JLL – Can improvements in PBSA provision for students help solve the rental crisis?

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JLL – Can improvements in PBSA provision for students help solve the rental 			crisis?

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Residential Roundup - 1 September

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Picking through the array of economic indicators and deciphering what this might mean for the UK economy, let alone the cost of your mortgage, remains a challenge.

<strong>Picking through the array of economic indicators and deciphering what this might mean for the UK economy, let alone the cost of your mortgage, remains a challenge. Better news on inflation, with CPI rates dropping back to 6.8%, quickly countered by stubbornly high core inflation. Wage growth excluding bonuses hit 7.8% in the three months to June, welcome news for stretched household budgets, but not necessarily for the overall health of the economy.</strong>

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<p><a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1692190699/resi/gb/Articles/PDFs/Big_6_Report.pdf" target="_blank"><button class="Button primary" style="text-align:center;">Download full report</button></a></p><p><strong></strong>This report incorporates data from the JLL UK Cities index, comparing changes in prices and rents across mainstream and prime developments in each city.</p><p>There have been some obvious challenges facing the housing market over the past year. Higher rates, tightening household budgets and weaker overall market sentiment are all impacting prices and activity. Although we have seen the rate of growth in prices
    slow, city centre markets are proving resilient, supported by strong demand from students and young professionals. </p><p>In the rental market, severe lack of available rental supply is driving rents. The Big Six cities recorded average annual rental growth of 14.3% in the year to June 2023.</p><p>The increases in rents across the Big Six clearly demonstrates not only the demand for city centre living but also the need for more homes. This is not exclusive to the rental market, with a requirement for more homes of all tenures needed to address
    demand.</p><p><a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1692190699/resi/gb/Articles/PDFs/Big_6_Report.pdf" target="_blank"><button class="Button primary" style="text-align:center;">Download full report</button></a></p>

Big Six Residential Development Report, Summer 2023

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The JLL Big Six Residential Report compares activity, prices, and rents across Birmingham, Bristol, Edinburgh, Glasgow, Leeds, and Manchester

The JLL Big Six Residential Report compares activity, prices, and rents across six UK cities outside London: Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester.

<strong>The JLL Big Six Residential Report compares activity, prices, and rents across six UK cities outside London: Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester.</strong>

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Residential Roundup - 11 August

Positive news on the state of the UK economy has been hard to come by over the last 12 months. The news is still mixed, but second quarter UK GDP figures have exceeded forecasters expectations.

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Prime Central London Report - Q2 2023

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Our Q2 2023 report reveals Prime Central London's market performance amid high inflation, interest rates, and uncertainty.

Our Q2 2023 Prime Central London Report uncovers how the market is performing in the face of the UK’s ongoing stubborn inflation levels, rising interest rates and economic uncertainty.

Our Q2 2023 Prime Central London Report uncovers&nbsp;how the market is performing in the face of the UK&rsquo;s&nbsp;ongoing stubborn inflation levels, rising interest rates&nbsp;and economic uncertainty.

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JLL Residential Market Update – July 2023

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More than 104,000 households were in temporary accommodation at the end of March. The highest figure since records began in 1998 and 10% higher than the March 2022 figure.

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<div class="row">
    <h2><strong style="background-color:initial;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">Q2 2023 Sales Index</strong><br /></h2>
</div>
<p><strong></strong>The JLL Prime Central London Index saw prices fall for the third consecutive quarter.&nbsp; The Q2 2023 index recorded a quarterly fall of 2.1%, with prices 5.9% down compared with the same period in 2022. Prices are now 6.8% lower than
    they were when prices peaked in the third quarter last year.&nbsp; </p>
<p>The upper echelons of London&rsquo;s prime market are proving more resilient. With prices down 0.8% in the 12 months to June 2023 compared with a 6.7% fall in homes priced at under &pound;2 million (likely to be most impacted by changes in interest rates).
</p>
<p>Despite sentiment impacting prices we saw deals agreed (exchanges) increase in an admittedly slow Q1 this quarter, with a 28% increase in sales in Q2 2023.&nbsp; With volumes on par with Q2 2022 (down -1.2%). </p>
<p>Stock levels rose in Q2, with 8.3% more properties on the market than in Q2 2022 and 9.7% more than at the end of the first quarter this year. Stock on the market is now at the highest level since the end of Q2 2020. </p>
<h2><strong>Q2 2023 Lettings Index</strong></h2>
<p><strong></strong>The uncertainty which is hampering activity in the sales market often has the opposite effect on lettings. With households more likely to stay in rented for longer or choosing to rent when delaying their decision to buy. Just over half
    (51%) of JLL deals agreed in Q2 2023 were renewals, up from 45% a year ago and 24% in Q2 2021. This was the highest rate of renewal since Q2 2020. </p>
<p>The number of new lets rose this quarter compared with last, up 13%.&nbsp; But the second quarter is usually more active than the first. Comparing new lets agreed (excluding renewals) in the second quarter this year with Q2 last year showing there were
    18% fewer deals agreed, with the number agreed down 35% compared with the Q2 five-year average.</p>
<p>This quarter the JLL Prime Central London Index saw rents rise by 1.9%, with rents 5.4% higher than they were at the same point a year ago. Small flats (1 and 2 beds) saw this highest annual increase in rents at 6.7% whereas more expensive properties
    (&pound;3,000 per week or more) saw a more modest 2.9% annual increase. </p>
<p>Rents are now 26% higher for one-bedroom flats (which have seen the highest growth) than they were three years ago at the end of Q2 2020. With the JLL Prime Central London Rental Index 19.2% higher overall over the last three years.</p>
<p>For prospective tenants having to contend with low stock levels there appears to be some respite as we move into the summer. Stock levels are starting to increase, albeit off a low base. With the number of rental properties listed to let at the end of
    Q2 2023 up 13.8% on the same point in 2022. But volumes remain 55% down on levels we were seeing pre-pandemic in Q2 2019. </p>
<h2>All Source: JLL/ LonRes</h2>
<p><strong>Our JLL Prime Central London Index is based on a &lsquo;basket&rsquo; of properties, valued by JLL at the end of each quarter. </strong></p>
<p><strong>Director of UK Residential Research at JLL, Marcus Dixon, explains: </strong></p>
<p><em>&ldquo;The implications of stubborn inflation on the UK mortgage market are hampering activity in prime central London. While fewer buyers are heavily indebted - almost half buy cash - uncertainty surrounding the short-term outlook is impacting prices. </em><em></em></p>
<p><em>&ldquo;The lettings market remains competitive, stock levels have improved on their 2022 lows but there are still more prospective tenants than there are properties. This has resulted in further rent increases this quarter, with rents almost 20% higher than they were in 2020.</em><em></em></p>
<p><em>&ldquo;The lower end of the rental market continues to see a steady stream of (formerly) prospective buyers moving across into lettings. With smaller properties, mainly one- and two-bedroom flats, recording the highest annual increase in rents, while prices for similar properties are seeing more significant falls than homes in more expensive price bands.&rdquo;</em></p>

