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

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

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

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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

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New Development’s Outside of London: Ascot

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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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The Renters (Reform) Bill was introduced to parliament on 17th May 2023. It follows the 2022 private rented sector white paper, which outlined the government&rsquo;s aspirations for the future of privately rented homes. The bill aims to deliver on the
 government&rsquo;s plan to &ldquo;bring in a better deal for renters&rdquo;, which includes the ending of &lsquo;no fault&rsquo; evictions. These changes of course have implications for landlords too, but the bill aims to allay some of their concerns
 by strengthening Section 8 powers under which landlords can recover their properties.Further regulation includes proposals for a new property portal and rental redress scheme, which aim to make it easier for landlords and tenants to resolve issues and for councils to track and penalise rogue landlords. For landlords, increased use of
 Section 8 could also make it easier to identify tenants with a history of rent arrears and antisocial behaviour, aiding the tenant referencing process and mitigating risk for those taking on new tenants.But we are still at an early stage. The bill is entering the approval period, where questions on the detail behind the proposals can be answered and views sought. The bill must follow a set path before receiving Royal Assent and becoming law. The next
 step will be a second reading, giving MPs the opportunity to scrutinise the bill and make any amendments to the proposals. This will also be an opportunity for interested parties to contact their MP to put forward their views on the proposals.The bill must then progress through committee, parliament, and the House of Lords before details are agreed and Royal Assent is sought. This is a lengthy process, with the time from bills being introduced to becoming law often exceeding 12 months.<h2>Current proposals include:</h2>The end of the AST - Section 21 will be abolished, aiming to provide tenants with greater security. Fixed term tenancies will be scrapped, meaning a tenancy will end only if the tenant chooses to leave (usually by giving two months&rsquo;
 notice) or the landlord is able to provide a valid reason to end the tenancy. To assist with this Section 8 will be strengthened to allow landlords to recover their properties. From six months into the tenancy landlords may give the tenant notice
 (usually two months) to vacate if they are looking to move back into the property, sell or redevelop. Landlords can also gain possession if the tenant is in breach of their tenancy or falls into arrears.If implemented, it is likely changes will apply first to new tenancies, with existing tenancies transitioned across into the new structure within a pre-defined period. There are some exemptions for students lets, however this could we be one of the elements
 of the bill where we see some changes introduced.Annual rental reviews&nbsp;&ndash;&nbsp;Rental increases will be limited to one per year, with new powers for tenants to challenge above market rate rental increases through a tribunal.
Pets&nbsp;&ndash;&nbsp;Landlords must have reasonable grounds to refuse a tenant the right to request a pet in their rented property. It is not yet clear what constitutes &lsquo;reasonable grounds&rsquo;,
 hopefully this will become clearer as the process progresses, but tenants who are refused can use the new redress scheme to refer the final decision to the ombudsman. For landlords, existing regulations will be strengthened to ensure tenants are liable
 for any damages caused by their pets.Redress scheme &ndash; Proposals for a single redress scheme for both landlords and tenants. The ombudsman will provide a free service if tenants have complaints regarding their landlord, the standard of the property, or any outstanding
 repairs. Under current proposals landlords would not be able to make a complaint about a tenant to the ombudsman but they could be offered mediation services to settle disputes between them and their tenants. Landlords would be required to join the
 scheme with local councils empowered to take enforcement action against those who fail to sign up. Lettings agents will not be required to join.New property portal &ndash; Landlords will need to sign up to a new property portal. This will be a digital record of the landlord and their properties. Landlords will need to be registered and keep records on themselves and their rental
 properties up to date to legally market a property to let. Proposals are for councils to have access to the portal to enable them to flag any unspent offences or restrictions in the landlord&rsquo;s name.More detail on the bill can be found <a href="https://www.gov.uk/guidance/guide-to-the-renters-reform-bill" target="_blank">here</a>.Our team here at JLL will keep you updated throughout the process and are here to answer any questions you may have on the bill or the implications for you as a landlord or tenant.<h2>JLL Research | June 2023</h2>JLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000. With over 7,000 employees and 15 offices
 in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory, leasing,
 building management and sales.JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare
 and student housing.&nbsp;Disclaimer: &copy; 2023 Jones Lang LaSalle IP, Inc. All rights reserved.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.

Renters Reform Bill

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The Renters (Reform) Bill, introduced on 17 May 2023, outlines the government's plans for the future of privately rented homes, following the 2022 white paper.

The Renters (Reform) Bill was introduced to parliament on 17th May 2023. It follows the 2022 private rented sector white paper, which outlined the government’s aspirations for the future of privately rented homes.

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JLL Residential&nbsp;offers world class property consultancy services for buying, selling, renting, letting, as well as property investment delivering global knowledge with local expertise. JLL&rsquo;s specialist estate agencies and offices are located throughout London and with market intelligence from our global teams and tools, the firm&rsquo;s clients have access to the latest and most relevant insights in residential investment.JLL was one of twelve companies to be nominated for this award which recognises and celebrates companies that have had a standout year in residential sales and/or lettings, with the judging committee looking for record transaction volumes, landmark deals, number of new instructions, and a strong client focus. 2022 saw JLL Residential achieve some stellar results across the divisions&rsquo; New Homes and Agency teams, including launching landmark developments, some of which sold out in record time. Meanwhile increasing the average value of properties sold throughout the year, demonstrating a progressive move into higher value areas, achieving the best results for the firm&rsquo;s seller clients. Peter Murray, Head of Residential Development at JLL and Lucy Morton, Head of Residential Agency at JLL comment,&nbsp;&ldquo;We are delighted and hugely proud of our residential teams to have been recognised for this award. In 2022, we embraced the opportunity to seize the renewed sense of optimism within the property market, following two years of Covid, which enabled us to deliver excellent client results that exceeded wider market performance.&rdquo; About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit <a href="https://www.jll.co.uk/">jll.com</a>.

JLL wins Sales and Letting Agency of the Year at the 2023 Resi Awards

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11th May, London &ndash; Global property consultancy JLL won Residential Sales and Letting Agency of the Year at the annual RESI Awards that took place on 10th May.&nbsp;

11th May, London – Global property consultancy JLL won Residential Sales and Letting Agency of the Year at the annual RESI Awards that took place on 10th May. 

