housing</li><li>Encourage brownfield development with financial incentives, ensuring affordable housing is included</li><li>Introduce &lsquo;use-it-or-lose-it&rsquo; planning permission</li></ul></td></tr><tr><td>Planning</td><td><ul><li>Fast-track planning for new homes on previously developed land in 20 largest cities</li><li>&lsquo;Strong design codes&rsquo; to encourage gentle densification</li><li>Simplify planning process for self-builds</li></ul></td><td><ul><li>Housing targets to be made mandatory</li><li>Strengthen presumption in favour of sustainable development</li><li>Fund additional planning officers</li><li>Require all combined and mayoral authorities to strategically plan for housing growth in their areas; new planning powers to be given to combined authorities</li><li>Strengthen obligations to deliver more affordable housing in new developments</li></ul></td><td><ul><li>Expand Neighourhood Planning across England</li><li>&lsquo;Properly fund&rsquo; local planning departments</li><li>Allow local authorities to set their own fees, ensuring that housing is not built in high flood risk areas without mitigation</li></ul></td></tr><tr><td>Green belt</td><td>Protect Green Belt and never require councils to remove Green Belt protections</td><td><ul><li>Preserve green belt in general</li><li>Release lower quality &lsquo;grey belt&rsquo; land for housebuilding</li></ul></td><td>Identify a new &lsquo;Wild Belt&rsquo; &lsquo;for nature&rsquo;s recovery&rsquo;</td></tr><tr><td>Homeownership</td><td><ul><li>Make permanent the &pound;425,000 first-time buyer Stamp Duty threshold, introduced in 2022</li><li>New Help to Buy scheme, offering an equity loan of up to 20% to first-time buyers; to be part-funded by contributions from housebuilders</li><li>Continue Mortgage Guarantee Scheme</li><li>Preserve Right to Buy</li></ul></td><td><ul><li>Give first-time buyers priority when buying a home</li><li>Make Mortgage Guarantee Scheme permanent for first-time buyers</li><li>Review Right to Buy discounts introduced in 2012</li></ul></td><td><ul><li>Introduce a &lsquo;Rent to Own&rsquo; model for social housing, where rent payments give tenants an increasing stake in their property, owning it outright after 30 years</li><li>Give local authorities the power to end Right to Buy</li></ul></td></tr><tr><td>Other pledges</td><td><ul><li>Renew Affordable Homes Programme</li><li>Introduce &lsquo;Local Connection&rsquo;/&rsquo;UK Connection&rsquo; test for social housing in England</li><li>Two-year Capital Gains Tax relief for landlords who sell to tenants</li><li>End rough sleeping through the Local Authority Housing Fund; review quality of temporary accommodation</li><li>Ensure councils have powers to manage &lsquo;uncontrolled growth of holiday lets&rsquo;, as previously announced</li></ul></td><td><ul><li>Increase to stamp duty surcharge paid by non-UK residents</li><li>Update Affordable Homes Programme to unlock more homes from existing funding</li></ul></td><td><ul><li>End rough sleeping and scrap Vagrancy Act</li><li>Invest in skills, training and new technologies (such as modular housing) in the construction sector</li><li>Ensure councils have powers to control second homes and short-term lets in their areas</li><li>Social renter protection, including &lsquo;clear standards&rsquo; for socially rented homes and fully recognising tenant panels to give renters a voice in landlord governance</li></ul></td></tr></tbody></table></div>&nbsp;<div style="text-align:center;float:left;" class="row"><div style="width:48%;float:left;" class="wdth"><img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1719552637/resi/gb/cms/News/Images/JLL_logo_lock-up_horizontal_positive_-_RGB.jpg" /><h2>Disclaimer</h2>Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any
 part of the report which has been produced solely as a general guide and does not constitute advice.No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly
 from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.</div>&nbsp;<div style="width:48%;float:left;" class="wdth"><img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1719547559/resi/gb/cms/News/Images/party-manifesto-disclaimer.jpg" /></div></div>

Party manifesto pledges

Overview of proposed housing policy
in the three major party manifestos

Overview of proposed housing policy
in the three major party manifestos

jll-residential-roundup-april-19[1]