JLL – Prime Central London (PCL) Index – Q2 2023

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The recent rise in interest rates does not impact all sectors of the housing market equally.&nbsp; With more than half of all owner-occupied homes having no mortgage secured against them and cash purchase, particularly in higher value prime markets, making up a significant proportion of homes sold.

The recent rise in interest rates does not impact all sectors of the housing market equally.

Prime Central London (PCL) Index – Q2 2023

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JLL Tenants Survey 2023

Our 2023 Tenant Survey Report shines a spotlight on&nbsp;what tenants are looking for in a home - and how that&nbsp;could change in the future.

Our 2023 Tenant Survey Report shines a spotlight on what tenants are looking for in a home - and how that could change in the future.

Our 2023 Tenant Survey Report shines a spotlight on&nbsp;what tenants are looking for in a home - and how that&nbsp;could change in the future.<div><span style="color:#333333;"><br /></span></div>

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<p><strong>The housing market remains more resilient than many had anticipated. The latest results from the RICS Survey show market conditions remain challenging, with agents still expecting prices to fall in the coming months in response to higher borrowing costs and uncertain market sentiment. But the outlook for the next 12 months remained more positive. </strong></p>
<p><strong>Over the longer term there is a clear commitment from both Labour and the Conservatives to support home ownership. But until we see rates top out, we expect the market to continue to tread water. This means lower levels of activity, but prices will, we expect, remain more resilient as a lack of distress and high levels of equity act as a buffer to more challenging economic conditions. </strong></p>
<h2>The economy</h2>
<p>The outlook for the UK economy is improving, with the IMF upgrading their 2023 UK forecast. Echoing recent announcements from the Bank of England the IMF no longer expects the UK will fall into recession this year, with their latest forecasts expecting
    GDP will rise in 2023. Growth is expected to be modest at +0.4% but reflects a welcome venture into positive territory following the previous -0.3% forecast in April. This improved outlook means the UK no longer sits at the bottom of the list of G7
    economies for 2023, now moving ahead of Germany.</p>
<p>But inflation is still proving stickier than many had hoped. Rates have fallen, with single digit annual increases for the first time since August 2022. It was always anticipated that rates would drop back this month, with the impact of rising energy
    costs priced into rates a year ago, but the 8.7% annual increase remained higher than the Bank of England and many forecasters had anticipated.</p>
<p>Further falls in energy costs in the coming months will help to bring inflation down further, but annual food price inflation remains at 19.1% according to the latest ONS figures.</p>
<p>Core inflation (calculating the rise in costs when energy and food, alcohol and tobacco are stripped out) rose by 6.8% in the year to April, up from 6.2% in March. With the recent increase in five-year swap rates and stubbornly high inflation meaning
    a further rise in Bank Rate at the June MPC appears more likely.</p>
<h2>New development</h2>
<p>Activity in the new homes market remains muted. While schemes on site continue to deliver homes, levels of new starts have dropped and activity in the sector has been more subdued in Q1. The National House Building Council (NHBC) reported new build completions
    fell 7% annually in Q1 2023 but the number of new homes registered to be built fell 40% to less than 28,000. This follows news that new applications in 2022 fell 14% on 2021 levels, now at their lowest level since 2006, according to figures from the
    DLUHC. In London, Molior reports constructions starts down 43% on Q1 2022.</p>
<h2>House prices</h2>
<p>Considering the considerable change that has been thrust upon the UK housing market this year it remains remarkably robust. Activity has dropped back, but we are starting to see the reaction to the initial interest rate and sentiment shock following the
    mini budget recede, as prospective buyers re- enter the market. With time on the market and mortgage approvals all starting to recover from the lows of late 2022 and early 23.</p>
<p>Low levels of unemployment, wage growth (albeit mostly below inflation), and more equity within the market all mean forced sales are less prevalent. But for those who are looking to transact in this market there does need to be some realism about prices
    and additional cost facing purchasers.</p>
<p>The latest Land Registry figures show all regions saw a monthly fall in prices in March, with prices UK wide 1.2% lower than in February, the fourth consecutive monthly fall. Prices are now 2.4% below their November peak but remain 4.1% higher than they
    were a year ago.</p>
<p>After seven consecutive monthly falls the Nationwide reported house prices rose 0.5% in April, but prices dropped back marginally in the latest May figures, down 0.1% month-on-month with prices falling annually by -3.4%, now -4% lower than they were at
    the peak last summer. The Halifax reported at -0.3% fall in April, following a rise of 0.8% the previous month, with prices on par (+0.1%) with April 2022. First time buyer activity is proving more resilient than expected, with a competitive rental
    market driving those who can to buy instead.</p>
<p>Falls in achieved prices show higher rates and rising costs are impacting the housing market, although both activity and prices appear more resilient than many had expected. The latest figures from Rightmove show asking prices rose in May, up 1.8%, higher
    than the usual 1.0% May figure.</p>
<p>Uncertainty over rates appears to have put the brakes on the recovery in mortgage approvals posted in March. Seasonally adjusted figures from the Bank of England showing the number of mortgages approved for house purchase fell by 5%, from 51,500 in March
    to 48,700 in April. The average rate on new mortgages rose to 4.46% in April, up 5 basis points on March figures. Overall borrowers repaid &pound;1.4bn more than was lent in April 2023, which aside from the pandemic was the biggest net repayment on
    record.
</p>
<h2>Rents</h2>
<p>The rental market continues to record near double digit growth in rents on new lets. The Homelet Rental Index showing annual rental growth remains strong at 9.9% across the UK in April 2023, with a current average rent of &pound;1,199, 1.3% higher than
    the March figure. London saw rents rise annually by 11.0%, with average rents on new lets exceeding &pound;2,000 per month. Scotland saw the highest annual increase, with rents on new lets rising 12.1%.</p>
<h2>Global view</h2>
<p>In the US, the Federal Reserve increased its key interest rate by 25 basis points, pushing its benchmark rate to between 5% and 5.25%. This is the tenth time rates have increased since March 2022. Rates could be topping out though with the Fed hinting
    at a pause on further rate rises when they next meet in June.</p>
<p>Singapore has announced a doubling of its Additional Buyer Stamp Duty. Overseas buyers purchasing a property in Singapore will now pay 60% tax on their purchase, with those buying using a trust will pay 65%. Permanent residents buying second homes in
    the city will also pay more.</p>
<h2>What&rsquo;s new from JLL</h2>
<p>Our latest Prime Central London report shows rents rose again in Q1 2023, but prices have dropped 4.3% compared with Q1 2022. Read more <a href="https://residential.jll.co.uk/insights/research/prime-central-london-q1-2023">here </a></p>
<h2>JLL Research | May 2023</h2>
<p>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.</p>
<p>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.</p>
<p><sup>Disclaimer: <sup>&copy;</sup>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.</sup>
</p>