11th May, London &ndash;&nbsp;Global property consultancy JLL won Residential Sales and Letting Agency of the Year at the annual RESI Awards that took place on 10th May.&nbsp;

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JLL&rsquo;s residential China Desk was established in 2012 when the firm lead the way and were the first agent to enter the Chinese market. The team has since grown to over ten market experts based in London, who collaborate with all of JLL&rsquo;s fourteen Asia offices including mainland China, Hong Kong, Singapore, Malaysia, Thailand, and Indonesia and the 60 strong market leading international residential sales teams based in Asia.The Desk works alongside all JLL residential colleagues including the London Residential Development team to support clients for the sale and marketing of some of London&rsquo;s most high-profile developments to the APAC region, where in 2022 the team sold over 500 units with a value of over &pound;540million and circa &pound;100m of sales in the first Q1 of 2023. The team speaks fluent English, Mandarin, Cantonese, and Malay with many of them having over ten years&rsquo; experience of living and working in the UK, allowing them to offer the best local knowledge to the firm&rsquo;s clients across Asia. The rebrand was driven by the opportunity to expand the reach of services currently offered to clients and purchasers by the team, reflecting the changing pace and requirement of buyers within the APAC region as they continue to invest in London. The APAC markets are multi-cultural with enormous integration between Hong Kong, China, and Southeast Asia; by removing the siloed one country approach the team will be able to provide a fully integrated service across all of APAC&rsquo;s markets, under one business line. These markets include Hong Kong, China, Singapore, Indonesia, Thailand, Malaysia, and Taiwan.Freya Watson, Head of International Residential Development at JLL comments,&ldquo;By rebranding we are boosting our coverage across Asia Pacific, alongside our scope of services that were previously defined to mainland China. The change marks a progressive step towards building market share and growing awareness of our residential business offering across APAC.&rdquo;Matthew Saville, Head of New Home Sales at JLL comments,&ldquo;The Desk&rsquo;s track record of success and collective experience cultivating and nurturing relationships with clients, leveraging market trends and data to guide sales efforts, means that the team are extremely well-placed to successfully navigate and facilitate the expansion of services we currently offer to the wider Asia Pacific region.&rdquo;Eliza Wang, Head of International Development Sales for China at JLL comments, &ldquo;Having worked at JLL, on the China Desk, for over seven years, I am very confident in saying that we&rsquo;re a market leading team that specialise in the Asian market. I&rsquo;ve witnessed the Desk grow in size over the years, alongside our capabilities, therefore this geographical expansion of our services is a natural next step to enhance our offering and continue to build upon our presence. It also coincides nicely with the lifting of Covid restrictions in China and the wider Asia Pacific region.&rdquo;About JLLJLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit <a href="http://www.jll.com">jll.com</a>.&nbsp;

JLL announces rebrand of its residential China Desk

Property consultancy, JLL, has announced the rebrand of its residential China Desk to APAC Desk.&nbsp;

April, 2023 – Property consultancy, JLL, has announced the rebrand of its residential China Desk to APAC Desk. 

April, 2023 &ndash; Property consultancy, JLL, has announced the rebrand of its residential China Desk to APAC Desk.&nbsp;

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UK rents surged in 2022 against a backdrop of growing political and economic uncertainty. The average rent climbed from &pound;1,064 in January to &pound;1,175 in November - a 10% jump in less than a year, according to&nbsp;<a href="https://homelet-letting-agents.co.uk/wp-content/uploads/2022/12/HomeLet-Rental-Indez-Report-November-2022.pdf">HomeLet Rental Index</a>&nbsp;(November 2022).Charlotte Russell, area director for core lettings, says: &ldquo;2022 was an extraordinary year with huge demand in the UK rental market. The resurgence of London living was at its peak and showcased by the additional 10.2% of renters looking for homes versus 2021.&rdquo;So will the rental market continue on a similar trajectory in 2023? Here&rsquo;s our rental market outlook. RentsUK rents are expected to rise 4% in 2023, driven by an ongoing imbalance between rental demand and market supply in rental properties.&nbsp; Strong rental growth is forecast in major urban areas as students and young professionals return to the big cities after Covid-19. Looking at the regional city centres, Manchester - one of the fastest-growing economies in the UK - is predicted to have the strongest rental growth. Rents in the area could increase by 6%. Birmingham and Bristol are expected to follow, with rental growth of 5% and 4% respectively. Meanwhile, rents are forecast to rise by 3.5% in Leeds and Liverpool, and 1% in Edinburgh and Glasgow.&nbsp; This trend of strong rental growth in city centres looks set to be echoed in London too. Rents this year are predicted to climb 6% in the heart of the city and 4.5% in the outer areas. House pricesThe UK housing market is expected to be sluggish in 2023. A combination of higher rates, poorer sentiment and the cost of living squeeze is likely to result in a fall in house prices and property sales. UK-wide house prices are predicted to drop 6% before recovering in 2024. Falls are set to range from around 4% in Greater London and 5% in Scotland, to around 8% in Wales, the north east and Yorkshire &amp; The Humber. But the outlook for the UK&rsquo;s city centres is much brighter. House prices are expected to grow in many of these areas, eclipsing the wider housing market. House price growth is predicted to stand at 0.5% in Bristol, 1% in both Birmingham and Edinburgh, and 1.5% in Manchester. Central London is forecast to have the highest level of house price growth of any UK housing market. Values are expected to climb 2.5%. Rental demand&nbsp;High demand for rental properties is set to continue in 2023. The cost of living squeeze and higher mortgage rates are likely to delay some aspiring homeowners from buying their first home.&nbsp;The end of Help to Buy in March is also expected to lead to some renters staying in the rental market for longer. The government scheme helps people with a small deposit to buy a new-build home. The rising cost of living is also likely to shape the types of properties renters are drawn to. Energy-efficient new-build city centre homes are set to be particularly sought after as renters try to keep a lid on energy costs. Up to 85% of renters in our Tenant Survey Report say the environmental efficiency of their property is important to them. Russell says: &ldquo;The surge of tenants wanting to be close to transport for a quick commute to work as well as a high number of students returning to study is likely to be the continuous source of demand in 2023. The traditional seasonal market is expected to remain in place. It typically sees a huge peak in summer, which will only continue to push rents upwards. &ldquo;This demand has created a notable supply deficit of 23% fewer properties in 2022 and we are unlikely to see this change in the near to medium term. 2023 is set to continue with a shortage of homes, which in turn will add pressure to rental increases.&rdquo; Supply of homes for rentStrong rental demand, rising rents (outperforming house prices) and low or almost non-existent voids will all encourage landlords to remain in the market in the short to medium term, says Marcus Dixon, director of UK residential research. Some landlords, particularly well-financed ones, could see a window of opportunity to snap up properties at potentially reduced prices. Given the headwinds in the market, landlords thinking of selling may reconsider and continue to rent their properties out while uncertainty lasts, says&nbsp;<a href="https://www.zoopla.co.uk/press/releases/rental-unaffordability-for-single-earners-hits-highest-level-for-over-a-decade-underlining-the-need-for-new-investment-into-rent/">Zoopla&rsquo;s Rental Market Report</a>&nbsp;(December 2022). This scenario could apply to homeowners too. Strong institutional investor appetite to fund the development of homes for rent is also set to continue in the months ahead. But landlords do face challenges, such as higher rates, changes to capital gains tax rules, and proposed new legislation. There will be some who chose to exit the market. Overall, there isn&rsquo;t likely to be any significant rise in the supply of rental homes in 2023 - and this will fuel rent rises. Russell says: &ldquo;It&rsquo;s good news for landlords heading into 2023. The demand for properties from professional tenants looking for long-term tenancies will in turn create a more cost-effective asset with a lower level of wear and tear as well as a higher level of rent.&rdquo;&nbsp;JLL sources: <a href="https://residential.jll.co.uk/insights/article/jll-uk-house-price-forecasts---housing-set-for-a-correction-not-a-crash">UK Residential Forecasts</a>&nbsp;(Q4 2022) <a href="https://residential.jll.co.uk/insights/article/jll-help-to-buy-survey-2022">Help to Buy Survey Report</a>&nbsp;(November 2022)