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<div>This prestigious accolade recognises JLL's trailblazing approach to the residential property market and its impressive sales record across its agency and residential development businesses. Despite a year full of market upheavals, JLL Residential has demonstrated resilience and unwavering dedication to its clients, thereby distinguishing itself from its competitors.&nbsp;Lucy Morton, Head of Residential Agency, said, "Our exceptional team has truly risen to the occasion, pushing boundaries while maintaining focus on our clients. This award is a testament to our commitment to redefine the residential property space."&nbsp;Adding to this, Peter Murray, Head of Residential Development, shares the sentiment: "This award recognises the hard work and innovation our team brings to each project. We are proud to celebrate this achievement as a beacon of our robust performance and industry foresight during a challenging market, as well as the consistent advice we offer our developer clients.&rdquo;&nbsp;The Resi Awards are known for their rigorous selection process and celebrate the highest levels of achievement in the residential property market. The "Residential Sales &amp; Lettings Agency of the Year" category is a keystone award, distinguishing companies setting trends and benchmarks in the industry.&nbsp;This win further reinforces JLL Residential's standing as a premier player in the competitive residential property sector.&nbsp;For more information please visit <a href="https://residential.jll.com/" target="_blank" rel="noreferrer noopener" style="font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;white-space:inherit;">https://residential.jll.co.uk</a>&nbsp; &nbsp;</div>

JLL Residential Triumphs at 2024 Property Week Resi Awards

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LONDON - JLL Residential has been honoured with the esteemed 'Residential Sales & Lettings Agency of the Year' award at the 2024 Property Week Resi Award which took place at the Grosvenor House Hotel, Park Lane on Wednesday 1 May.

LONDON - JLL Residential has been honoured with the esteemed 'Residential Sales &amp; Lettings Agency of the Year' award at the 2024 Property Week Resi Award which took place at the Grosvenor House Hotel, Park Lane on Wednesday 1 May.

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The combination of an affluent community, vibrant atmosphere, proximity to nature, high-income households and good transport links suggests that house prices and rents are likely to remain strong in the Ascot area. The area is also growing as a commuter
 location, with a huge inflow of residents over the past few years, the majority moving from the surrounding boroughs, however we have also seen with an increase in buyers moving from four London Boroughs accounting for 10% of total inflow of residents.

Over the last year house prices in Ascot have outperformed the wider region, with the average house price sitting at &pound;734,986, more than double the Southeast average of &pound;383,392. Ascot is also home to a number of high-income households, with
 10.8% of households in Windsor and Maidenhead earning over &pound;100,000 per annum.
Whilst the rental market is set to remain competitive, with limited stock keeping prices level. Ascot recorded a year-on-rear rental growth of 11.2% and 43% rental growth over the last five years, again sitting higher than the south east.
<h3>So why invest?</h3>
<ol>
 <li>Education &ndash; Home to renowned private and state schools such as Eton College, attracting a large number of families into the area.</li>
 <li>Connectivity &ndash; Excellent travel links provide convenient access to London and for international travel, making it the perfect place for commuters wanting to get to key employment hubs and beyond.
 </li>
 <li>Amenities &ndash; Vibrant atmosphere, with an abundance of sporting facilities, entertainment venues, shops, and high-end restaurants locally.</li>
 <li>Royal Heritage and Nature &ndash; Steeped in Royal history from the world&rsquo;s prestigious Royal Ascot to the wider Windsor Castle all set within the abundant and beautiful surrounding landscapes providing opportunities for outdoor
 activities, relaxation, and cultural exploration.
 </li>
 <li>Strong Statistics &ndash; Strong rental and sales growth that is set to continue, with more residents moving into the area yearly.</li>
</ol><iframe src="https://flo.uri.sh/visualisation/17305774/embed" title="Interactive or visual content" class="flourish-embed-iframe" frameborder="0" scrolling="no" style="width:100%;height:500px;padding-top:2%;" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe>

Investing in Ascot

jll-who-will-be-hardest-hit-by-the-end-multiple-dwellings-relief[1]

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New Development’s Outside of London: Ascot

nick-whitten stamp

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Residential Newsletter – 14 July 2023

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Residential Newsletter &ndash; 14 July 2023

In the eye of the mortgage storm.&nbsp;