JLL Residential Market Update – May 2023

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The housing market remains resilient, but agents expect price falls amid higher borrowing costs and uncertain sentiment in coming months.

The housing market remains more resilient than many had anticipated. The latest results from the RICS Survey show market conditions remain challenging, with agents still expecting prices to fall in the coming months.

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Spotlight on Cambridge

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JLL Residential - Spotlight on Cambridge&nbsp;

JLL Residential - Spotlight on Cambridge

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<p><a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1683722906/resi/gb/Articles/PDFs/PCL_Report_Q1_2023_-_V8.pdf" target="_blank"><button class="Button primary" style="text-align:center;">Download full report</button></a></p><p>A higher proportion of homes bought with cash and a sustained lack of stock in the most sought-after locations means Prime Central London (PCL) is less tied to fluctuations in UK mortgage rates.<strong> </strong>However, the central London market is not
    immune to changes in economic conditions, with sentiment rather than interest rates often having a greater impact on activity and pricing. And while Prime Central London is less reliant on debt the discretionary nature of many purchasers buying decisions
    means PCL is often more reactive to changes in sentiment and economic headwinds than mainstream, both when prices fall and when they increase.</p><p>&nbsp;For the rental market, uncertainty often increases demand with prospective purchasers holding off on their decision to purchase and renting or remaining in rented instead. We continue to see demand outstripping supply for prime homes, but there
    is more balance in the market this year than we have seen over the last 12 months. Stock levels, while still significantly lower than the pre-pandemic norms have improved, and rental growth recorded in the Q1 2023 JLL Prime Central London Index has
    returned to single rather than double digit annual growth.</p><p><a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1683722906/resi/gb/Articles/PDFs/PCL_Report_Q1_2023_-_V8.pdf" target="_blank"><button class="Button primary" style="text-align:center;">Download full report</button></a></p>

Prime Central London – Q1 2023

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How has the Prime Central London (PCL) housing market performed so far this year, and how much of an impact will the ongoing economic headwinds have on the sector?