Outlook for UK Landlords January 2023 – Developments and opportunities

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Will the rental market continue on a similar trajectory in 2023? Here&rsquo;s our rental market outlook.

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The cost of living squeeze is expected to put energy efficiency and value for money high up the agenda for many renters in 2023.&nbsp; With climbing energy costs, 85% of renters in our&nbsp;<a href="https://residential.jll.co.uk/insights/first-time-buyer/jll-tenants-survey-2022">Tenant Survey Report</a>&nbsp;say the environmental efficiency of their home is important to them.&nbsp; The legacy of the pandemic is also likely to influence renters in the months ahead when it comes to their homes and lifestyles. Curious to know more? We take a closer look at what could be in store for the UK rental market this year. RentsUK-wide rents are set to climb 4% in 2023, putting further pressure on household finances. But there are regional variations. At a city centre level, rents could increase by just 1% in both Edinburgh and Glasgow. Elsewhere, rental growth is predicted to reach 3.5% in both Leeds and Liverpool, 4% in Bristol, and 5% in Birmingham. Rents are expected to increase the most in Manchester as more young people move to the area to live and work. Renters in the city centre could see their rental bills jump by 6%.&nbsp; And London rental growth is expected to stand at 6% and 4.5% in the central and outer areas of the city respectively. Rising rents in the major city centres are being fuelled by the return of students and young professionals after the pandemic.&nbsp; Rental demand and supplyThere&rsquo;s currently a mismatch between demand for rental properties - in other words, rental enquiries - and the supply of homes for rent in the UK.&nbsp; To put this into context, rental demand is 46% above the five-year average. Meanwhile, the level of homes for rent is 38% below the five-year average, according to&nbsp;<a href="https://www.zoopla.co.uk/press/releases/rental-unaffordability-for-single-earners-hits-highest-level-for-over-a-decade-underlining-the-need-for-new-investment-into-rent/">Zoopla&rsquo;s Rental Market Report</a>&nbsp;(December 2022). Rental demand is expected to continue in 2023. The rising cost of living and higher mortgage rates as well as the end of Help to Buy in March are all predicted to delay some renters from getting onto the housing ladder.&nbsp;More than 60% of renters in our Tenant Survey Report expect their next move to be to another rental property. But there&rsquo;s not predicted to be any significant increase in the supply of rental properties to soak up demand. The good news is there are a number of ways for renters to get ahead of the competition for rental properties this year. This includes&nbsp;<a href="https://residential.jll.co.uk/search?tenureType=rent">registering for exciting new rental homes</a>&nbsp;before they&rsquo;ve even hit the market. &ldquo;As the cost of living crisis starts to affect everyone in the UK, the lack of rental properties available is increasing the rents even further &ndash; and this is not set to stop in 2023,&rdquo; explains Charlotte Russell, area director for core lettings.&nbsp; &ldquo;However, there is still opportunity across London, with larger developments being released to let. This will give more choice of rental homes and also high quality facilities, such as swimming pools, steam rooms, fully-equipped gyms, dining areas, communal work space and more. There is definitely additional value in the rent, including extras that tenants may pay for on an annual or monthly basis.&rdquo;&nbsp;Rental prioritiesWith the cost of living squeeze, renters are likely to be drawn to rental homes that offer the most value for money in 2023.&nbsp; &lsquo;Green&rsquo; rental homes with lower energy bills are expected to be in high demand. In fact, 83% of renters say the energy efficiency of their next home will be either crucial or important to them, according to our Tenant Survey Report. And more than 40% of renters are prepared to pay a premium for a more environmentally-efficient home. The experience of lockdown has meant that outside space is a key priority too. More than half of the survey&rsquo;s respondents say that their own outside space is more important to them now. A similar proportion place higher importance on renting a home close to parks and other green space. Proximity to leisure facilities, transport connections and local amenities are also all set to rank highly this year. Some 51% of those surveyed still consider renting a home close to public transport as more important now than before the pandemic.JLL sources: <a href="https://residential.jll.co.uk/insights/article/jll-uk-house-price-forecasts---housing-set-for-a-correction-not-a-crash">UK Residential Forecasts</a>&nbsp;(Q4 2022) <a href="https://residential.jll.co.uk/insights/article/jll-tenants-survey-2022">Tenant Survey Report</a>&nbsp;(2022)&nbsp;

