The JLL Big Six Residential Development Report compares activity, prices, and rents across six UK cities outside London: Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester. This report incorporates data from the JLL UK Cities index, comparing changes in prices and rents across mainstream and prime developments in each city.
In the sales market, higher rates, both interest and mortgage, have continued to put pressure on both development viability and buyers’ budgets. We are beginning to see this reflected in annual price growth across the Big Six cities, with growth across the cities remaining flat or marginal over the past year.
The rental market across the Big Six cities has remained robust, albeit growth has cooled significantly from double digit highs in H1 2023. There is continued demand for city centre living, particularly from young professionals seeking the lifestyle benefits and vibrancy of being centrally located.
Prime markets across the Big Six have generally outperformed both the mainstream sales and rental markets, with new prime stock continuing to push quality and amenity provision.