<p><strong>How has the Prime Central London (PCL) housing market performed so far this year, and how much of an impact will the ongoing economic headwinds have on the sector?</strong></p>

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<p><strong>Inflation remained stubbornly in double digits (just) in March. With a rate of 10.1% meaning expectations of a further rate rise at the next MPC meeting are looking more likely. Consensus amongst forecasters is for rates to now top out higher than the 4.25% to 4.5% anticipated earlier in the year. Albeit, then expected to fall back later this year. Confidence in the UK economy is returning, with ratings agency S&amp;P Global upgrading the UK rating, reversing the post mini-budget downgrade, as well as reaffirming the AA rating for UK debt.</strong></p><p>News is mixed on the jobs front too. Unemployment edged up in March to 3.8%, from 3.7% in February. The number of payrolled employees is rising, with figures showing a million more payrolled workers nationally in March 2023 compared with pre-pandemic in March 2020 (a 3.5% increase). Rates had risen the most in London (+4.0%) and Northern Ireland (+5.0%) in the three years to March. Despite this the job market has been slightly less frenetic than it has been of late, with government figures showing the number of vacancies fell for the ninth consecutive month in March, albeit at 1.1 million they remain higher than the pre-pandemic norms. Wage growth in the three months to February averaged 6.6%. But spending power continues to be eroded by increases in living costs, particularly food and energy, with real wages (accounting for inflation) dropping 2.3%.</p><p><strong>Sales market</strong></p><p>The latest figures on house prices show quite a spread in performance between indices, with the Nationwide figures for March suggesting an annual fall of 3.1%, with prices falling for the seventh consecutive month. Figures from the Halifax put prices in March 1.6% higher than they were a year ago, up 0.8% on the previous month (Nationwide is reporting a 0.8% monthly fall). The Land Registry, tracking completions and usually less reactive to changes in the market, is reporting February figures, with prices down 1.0% monthly but still showing an annual increase of 5.5%.</p><p>But the consensus amongst agents is that prices have softened so far this year. The latest RICS survey suggesting respondents were more likely to have seen houses prices fall in their market in the last three months, with the net balance -47% for the UK and -43% for London.</p><p>According to the RICS survey, demand for homes remained more subdued in March too.&nbsp; More agents reported a reduction in new buyer enquiries, with the net balance relatively unchanged from the previous month at -29% nationally. London respondents reported a fall in new buyer enquiries too, but results were less clear cut, with a net balance of -7% seeing fewer buyers.</p><p><strong>The mortgage market</strong></p><p>Just over 40,000 loans were approved for house purchase in February, 37% up on the lows of January 2023 but still 37% down on volumes last February and 18,000 (31%) shy of February 2019 levels. Yet despite further rises in the Bank Rate, fixed rates offered by lenders are more competitive, with both two- and five-year fixed rates at their most competitive since the mini-budget in March 2023, with rates sub 4.3% for a two-year fix and below 4.8% for a five-year according to figures from the Bank of England.</p><p><strong>The rental market</strong></p><p>Rents are still rising nationally.&nbsp; The latest figures from Homelet show all UK regions saw rents rise both annually and month-on-month. UK rents rose to a new high of &pound;1,184 per month, up 0.8% on February 2023 and 9.8% on March 2022. London recorded the highest annual increase of any UK region, with rents up 0.2% monthly and 11.8% annually in March.</p><p>Tenant demand nationally continues to be strong. The non-seasonally adjusted net balance is at a five months high of +46%, while landlord instructions still lag, with more agents reporting landlord instructions falling in the last three months. In London, market conditions are similar, with more agents reporting an increase in tenants registering (the net balance increased from +31% to +40% month-on-month) and landlord instructions failing to keeping pace with demand, with a net balance of -20% in March. A shortage of stock combined with strong demand is expected to put additional pressure on rents. The near-term rent expectations balance (those expecting them to rise) increased from +45% to +59% month-on-month.</p><p><strong>Forecasts</strong></p><p>JLL forecasts remain unchanged. We anticipate price falls in most markets this year as purchasers try to balance increases in living costs and higher interest rates. But with significant levels of equity and a resilient employment market we expect these falls to be limited to single digits in 2023. Rents are forecast to rise in all markets this year, supported by increases in wages and supply shortages.<br /></p><p><strong>JLL Research | April 2023</strong></p><p>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. </p><p>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. </p><h5>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.</h5>

JLL Residential Market Update – April 2023

March inflation remained at 10.1%, suggesting another rate rise is likely at the next MPC meeting.