UK Rental Market Update: Insights and Predictions for Renters in 2023

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The cost of living squeeze is expected to put energy efficiency and value for money high up the agenda for many renters in 2023.&nbsp;

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There is a growing body of conflicting information about whether the UK housing market is heading for a crash. Factors such as rising inflation, the cost-of-living squeeze, rising interest rates and the war in Ukraine are all driving a narrative that
 the UK is set to see a house price correction. However, house prices and rents in the UK continue to confound expectations, both growing in excess of 10% per annum according to multiple sources. Despite this it is highly likely that there will be
 a softening of this price and rental growth as the headwind factors begin to exert their influence on consumer behaviour. But a slowing in price growth is very different from a fall.Furthermore, there are a number of reasons why JLL expect the potential for a house price crash to remain highly unlikely in the UK.<h2>Reason 1 - Low unemployment reducing risk of distress</h2>But we remain optimistic regarding the prospects for price growth in the second half of the year. Buyers in Prime Central London are less exposed to increases in living costs and interest rate rises which we anticipate will hamper growth prospects in
 the mainstream housing market over the coming months. And if overseas buyers return this summer as expected, alongside applicants taking the plunge to buy, we could see prices rise too.The PCL lettings market continues to see rents increase, as prospective tenants outnumber available properties. Rents rose 2% this quarter and are up 14% annually. But applicant levels are settling, with 15% fewer prospective tenants registering in Q2
 this year compared with last, meaning we could see more balance between supply and demand across the PCL market in the coming months.<img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/picture1-(1).png?Status=Master&amp;sfvrsn=9f06262f_1" style="display:block;margin-left:auto;margin-right:auto;" class="-align-center" sf-size="100" alt="" /> <img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/low-unemployment-min-(1)66f4df2b-1e67-408b-bff9-6fb6938ad1f4.png?Status=Master&amp;sfvrsn=d8661fca_1" style="display:block;margin-left:auto;margin-right:auto;" class="-align-center" sf-size="100" alt="" /> <h2>Reason 2 - highly leveraged households are rare</h2>In 2006 prior to the Global Financial Crisis (GFC), some 40% of UK homes were owned with a mortgage. That proportion has since fallen to 32%, mostly due to an increase in private renting as well as the ageing nature of the UK population, meaning the proportion
 of homes owned outright has also risen (now the largest tenure in the UK in its own right at 33%). Furthermore, the number of highly leveraged households in the UK is now very low following the mortgage lending review which was undertaken post-GFC.
 The cost of debt remains relatively low as well. And while that may be rising as the Bank of England raises interest rates, they still remain low by historical standards as the graph below shows. Meaning we expect there should still be capacity for
 mortgaged households (compared with pre-GFC) to absorb the cost increase. For every &pound;100,000 borrowed on a standard 25-year mortgage term, a 25bps rise in the base interest rate equates to an estimated additional &pound;12 per month borrowing
 costs. While households are coming under pressure from all angles, mortgage payments are core spending and are less likely to be missed as the consequences are higher than other more discretionary spending. <img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/picture2-(1)a9de6676-5d1f-4217-9810-5caf863fc8da.jpg?Status=Master&amp;sfvrsn=ef682657_1" style="display:block;margin-left:auto;margin-right:auto;" class="-align-center" sf-size="100" alt="" /> <img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/highly-leverage-households-minc08084c0-7e64-4ad1-b30f-0d8576c40108.jpg?Status=Master&amp;sfvrsn=66c67970_1" style="display:block;margin-left:auto;margin-right:auto;" class="-align-center" sf-size="100" alt="" /> <h2>Reason 3 - Continued undersupply of new homes</h2>Since the late 1970s the UK has failed to build the number of homes needed to meet the 300,000 per annum national target, typically falling short by about 100,000 homes per year. The current rising build cost pressures being felt by the construction industry
 will only exacerbate this housing shortfall as JLL&rsquo;s forecasts in the below chart illustrate. JLL expects supply to now fall further back in 2022 and 2023 meaning an undersupply of 465,000 homes over the next four years alone. This undersupply
 of new homes is likely to be coupled with a fall in second-hand homes for sale. This combined with strong housing demand will underpin the value of housing stock rather than cause prices to fall. Although we could see fewer homes transact over the
 short to medium term as a result.<img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/picture34ec6fbf3-c1f9-41bf-a720-66c396e31296.jpg?Status=Master&amp;sfvrsn=8c789912_1" style="display:block;margin-left:auto;margin-right:auto;" class="-align-center" sf-size="100" alt="" /> <img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/undersupply-of-new-homes-mine2c56cd8-06fe-4c53-8e9d-dc15bda1eca9.jpg?Status=Master&amp;sfvrsn=90134a4c_1" style="display:block;margin-left:auto;margin-right:auto;" class="-align-center" sf-size="100" alt="" /> <h2>JLL&rsquo;s UK House Price Forecasts - July 2022 </h2><style>td,
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<div style="overflow-x:auto;" align="center"><table cellspacing="0" cellpadding="0" align="center"><tbody><tr class="red"><th scope="col" style="color:#ffffff !important;text-align:center;">Sales price growth (% pa)</th><th scope="col" style="color:#ffffff !important;text-align:center;">2022</th><th scope="col" style="color:#ffffff !important;text-align:center;">2023</th><th scope="col" style="color:#ffffff !important;text-align:center;">2024</th><th scope="col" style="color:#ffffff !important;text-align:center;">2025</th><th scope="col" style="color:#ffffff !important;text-align:center;">2026</th><th scope="col" style="color:#ffffff !important;text-align:center;">5 year cumulative (2022-26)</th></tr><tr><td>UK</td><td>4.5</td><td>4.5</td><td>3.0</td><td>3.5</td><td>4.5</td><td>21.7</td></tr><tr><td>Prime Central London</td><td>7.5</td><td>5.0</td><td>2.5</td><td>3.0</td><td>3.0</td><td>22.7</td></tr><tr><td>Greater London</td><td>6.0</td><td>5.5</td><td>3.5</td><td>4.0</td><td>4.5</td><td>25.8</td></tr><tr><td>South East</td><td>5.0</td><td>5.0</td><td>3.5</td><td>4.0</td><td>4.5</td><td>24.0</td></tr><tr><td>East of England</td><td>5.0</td><td>4.5</td><td>3.5</td><td>4.0</td><td>4.0</td><td>22.8</td></tr><tr><td>South West</td><td>4.5</td><td>4.5</td><td>3.0</td><td>3.0</td><td>4.5</td><td>21.1</td></tr><tr><td>East Midlands</td><td>4.0</td><td>4.0</td><td>2.5</td><td>3.0</td><td>4.0</td><td>18.8</td></tr><tr><td>West Midlands</td><td>4.0</td><td>4.0</td><td>3.0</td><td>3.5</td><td>4.5</td><td>20.5</td></tr><tr><td>Yorkshire &amp; The Humber</td><td>3.5</td><td>3.5</td><td>2.5</td><td>2.5</td><td>3.0</td><td>15.9</td></tr><tr><td>North West</td><td>4.5</td><td>4.0</td><td>2.5</td><td>2.5</td><td>3.0</td><td>17.6</td></tr><tr><td>North East</td><td>3.0</td><td>3.0</td><td>2.0</td><td>2.5</td><td>3.0</td><td>14.2</td></tr><tr><td>Wales</td><td>3.5</td><td>3.5</td><td>2.0</td><td>2.5</td><td>2.5</td><td>14.8</td></tr><tr><td>Scotland</td><td>4.5</td><td>4.0</td><td>2.0</td><td>3.0</td><td>3.5</td><td>18.2</td></tr></tbody></table></div>&nbsp;<h2>JLL&rsquo;s UK Rental Value Forecasts &ndash; July 2022</h2><div style="overflow-x:auto;"><table cellspacing="0" cellpadding="0" align="center"><tbody><tr class="red"><th scope="col" style="color:#ffffff !important;text-align:center;">Rental growth (% pa)</th><th scope="col" style="color:#ffffff !important;text-align:center;">2022</th><th scope="col" style="color:#ffffff !important;text-align:center;">2023</th><th scope="col" style="color:#ffffff !important;text-align:center;">2024</th><th scope="col" style="color:#ffffff !important;text-align:center;">2025</th><th scope="col" style="color:#ffffff !important;text-align:center;" data-role="resizable">2026</th><th scope="col" style="color:#ffffff !important;text-align:center;">5 year cumulative (2022-26)</th></tr><tr><td>UK</td><td>2.5</td><td>2.5</td><td>2.0</td><td>2.5</td><td>2.5</td><td>12.6</td></tr><tr><td>Prime Central London</td><td>6.0</td><td>3.5</td><td>2.0</td><td>2.0</td><td>2.5</td><td>17.0</td></tr><tr><td>Greater London</td><td>4.0</td><td>3.0</td><td>2.5</td><td>2.5</td><td>3.0</td><td>15.9</td></tr><tr><td>South East</td><td>3.0</td><td>3.0</td><td>2.0</td><td>2.5</td><td>2.5</td><td>13.7</td></tr></tbody></table></div>&nbsp;<h2>About JLL | July 2022</h2>JLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000.&nbsp; With over 7,000 employees and 15
 offices in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory,
 leasing, building management and sales. JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare
 and student housing.&nbsp;Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved.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.