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June, 2023 - On 15th June, the JLL Mayfair &amp; Marylebone Residential Agency team sponsored the Residents&rsquo; Society of Mayfair &amp; St James&rsquo;s Summer Garden Party in Mount Street Gardens, W1. The team were proud to be the headline sponsors of the event which attracted over 500 attendees on a sunny Summer evening. This was JLL&rsquo;s first time sponsoring the annual event that welcomes local residents and businesses. Alongside JLL were food and beverage sponsors including the extremely well-established, Dorchester hotel, The Connaught, Claridge&rsquo;s, The East India Company amongst many others, which all served up delicious tasting samples of their food and drink menus for everybody attending to enjoy. The timing of this event coincided nicely with the upcoming opening of JLL&rsquo;s Mayfair and Marylebone Agency office, due to open later this Summer. The team are currently based out of JLL&rsquo;s Warwick Street office which is headed up by Shereen Akhtar as director of sales. Shereen has worked in the prime central London property market for over ten years and is an expert on the area. JLL&rsquo;s Mayfair &amp; Marylebone lettings service is headed up by area director Neil Short, who has over twenty years&rsquo; experience in property rentals. JLL&rsquo;s Mayfair premises will also accommodate its private office, under director Mohamed Zaghloul. Working across prime central London, the private office provides a 360-degree bespoke advisory service including a tailor-made, turnkey service to high-net-worth and ultra-high net worth family offices and investors. The team are already actively advising high net worth clients, estate/portfolio clients and long-standing clients on their properties across Mayfair and Marylebone. Shereen Akhtar, director of Mayfair and Marylebone sales at JLL comments, &ldquo;We were delighted to be involved with this wonderful event, that brings together the local community every year to celebrate all that Mayfair has to offer. The event was a huge success, and it was a great opportunity to meet residents (as well as visitors) and hear all about why they love Mayfair reaffirming its golden postcode status. With the arrival of our agency sales and lettings office soon approaching, it was exciting to be able to spread the word and be amongst well-established businesses in the area, taking in what they also have to offer.&rdquo;&nbsp;

JLL sponsors Mayfair’s Mount Street Garden Party

JLL&rsquo;s Mayfair &amp; Marylebone Residential Agency team celebrate the start of Summer as headline sponsors of Mount Street Garden Party.

JLL’s Mayfair & Marylebone Residential Agency team celebrate the start of Summer as headline sponsors of Mount Street Garden Party

JLL&rsquo;s Mayfair &amp; Marylebone Residential Agency team celebrate the start of Summer as headline sponsors of Mount Street Garden Party

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<h3 class="featuredProperties__title">Featured properties </h3>

<h3 class="featuredProperties__title">Featured developments </h3>

<h3 class="featuredProperties__title">Featured resales</h3>

<h3 class="featuredProperties__title">Featured developments</h3>

Site Settings[Updated]

Homepage SEO Article 1 - Properties for sale

Homepage SEO Article 2 - Properties for rent

Homepage SEO Article 3 - Get a valuation

UK Contacts

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Rent - Price

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value="eur"
[[options]]
label="USD ($)"
value="usd"
[[options]]
label="HKD (HK$)"
value="hkd"
[[options]]
label="CNY (¥)"
value="cny"
[[options]]
label="AED (د.إ)"
value="aed"


Currency

currencyType

title="Price"
metric="£"
type="minmax"
name="Price"
order=2

[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=5000000

Sale - Price

title="Beds"
metric="bedrooms"
type="minmax"
name="bed"
order=3

[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=8

Bedrooms

Beds

title="Property Type"
metric="propertyType"
type="select"
name="type"
placeholder="Any Type"
order=4

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

Property Type

type

title="Must be"
type="checkboxes"
name="flags"
order=5

[[options]]
label="New homes"
value="new-home"
[[options]]
label="First time buyer"
value="first-time-buyer"
[[options]]
label="Coming soon"
value="coming-soon"
[[options]]
label="Stamp duty promotion"
value="reduced-stamp-duty"
[[options]]
label="Shared ownership"
value="shared-ownership"

Sale - Options

flags

Must be

title="Options"
type="checkboxes"
name="flags"
order=5

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

Rent - Options

Options

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General Enquiry

service

firstName

lastName

email

telephone

message

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Generally the personal information we collect from you are for the purposes of dealing with your enquiry.
We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our <a href="https://www.jll.co.uk/en/privacy-statement" target="_blank">privacy statement</a>.

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Valuation

propertyAddressLine1

propertyAddressLine2

propertyPostcode

valuationdate

General Enquiry(DEPRECATED)

Mount St form

Arrange View

anythingElse

date

generalEnquiry

intlDialCode

marketingOptin

submit

time

userAction

videoOption

Let us know your preferred time for a viewing and we will get in touch with you to confirm a time.

Fill out the form or call us at {{ phone }}

Arrange a viewing

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

Property Enquiry(DEPRECATED)

Office Form

Gated Content Form

Property Enquiry

Valuation(DEPRECATED)

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