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<p><strong>Now, though, such technologies and features are not only becoming more commonplace, but are a growing necessity.</strong></p><p>Primarily, this is down to both changing legislation and consumer demand. The UK government has set itself the ambitious target of achieving net-zero carbon emissions by 2050. This essentially means negating the amount of greenhouse gases emitted by both reducing the output and creating ways of absorbing the carbon dioxide produced.<br /></p><p>The country&rsquo;s housing market, and more specifically existing methods of heating the home, are a significant part of this goal. Domestic heating currently creates around 14% of all the UK&rsquo;s carbon emissions. But achieving carbon neutrality in this arena would cost an estimated &pound;250bn, according to the Climate Change Committee, so it&rsquo;s no mean feat.<br /></p><p><strong>Where to start with decarbonising homes</strong></p><p>To decarbonise the country&rsquo;s residential housing stock, the focus will need to be twofold: first, within the construction industry to create zero-carbon or low-carbon new-builds; and second, the mammoth task of retrofitting the UK&rsquo;s existing homes.<br /></p><p>Already, consumer behaviour is beginning to change when it comes to the energy efficiency of homes, and this will be a major driver behind making the change happen. Legal &amp; General, for example, noted a 34% rise in the number of searches for mortgages that consider EPC ratings last summer. Increasingly, lenders are offering up &lsquo;green mortgages&rsquo; which incentivise buyers of more energy efficient properties by offering favourable rates and deals.<br /></p><p>According to research from Bloomberg Intelligence, 88% of prospective buyers now deem the energy efficiency of a property either important or very important, demonstrating how it is becoming central to the buying process. From a property investment perspective, the long-term nature of housing means that future-proofing by buying a zero-carbon-ready home is now more appealing than ever.<br /></p><p>To stay ahead of legislative changes that are expected to come into force to back up the net-zero target, as well as those rules that have already begun to take effect such as the Future Homes and Buildings Standard, many developers are already focusing on some key ways to decarbonise their projects.<br /></p><p>●&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renewable energy: Historically, renewable energy hasn&rsquo;t been much of a feature in the UK&rsquo;s housing stock, but this is changing. Increasingly, technology using solar, wind power, air heating systems, biomass and heat pumps are being installed to improve energy efficiency.</p><p>●&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insulation: This is something that can normally be easily added to an existing property, but in new-builds there are already new rules in place regarding minimum insulation. Some developers use green roofs and insulating cavity walls made from recycled materials to improve their eco credentials, along with high-quality windows and doors.</p><p>●&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable materials: One of the biggest issues in the construction industry when it comes to greenhouse gas emissions is cement production. Increasingly, low-carbon cement is being used in residential buildings to decrease the carbon footprint.</p><p>●&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green spaces: These are not only a huge selling point for buyers, particularly when looking at city or town centre new-builds, but also a hugely important way that developers can decarbonise. This includes planting trees and plants to absorb carbon, and adding living walls, communal gardens and, again, green roofs.<br /></p><p>Smart home appliances and systems are also enabling property owners and even rental tenants to boost the energy efficiency of their homes on an ongoing basis. For example, smart heating and cooling controls have become increasingly popular to allow users to save energy by switching off heating and appliances remotely.<br /></p><p>Some new-build blocks even have geolocation sensors embedded, which can switch off the heating or air conditioning automatically when they detect no one is using a room or space. These systems can be personalised, too, so they can learn the particular schedules of a household and set routines for heating and power in the home, area by area.<br /></p><p><strong>The benefits of boosting energy efficiency in homes</strong></p><p>As the government continues to expand and advance its plans for hitting its net-zero goals, it seems inevitable that more and more legislation will come in to impose potentially drastic changes on the UK&rsquo;s property industry. So, at some point in the not too distant future, energy efficient properties will be a necessity rather than a choice.<br /></p><p>However, there are already plenty of incentives to build and invest in new-build, low or zero carbon homes, as well as to begin improving the energy efficiency of existing properties. Aside from it being in the spotlight for the government, companies and individuals are taking responsibility for their environmental impact on a rising scale, and prioritising the energy efficiency of the buildings we live and work in is an important starting block.<br /></p><p>On a financial level, it is now apparent that investing more money in an energy efficient property at the outset will save on costs over time through lower energy bills. Some research carried out last year by the Home Builders Federation revealed that new-build home owners save around &pound;2,600 a year in energy bills on average. This is down to a combination of advanced heating systems, better performing windows, doors and insulation, and the installation of higher rated appliances. This research was also carried out before energy costs began to escalate towards the end of last year, so the savings could be even higher now.<br /></p><p>Property investors looking to rent out their homes are also finding that tenants are more savvy than ever about EPC ratings, and will question this before signing on the dotted line. Just like in the buyer&rsquo;s market, newer, more energy efficient homes in the country&rsquo;s vast private rented market will attract more prospective occupants, making it a key consideration for landlords.<br /></p><p>As more investors look to future-proof their property investments, developments that are already prioritising the decarbonisation of the built environment are becoming increasingly sought after. Eco-friendly features indisputably add value to homes, creating a scenario where buyers are willing to pay more to ensure their investment has staying power.&nbsp;</p>

Decarbonising Residential Real Estate in the UK

Eco-friendly homes with grass roofs, solar panels, and rainwater systems are becoming more mainstream as part of the UK's decarbonization efforts.

Eco-friendly, green homes with ‘living’ grass roofs, adorned with solar panels and rainwater harvesting systems may once have seemed a futuristic, slightly ‘out there’ concept more likely to be seen on the likes of Grand Designs.

Eco-friendly, green homes with &lsquo;living&rsquo; grass roofs, adorned with solar panels and rainwater harvesting systems may once have seemed a futuristic, slightly &lsquo;out there&rsquo; concept more likely to be seen on the likes of Grand Designs.

https://res.cloudinary.com/global-cms-assets-np/image/upload/v1680099950/resi/gb/Articles/Images/decarbonising-residential.jpg