UK set for continued house price growth

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There is a growing body of conflicting information about whether the UK housing market is heading for a crash.

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Rising energy, fuel and food costs continue to put pressure on household budgets this month. Inflation has continued to pressure the economy, with the Bank of England raising interest rates a further 25 basis points, or 0.25%, to 1.25%. House prices have continued to climb and although monthly mortgage approvals have fallen, the market is generally showing little sign of stress.&nbsp; <h2>Inflation and interest rates</h2>The UK CPI rose by 2.5% in April 2022, bringing annual inflation to 9.0%, the highest rate since January 1989. In a bid to control soaring inflation, the Bank of England has risen interest rates further by 25 basis points, or 0.25%, to 1.25%. <h2>The mortgage markets</h2>Despite many homeowners currently facing higher mortgage payments, NatWest has reported &lsquo;no sign of stress&rsquo;, with demand for mortgages still strong. UK Finance has also reported a fall in the number of mortgage arrears in Q1 2022. The 5-year fixed rate mortgage (75% Loan-to-Value) reached 2.63% in May 2022. The same rate was 4.28% in May 2012 and 2.03% in May 2017, representing a fall of 39% over the past 10 years, but a rise of 64% in five years. <h2>Help to Buy or Right to Buy</h2>The government announced the final date for reservations under Help to Buy is 31 October 2022. With the scheme closing for good on 31 March 2023.&nbsp; No replacement scheme is planned but the Prime Minister has launched a mortgage review which will look at ways to lower deposits needed to get onto the housing ladder. &lsquo;Benefits to Bricks&rsquo; is the latest proposal to boost home ownership, alongside extending right to buy to tenants living in housing association properties. <h2>House prices</h2>The UK housing market has shown signs of cooling, although annual growth (year to March 2022) remains strong at 9.8%. In London, annual growth reached 4.8%. Prices are now 19.7% higher nationally than they were pre-pandemic. &nbsp;<h2>Rents</h2>According to Zoopla, the average rent at the end of March 2022 was &pound;995 pcm, having risen by 11% over the past year. Rental growth is largely being fuelled by a shortage of rental properties on the market. <h2>Demand</h2>The RICS reported demand for rental properties was still outstripping supply in May, with landlord instructions lagging tenant demand.&nbsp; For sales both new buyer enquiries and stock levels remained broadly flat, but more agents were expecting prices to rise rather than fall over the next 12 months.<h2>Travel news</h2><h2></h2>Overseas travel is opening up, Heathrow passenger numbers in April 2022 recovering to 75% of April 2019 levels. In London, bus and tube travel is up 36% and 82% respectively, year-on-year, but is still 25% lower than April 2019. And in case you missed it&hellip;In our latest JLL Living Priorities Survey we explored whether <a href="https://residential.jll.co.uk/insights/news/are-buyers-waking-up-to-the-benefits-of-a-more-environmentally-friendly-home">buyers are waking up to the benefits of a more environmentally friendly home</a>. The Prime Minister has been exploring new initiatives to ease access to home ownership including <a href="https://residential.jll.co.uk/insights/research/extending-right-to-buy-june-2022">the extension of right to buy</a>, whilst new JLL data highlights <a href="https://residential.jll.co.uk/insights/news/crossrail-may-2022">the areas surrounding Crossrail stations which command the highest premiums</a>

Market Update June 2022

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Rising energy, fuel and food costs continue to put pressure on household budgets this month.