<p><strong>The goal is for the country to reach net zero emissions of greenhouse gases by 2050.</strong></p><p>While this may seem like a long time away, huge changes are already taking place within the country&rsquo;s built environment, which is estimated to be responsible for around 40% of the UK&rsquo;s total CO2 output. It is therefore seen as an essential part of the overall ambition, and some significant progress is being made in this space.</p><p>Much of this has been sparked by the Future Homes and Buildings Standard, which is essentially a set of changes to the way homes are built and used, starting with a focus on the new-build market.</p><p><strong>What is the Future Homes and Buildings Standard?</strong></p><p>The idea behind the Future Homes and Buildings Standard is that all residential properties in the UK will be &lsquo;net-zero-ready&rsquo; and will not need retrofitting in the future when the net zero target takes effect in 2050. Essentially, when the national electricity grid is ultimately decarbonised, these homes will not need any additional changes to be made in order to operate on a carbon neutral basis.</p><p>Furthermore, the goal within the Future Homes Standard is that, from 2025 - in just two short years&rsquo; time - all new-builds will produce 75-80% less greenhouse gas emissions than homes built under the old building regulations.</p><p>To achieve this, fossil fuel heating systems including traditional gas boilers are expected to be banned in all new homes from 2025. Instead, properties will have modern, energy efficient heat pumps or be connected to heat networks, although this proposal is yet to be finalised.</p><p>Full details and technical specifications for this are expected to be consulted on at some point this year (2023), but the proposals will undoubtedly mean some big changes for housebuilders and developers. What&rsquo;s more, homebuyers and property investors will want to keep abreast of any new developments to stay ahead of the game in terms of purchasing and offering the most appealing, energy efficient homes.</p><p><strong>Some changes have already been made</strong></p><p>On 15 June 2022, a set of interim amendments of the Future Homes and Buildings Standard came into force. Since this date, all newly built properties have been required to deliver carbon emissions savings of 31% against existing standards.</p><p>Two main methods are currently utilised to achieve this: installing modern, energy efficient heating systems in new-builds, and ensuring new minimum standards of building fabrics are used. It means that many of the new-build properties being constructed at the moment are already well on their way to being more future-proof for buyers.</p><p>The interim changes for the Future Homes and Buildings Standard also include a new way of measuring energy efficiency in the first place. There are now three performance metrics being utilised: primary energy, CO2 emissions target and minimum standards for fabric and fixed building services.</p><p>Measures to prevent overheating in domestic properties have also been brought in, including new glazing limits in new-builds. Electric vehicle provision is a particularly crucial component, too, and all new homes must now have preparatory work completed for any future installation of a charging point for an electric vehicle.</p><p><strong>What this means for the property industry</strong></p><p>The Future Homes and Buildings Standard is just one piece of the puzzle when it comes to improving the carbon footprints of our properties, and indeed of our daily lives. But there is certainly a growing awareness and willingness to adopt new practices in order to not only help the environment, but to reduce costs over the long term.</p><p>The electric vehicle market is a particularly tangible example of this. Sales of electric cars&nbsp;<a href="https://heycar.co.uk/blog/electric-cars-statistics-and-projections">reportedly grew by 40%</a>&nbsp;in 2022, and this is only expected to continue to increase. As more and more low-emissions zones are introduced across towns and cities, alongside rapidly improving electric vehicle infrastructure and charging point provision, the incentives to go down this route are growing.</p><p>In terms of the property market specifically, the cost of living crisis has forced households to scrutinise their energy expenditure. As a result, homes with poor energy efficiency are being put under the microscope - and being discounted by growing numbers of people who will no longer be able to afford to heat them. Homeowners, property investors and even tenants are more aware than ever of the EPC (energy performance certificate) ratings of their properties, and this is making energy efficient homes even more desirable.</p><p>Since the 2018&nbsp;<a href="https://www.gov.uk/guidance/domestic-private-rented-property-minimum-energy-efficiency-standard-landlord-guidance">Minimum Energy Efficiency Standard</a>&nbsp;(MEES) for rental properties was introduced, there has been a distinctive shift in the behaviour of many property investors, according to some studies.</p><p>Under MEES, all properties must achieve a rating of E or higher in order to be legally let out. Increasingly, as awareness of energy efficiency grows, more buyers are seeing the value in opting to purchase newly built homes to increase the longevity of their investment. This is because a vast majority of new-builds - particularly in light of new building regulations - achieve the top A-C EPC ratings.</p><p>To shine a light on the full extent of energy bill savings, recent research from&nbsp;<a href="https://policyinpractice.co.uk/cost-of-living-how-the-energy-price-cap-affects-different-households/">Policy in Practice</a>&nbsp;revealed a difference of &pound;1,745 per year between the most energy efficient (A-rated) and the least energy-efficient (G-rated) in the utility costs of a flat or small house.</p><p>When looking at larger properties, the difference is even more stark, as the analysis, based on Cornwall Insight&rsquo;s forecast, British Gas data on energy consumption per household type and Annual Fuel Poverty Statistics in England, 2022, reveals. Average energy bills for an A-rated five-bedroom family home were &pound;2,156 as of October 2022. Yet for those living in a G-rated property, that cost rises to a huge &pound;6,534 per year, and could be set to climb further when the current energy price cap ends.</p><p>It is no surprise, then, that tenants in the private rented sector are increasingly seeking out homes with better EPC ratings, and the same can also be said for investors realising how focusing on energy efficiency can massively boost the appeal of their investment properties.&nbsp;</p>

The Future Homes and Buildings Standard: An Introduction

The UK Net Zero Strategy impacts our lives, influencing house building, car choices, and energy use.

The UK government’s Net Zero Strategy is already beginning to shape our daily lives, from the houses we build and buy to the cars we drive and the way some of us use energy and heat our homes. 

The UK government&rsquo;s Net Zero Strategy is already beginning to shape our daily lives, from the houses we build and buy to the cars we drive and the way some of us use energy and heat our homes.&nbsp;

https://res.cloudinary.com/global-cms-assets-np/image/upload/v1680099088/resi/gb/Articles/Images/future-homes.jpg