Rising energy, fuel and food costs continue to put pressure on household budgets this month.

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Until everyone feels safe at work, in their own community and in wider society, the work to make it happen will not stop.
 <img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/pride.png?Status=Master&amp;sfvrsn=3f728f91_1" sf-size="100" />PRIDE month (June 2022 in the UK) and PRIDE in London 2022 (2nd July) serve as a critical reminder that there are still sections of society that are excluded and at risk of and experiencing persecution. But work towards a fully diverse and
 inclusive workplace culture must be year-round in all organisations, particularly in large global corporations like JLL.<h2>PRIDE 24/7</h2>Members of the various JLL diversity and inclusion networks and communities are committed to 24/7, year-round work to create an inclusive and safe working environment that gives everyone the freedom to bring their whole self to work and achieve their
 best.Promoting opportunity for everyone means having the right networks in place to educate, inspire, and hold accountable. Events are a great way to fulfil all three of these objectives when it comes to diversity and inclusion.
<h2>JLL PRIDE highlights so far</h2>PRIDE isn&rsquo;t all about colourful campaigns and expensive stunts, the real action happens every time we recruit new talent in line with D&amp;I policies, every time our D&amp;I committees meet, every time someone comes to work and feels safe, valued,
 seen, and heard.Here are some of our recent D&amp;I highlights that we take PRIDE in because they&rsquo;re making a real difference. We are proud to:<ul><li>have been part of a working group that helped curate and shape content for the RICS Pride 2022 Seminar. At the event, <a target="_blank" href="https://www.linkedin.com/in/ACoAADBxqLEBBn9SqVPtwqTY-hKbhPow6WXcQfU">Natalie Patrick</a> (JLL, Senior Surveyor) lead a panel discussion featuring Rico Naylor (JLL Graduate Surveyor) as one of the panellists. You can watch the full event <a target="_blank" href="https://www.youtube.com/watch?v=YfGRnMIyAc4">here</a>.</li><li>be one of the 27 firms praised in the <a href="https://www.egi.co.uk/news/eg-lgbtq-survey-highlights-exemplars-across-real-estate/">Estates Gazette
 Real Estate &ndash; Attitudes and Actions Survey</a>, for promoting inclusivity across their businesses and the real estate and property sector. While the industry still has work to do, the 2022 survey offered up some reasons to be proud. JLL was
 mentioned repeatedly as leading the way, particularly with new internal policies and an emphasis on providing training and positively changing the workplace culture.</li><li>be hearing from <a target="_blank" href="https://www.akt.org.uk/">atk LGBTQ+ youth homelessness charity</a> about their mission and history, hosted at our Manchester office and broadcasted to JLL employees.</li><li>join <a target="_blank" href="https://www.us.jll.com/en/careers/diversity-inclusion/building-pride-business-network">Building
 Pride</a>, JLL&rsquo;s D&amp;I business community, in a Lip Sync Office Battle at their headline PRIDE event. We are challenging offices across the UK to create a lip sync video to an iconic LGBT+ anthem! <a data-sf-ec-immutable="">Watch
 this space</a><a target="_blank" id="_anchor_1" data-sf-ec-immutable="">[ch1]</a>&nbsp;.</li><li>have strong alliances within the <a target="_blank" href="https://freeholdlgbt.com/">Freehold LGBT network</a> - a networking forum for LGBTQ+ professionals working within the real estate sector. We attend and support Freehold
 events throughout the year.</li><li>have held a Trans awareness workshop in March 2022, which was delivered by <a href="https://www.shoutout.ie/">ShoutOut</a>, a registered charity committed to improving life for LGBTQ+ people through education around LGBTQ+
 issues.</li></ul> <h2>Partnerships with people who know more than we do</h2>Getting better at something every day means surrounding ourselves with people who know more than we do. That&rsquo;s why we&rsquo;re so proud to partner with important networks, charities
and allies.
<div><hr align="left" size="1" width="33%" /><div><div id="_com_1">Find out more about <a target="_blank" href="https://www.jll.co.uk/en/about-jll/diversity-and-inclusion">diversity and inclusion at JLL</a> and <a target="_blank" href="https://www.jll.co.uk/en/careers">explore a career</a> with us.&nbsp;</div></div></div>

Proud to celebrate PRIDE every day of the year

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Until everyone feels safe at work, in their own community and in wider society, the work to make it happen will not stop.

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JLL&rsquo;s latest Living Priorities Survey.What we want from our homes is constantly evolving. Both the pandemic and rising energy costs means households are again re-evaluating their priorities. To better understand what buyers want in today&rsquo;s market, and how this might change in the future, we contacted potential buyers registered with JLL to hear their thoughts. Electric cars &ndash; a lesson for the housing market? Within a short space of time, we have seen a rapid shift in motorists&rsquo; willingness to adopt electric vehicles in a bid to lower their environmental impact. Could we see this positive approach to environmental sustainability feed through into our homes? <img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/graphical-image-1-insights.png?Status=Master&amp;sfvrsn=47d153a5_1" sf-size="100" />New JLL research from our latest Living Priorities survey, explores the change in the proportion of people who expect to be driving an electric or hybrid vehicle in the future. At present, just 8% of respondents drive an electric or hybrid car, versus 43% petrol or diesel. However, when asked about their next vehicle the survey results show a greater appetite for electric vehicles, with almost 70% expecting to drive an electric or hybrid car in the future, versus just 9% for petrol or diesel.What&rsquo;s driving the push towards more energy efficiency homes?For most, our homes will be the largest investment we make in our lives. Our survey has found that a larger number of people are now placing even more importance on the environmental impact of their home. Undeniably, reducing the running costs of a home is the key motivator for most, however many people are also increasingly aware that there is a desire to become more socially responsible. Almost two thirds of our respondents said that achieving a lower carbon footprint was important to them.<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/grpahical-image-2-insights.png?Status=Master&amp;sfvrsn=36e05bc6_1" sf-size="100" />70% of respondents viewed the energy efficiency and running costs of their home as more important now versus pre-pandemic. Back in April, we explored <a href="https://residential.jll.co.uk/insights/news/jll-could-new-home-demand-rise-as-energy-prices-soar"><a href="https://residential.jll.co.uk/insights/news/jll-could-new-home-demand-rise-as-energy-prices-soar">what the rising energy costs meant for UK homes</a></a>. JLL research found that the lifting of the energy price cap could result in the average band G home experiencing an increase in bills of over &pound;1,700 per annum, an extra &pound;3,246 more per annum than the average home in bands A-C. It is therefore unsurprising perhaps, that 82% of respondents voted a &lsquo;saving on energy bills&rsquo; as the reason why the environmental sustainability of their home is important to them.Are purchasers willing to pay more?Over half of respondents (57%) would be prepared to pay a premium for a more environmentally friendly home. Of those who said &lsquo;yes&rsquo;, half would pay just up to 5%. In total, 83% of those who would pay a premium, would be prepared to pay up to 10% more for an environmentally friendly home.&nbsp;<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/grpahical-image-3-insights.png?Status=Master&amp;sfvrsn=fc72dafe_1" sf-size="100" />So, what does this mean for our homes in the future, particularly the new homes sector?Rising energy costs have undoubtedly pushed energy efficiency up the list of importance for homeowners. But whether they are driven purely by costs, social responsibility or likely a combination of both, what is clear is that buyers will be taking energy consumption into consideration more, when looking for homes in the future. 80% of our respondents said that the environmental impact of their home will be either crucial or important in their next move, with the number of people willing to purchase a new home, if it meant improved environmental efficiency, rising from 51% from their last move, to 78% going forward. With purchasers becoming more environmentally aware and the potential for more sustainable homes to command a premium, the new homes market should be well placed to benefit.&nbsp; Analysis of EPC ratings for UK homes shows 83% of new build properties boast an EPC rating of A or B, versus just 3% for existing stock.The JLL Living Priority Survey 2022 was conducted in May 2022 with a total of 104 respondents. Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved.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.

Are buyers waking up to the benefits of a more environmentally friendly home?

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A first glance at JLL&rsquo;s latest Living Priorities Survey

A first glance at JLL’s latest Living Priorities Survey

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<h3>JLL &ndash; Do properties close to Crossrail stations command a premium?</h3>The Crossrail Bill was introduced to Parliament in February 2005. Three and a half years later, in July 2008, the Bill completed all the Parliamentary stages and received Royal Assent to become the Crossrail Act. Works officially began on the project
 in 2009 with tunnelling starting in 2012. A decade on, JLL have undertaken new research to assess the impact on property values along the line. Since 2012:<ul><li>Growth in average prices in areas surrounding 76% of Crossrail stations outperformed the regional average.</li><li>18 stations have experienced sales price growth of over 70% since 2012.</li><li>Largest premiums typically found along the Eastern lines. </li></ul>New research from JLL shows that the price of homes surrounding 76% of Crossrail stations have outperformed the wider market over the period 2012-2021.<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/cross-rail-body-image.png?Status=Master&amp;sfvrsn=beb86161_1" sf-size="100" /><img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/graph-image-1.jpg?Status=Master&amp;sfvrsn=e8b97db7_1" sf-size="100" alt="" /><h3>2005 &ndash; 2009</h3>Between 2005 and 2009, when savvy buyers were hoping to capitalise on lower prices and higher growth, the average increase of property values across all stations was 15%. At the beginning of the project, between 2005 and 2009, 20% of properties along
 the line saw higher house price growth than the regional average. <h3>2012 &ndash; 2021</h3>Between 2012 and 2021, average property values rose 73% in the areas surrounding Crossrail stations; 19 percentage points higher than the growth seen across London over the same period.&nbsp; 84% of stations recorded higher house price growth than the
 regional average. &nbsp;With work started fuelling confidence in those looking to invest. Since 2012, investors have continued to support price growth in these areas. At the top of the list, properties located near Forest Gate have outperformed the regional average (London) over the period 2012-2021, with growth 67 percentage points higher.
 Properties close to Forest Gate benefit from journey time savings of 11 minutes to Canary Wharf and 16 minutes to Paddington. &nbsp;Some of the largest premiums over regional averages are found along the Eastern lines. Despite this, previous JLL research has found time savings are typically the greatest from Slough and the Western section into central London.&nbsp; Over the past decade,
 house prices in Slough have increased by 25% more than the regional average. Rising values have not been restricted to the western and eastern ends of the line though. Bond Street, Paddington, Farringdon and Tottenham Court Road have all seen their average house price more than double since works began in 2009<img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/2nd-graph---crossrail.png?Status=Master&amp;sfvrsn=227e9f1d_1" sf-size="100" alt="" /><h3>After over a decade of house prices surges, have house price premiums peaked, or is the best yet to come?</h3>When large regeneration or infrastructure projects are proposed certain buyers pounce, but others want to see the improvements in place before they commit. The speculators buy in early, purchasing homes in the anticipation that investment will lead to
 additional growth in house prices. They are likely to have capitalised on lower property values between 2005 and 2009 when the Crossrail bill was accepted and subsequently, when works began. Certain occupiers are more likely to wait and be willing to pay a premium, once improvements are in place, or in the case of Crossrail, stations open and trains begin to run. Landlords will be the first to benefit, as improved travel times and increased
 capacity makes the areas more attractive to prospective tenants. Senior Research Analyst at JLL, Meg Eglington says &ldquo;The promise of greater capacity and faster commutes have meant housing markets surrounding Crossrail stations have outperformed since the scheme was announced. But with trains starting to run across the network we could see further growth, now appealing to a new group of investors, homeowners, and tenants, waiting for the project to complete before moving in.&rdquo; &ldquo;As Crossrail nears completion, residential areas at stations along the line have re-emerged on people&rsquo;s radars, shorter commute times meaning areas previously less well connected can now compete with higher value commuter hotpots. Even with people now working more flexibly we expect a comfortable, fast, and reliable commute when they do need to travel, will ensure that property values continue to benefit from the Crossrail &lsquo;effect&rsquo; for years to come&rdquo;.&nbsp; &nbsp;About JLLJLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000.&nbsp; With over 7,000 employees and 15 offices in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory, leasing, building management and sales. JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare and student housing. Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved.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.