<p>Comparing prices achieved for homes close to the river with non-riverside properties in the same postcode shows that riverside dwellers were happy to pay more. Analysing prices paid for flats sold since the start of 2020 shows that buyers paid, on average,
    28.5% more for riverside properties. <br /></p>
<p>To celebrate The Boat Race, an annual event between crews from the University of Oxford and the University of Cambridge, that took place Sunday 26<sup>th</sup> March - JLL analysed the average price of flats along the route of the race, since the start
    of 2020, comparing those not on the riverside with those that are. See table below:<br /></p>
<p><strong>Average flat prices &ndash; Jan 2020 to date</strong></p>
<table>
    <thead>
        <tr>
            <th><br /></th>
            <th data-role="resizable">Not Riverside</th>
            <th>Riverside</th>
            <th>Premium</th>
        </tr>
    </thead>
    <tbody>
        <tr>
            <td>&nbsp;SW13</td>
            <td>&nbsp;&pound;593,440</td>
            <td>&pound;813,673</td>
            <td>&nbsp;37.1%</td>
        </tr>
        <tr>
            <td>&nbsp;SW14</td>
            <td>&pound;479,638&nbsp;</td>
            <td>&pound;534,648&nbsp;</td>
            <td>11.5%&nbsp;</td>
        </tr>
        <tr>
            <td>SW15&nbsp;</td>
            <td>&pound;475,875&nbsp;</td>
            <td>&nbsp;&pound;610,384</td>
            <td>&nbsp;28.3%</td>
        </tr>
        <tr>
            <td>SW6&nbsp;</td>
            <td>&pound;652,383&nbsp;</td>
            <td>&nbsp;&pound;796,899</td>
            <td>22.2%&nbsp;</td>
        </tr>
        <tr>
            <td>&nbsp;W4</td>
            <td>&nbsp;&pound;543,998</td>
            <td>&nbsp;&pound;602,073</td>
            <td>10.7%&nbsp;</td>
        </tr>
        <tr>
            <td>W6&nbsp;</td>
            <td>&nbsp;&pound;566,505</td>
            <td>&pound;879,777&nbsp;</td>
            <td>&nbsp;55.3%</td>
        </tr>
        <tr>
            <td>Grand Total&nbsp;</td>
            <td>&pound;559,000&nbsp;</td>
            <td>&nbsp;&pound;718,463</td>
            <td>&nbsp;28.5%</td>
        </tr>
    </tbody>
</table>
<p>
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<p>Source: JLL Research using HM Land Registry</p>
<p>Chiswick&nbsp;had the lowest riverside premium at 10.7%, meanwhile in the postcode district of Hammersmith - incorporating the areas of&nbsp;Hammersmith and Ravenscourt Park - properties by the riverside saw a price premium of more than 50%. Buyers looking
    at properties along the stretch of the river running between Fulham and Richmond encompassing Putney and Barnes are paying between 20% and 37% more for to live close to the river.&nbsp;</p>
<p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1679910614/resi/gb/Articles/Images/hammersmith.png" alt="Hammersmith" width="700" height="500" /></p>
<p><strong>Alexander Troeller, Associate, Residential Development at JLL comments, </strong><br /></p>
<p><em>&ldquo;The River Thames has always been an integral part of London and today those who live along the river can enjoy uninterrupted views. During the pandemic and ever since, there has been a sharp focus amongst buyers to have proximity to surrounding nature and as a result </em><em>homes that have views overlooking the river have become increasingly popular. </em><em></em><br
    /></p>
<p><em>&ldquo;Alongside the popularity of a riverside view has been the growing demand for new homes </em><em>across London, evidenced by annual reservations up by 6% compared in 2022 compared with 2021. New homes encompass a lot of what buyers want from their homes today; attractive interior design combined with perfectly curated residents&rsquo; amenities.&rdquo;</em><br
    /></p>
<p><strong><span style="text-decoration:underline;">Property example with riverside views: </span></strong><br /></p>
<h2><strong>Chelsea Riverview, William Morris Way,&nbsp;South West London,&nbsp;Fulham,&nbsp;SW6,&nbsp;London</strong></h2>
<p>Designed by award winning architects AFK, the ten-storey&nbsp;contemporary riverside development is being delivered by real estate developer, SMC Property. On completion, Chelsea Riverview will comprise 110 spacious homes, 73 of which are private, each
    with access to private balconies or oversized terraces. The scheme is conveniently located for easy access across London and beyond, situated on the doorstep of renowned Chelsea with many travel connections a short walk away and seamless access to
    international airport Heathrow.
    <o:p></o:p>
</p>
<p>Chelsea Riverview was designed with wellness in mind to offer residents the highest standards of comfort and luxury. In addition to the large balconies or sweeping terraces, a residents&rsquo; business lounge, cinema room, fitness suite equipped with
    Peloton bikes, yoga studio, pet grooming room and 24-hour manned front desk, comprising security and concierge. The scheme comprises studio, one-, two- and three-bedroom apartments. A select group of ten apartments within the development will form
    The Terrace Collection. These homes, located on the higher levels of the development will feature one of a kind large sized apartments with huge wrap-around terraces with views over the River Thames and across London as well as a premium specification
    uplift.
    <o:p></o:p>
</p>
<p>Prices from &pound;675,000 - &pound;2,325,000</p>
<p><a href="https://residential.jll.co.uk/sale-development/chelsea-riverview/london-a0O8W00000FNHj7UAH">https://residential.jll.co.uk/sale-development/chelsea-riverview/london-a0O8W00000FNHj7UAH</a></p>
<p><strong>About JLL</strong></p>
<p>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 $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>.</p>

Riverside views command a premium, reports JLL

Latest JLL analysis of price paid data found that a view over the river carried a significant premium.&nbsp;<div><br /></div>

March, 2023 - Latest JLL analysis of price paid data found that a view over the river carried a significant premium.