Crossrail – May 2022

neighborhood-watch-paddington-900-600

JLL &ndash; Do properties close to Crossrail stations command a premium?.

As Crossrail opens what has been the impact on house prices along the route?

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Two years on from the first lockdown we had hoped that 2022 would bring greater stability, allowing the much-anticipated PCL recovery to progress. Sadly, this hasn&rsquo;t come to pass, with the war in Ukraine, the ongoing impact of Covid-19 and concerns over the rising cost of living all preying on the minds of households. Yet despite a far from certain year ahead the PCL market has again proved resilient.&rdquo;We still expect PCL to be one of the best performing markets in 2022, as the resurgence of the city continues.&nbsp; However, overseas buyers, the return of whom we are expecting to trigger a new wave of activity and price growth in PCL, may take a little longer than hoped to return.The PCL lettings market starts 2022 in a very different position. In Q1 last year we had seen rents fall by more than 10% annually and supply levels were still climbing. But a year on and rents are 15% higher than in Q1 2021 and now exceed their pre-pandemic peak. But there are signs the market is settling and we anticipate annual growth in rents will have peaked in Q1. But with supply still below historic levels there could be room for further increases in the coming months too.
PCL Sales<ul><li>The JLL PCL Sales Index recorded a 3.3% annual increase in achieved prices in Q1 2022, with prices up 0.6% on Q4 2021. </li><li>Achieved prices now 4.7% higher than pre-pandemic in Q1 2020. </li><li>10% fall in properties on the market now compared with the quarter end in Q1 2021. </li></ul>There were high hopes for the PCL market at the start of 2020, with a flurry of activity prior to the first lockdown in March. Now, two years on, PCL is again seeing activity increase, although delays in overseas buyers returning to the market may mean
 the recovery is more muted than we&rsquo;d hope in the short term. In Q1 2022 PCL recorded a 7% annual increase in sales according to LonRes, making the first quarter the busiest Q1 for five years. Activity was strongest between &pound;2million and &pound;5 million, with sales up 25% on Q1 2021. There were fewer sales
 at the top end, with homes sold for &pound;5 million or more down 10% on the same three months a year ago. &nbsp;As Londoners return to the office, we have seen demand for flats rise too, with the number of flats sold in the first three months of
 2022 rising 13% annually compared with an 11% fall in the number of houses. Prices are rising, albeit with central London yet to experience the double-digit growth seen outside the capital over the last 12 months. The Q1 2022 JLL PCL Sales Index recorded a 3.3% annual increase in achieved prices. Prices paid in Q1 2022 now 4.7%
 higher than those achieved pre-pandemic in Q1 2020. Stock levels have fallen this year, with the number of new instructions not keeping pace with sales. At the end of Q1 2022 there were 10% fewer properties on the market compared with the same point a year ago. Albeit with available stock levels remaining
 14% higher than in March 2019 and 16% higher than March 2020.As restrictions were lifted last year, we had hoped the much-lauded return of the overseas buyer would begin in Q1 2022. But with the uncertainty surrounding the war in Ukraine and further Covid restrictions in Asia it appears we&rsquo;ll be waiting a
 little longer.&nbsp; Although some overseas buyers are returning to the market, demand continues to be predominantly domestic. For overseas buyers re-entering the PCL market, combining exchange rate fluctuations with PCL price falls still makes a compelling case for investment. Comparing prices paid in US dollars shows buyers in Q1 2022 are paying, on average, 26% less in dollars
 than at the peak of the market in 2014. Chinese buyers could save an average of 22%, with those purchasing in Euros paying 14% less for PCL homes. For domestic buyers savings are more modest at 7%. 
PCL Lettings<ul><li>The JLL PCL Rental Index recorded a 15.0% annual increase in achieved rents in Q1 2022, the highest annual rise for over a decade. </li><li>This follows a 10.4% annual fall a year ago in Q1 2021, when we saw achieved rents bottom out across PCL.</li><li>Achieved rents are now 3.1% higher than pre-pandemic in Q1 2020. </li><li>Stock levels down 71% on March 2021.</li></ul>The PCL lettings market has made up significant ground over the last 12 months.&nbsp; Rents, which bottomed out in Q1 2021 have rebounded, now 15.0% higher than they were a year ago. The highest annual growth in achieved rents since Q3 2011. Of course,
 this is off a low base, with Q1 2021 seeing rents drop 10.4% compared with pre-pandemic levels. &nbsp;There has been a trickle of new properties reaching the market. Stock levels are higher than the historic lows we experienced at the end of 2021 but remain significantly below the long run average. &nbsp;With 71% fewer properties listed compared with
 the end of the first quarter last year and 59% lower than the 2018 to 2020 Q1 average.With achieved rents now higher than their pre-lockdown peak, we expect a return to more normal market conditions over the course of the year. Rents rose 1.1% this quarter, down from a 3.7 % quarterly rise in Q4 2021. Tenants, who a year ago were able to negotiate significant reductions on asking rents, are facing higher rents on renewal. In some case this is meaning tenants are leaving, however many, who see how competitive the market is, are paying more and remaining
 in situ. JLL data showing an 18% annual increase in the number of renewals across PCL in Q1 2022 compared with Q1 2021.
Marcus Dixon &ndash; Director of UK Residential Research

Prime Central London – Q1 2022

Sales volumes increased again this quarter in prime central London and both prices and rents rose as the city re-opens and buyers and tenants return.&nbsp;

Sales volumes increased again this quarter in prime central London and both prices and rents rose as the city re-opens and buyers and tenants return. 

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