<strong>March, 2023 -</strong>&nbsp;Latest JLL analysis of price paid data found that a view over the river carried a significant premium.

https://res.cloudinary.com/global-cms-assets-np/image/upload/v1679909274/resi/gb/Articles/Images/riverside1.png

<p><strong></strong><strong>Recently news of a rate rise at a Monetary Policy Committee meeting has become almost a foregone conclusion, with rates increasing ten times since December 2021 and the last meeting in February. But views on the outcome of the March meeting were mixed. On one hand, the uncertainty surrounding the collapse of the Silicon Valley Bank and the takeover of Credit Suisse by UBS, alongside more encouraging news on the outlook for inflation from the OBR suggested the committee may stick. But unexpected double digit inflation figures, showing an annual uptick in CPI of 10.4% in February increased the odds of a rate rise. &nbsp;</strong></p><p><strong>Despite the announced 25 basis point rise, taking base rates to 4.25%, we still expect this signals a topping out (or near topping out) of rates. This remains in line with the base rate expectations in our November forecast, with JLL expecting house prices will fall by 6% nationally in 2023, with the market starting to see annual growth return in the latter part of 2024.</strong></p><p><strong>Updated Office for Budget Responsibility (OBR) forecasts following the Spring Budget show the UK economy is not now expected to enter a technical recession in 2023. However, forecasts suggest a small contraction of 0.2%. At present the UK inflation rate remains stubbornly high, however the OBR has forecast inflation will fall to 2.9% by year end. Despite economic uncertainty, the labour market continues to rally. Although job vacancies have fallen vacancies remain 300,000 above levels recorded pre-pandemic. &nbsp;</strong></p><p><strong>Despite expectations the UK will avoid recession, the outlook for growth is more muted. The OBR have forecast GDP growth of 1.8% in 2024, followed by 2.5% in 2025, 2.1% in 2026 and 1.9% in 2027. </strong><br /></p><p><strong>The Spring Budget</strong></p><p>The Budget was light on specific housing policies and initiatives to boost the supply of new housing in the UK. The costs of living crisis has exacerbated issues surrounding housing affordability and the need for greater innovation on supply side policy. </p><p>The news on the energy price cap remaining at &pound;2,500 per annum will, however, be well received by households across the UK. The cap will remain in place until the end of June, by which time the government is hopeful that falling energy prices and more balmy weather will negate the need for further support.</p><p>There appear to have been a handful of small steps made to improve the UK&rsquo;s renewable energy sources. The Department for Energy Security and Net Zero was one of four new departments created in February. In addition, the Chancellor has announced that the government is launching Great British Nuclear (GBN) to address constraints in the nuclear market. </p><p><strong>The Housing Sales Market</strong></p><p>The latest set of responses from the RICS survey saw the majority of agents reporting a continued fall in house prices and new buyer enquiries in February. A net balance of 29% professionals reported a fall in new buyer enquiries, an improvement on the 45% recorded in January. The story is similar across London with a net balance of 44% of professionals reporting a fall in house prices.</p><p>The Nationwide UK House Price Index reported house prices fell 1.1% in the year to February 2023, the first annual decline since June 2020. Higher interest rates and cost of living pressures have been slowly filtering through to the housing market over the past five months or so. Albeit recent reductions in mortgage rates and continued resilience in the labour markets have kept annual falls to a minimum so far. According to Nationwide, the average house price in the UK is &pound;257,406, 19% higher than pre-pandemic levels (February 2023 vs. February 2020). </p><p><strong>The Rental Market </strong></p><p>The Homelet index suggests annual rental growth remains strong at 9.9% across the UK in February 2023, with the current average rent of &pound;1,175 matching the November peak. The latest RICS survey continues to show an imbalance between supply and demand in the both the UK and London rental markets. </p><p>In London, the worsening demand supply story has continued to underpin rents, with annual growth of 12.4% in February 2023. The average rent across London reaching &pound;1,975 per month.</p><p><strong>Forecasts</strong></p><p>Despite some clear challenges, the UK housing market remains in a strong position. Unemployment is still at near record lows, with recent data showing there are over 300,000 more job vacancies now compared to the beginning of the pandemic. JLL are forecasting single digit price falls nationally in 2023 as buyers and vendors adapt to higher mortgage rates and the squeeze in the cost of living. But prices falls will not be universal, we anticipate certain markets, such as central London and high demand city centre locations, will see more modest price falls or marginal price rises this year. &nbsp;</p><p>In the rental market the lack of quality rental stock is an ongoing issue. We also expect to see a higher number of prospective buyers, as well as those who would under normal circumstances have transacted under Help to Buy remain in the rental market for longer, adding further demand in an already constrained market.&nbsp;</p><p>&nbsp;</p><style>table {
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<table><thead><tr><th data-role="resizable">Residential Forecasts</th><th data-role="resizable">2023</th><th data-role="resizable">2024</th><th>2025</th><th>2026</th><th>2027</th><th>Total 2023-27</th><th>Average pa</th></tr></thead><tbody><tr><td>UK House Price Change (% pa)&nbsp;</td><td>-6.0&nbsp;</td><td>1.0&nbsp;</td><td>4.0&nbsp;</td><td>5.0&nbsp;</td><td>5.0&nbsp;</td><td>8.9&nbsp;</td><td>1.7&nbsp;</td></tr><tr><td>&nbsp;UK Rental Value Change (% pa)</td><td>4.0&nbsp;</td><td>3.5&nbsp;</td><td>2.5</td><td>2.5&nbsp;</td><td>2.5&nbsp;</td><td>15.9&nbsp;</td><td>3.0&nbsp;</td></tr></tbody></table><p><em>Source: JLL Research</em><strong></strong></p><p><strong>And in case you missed it&hellip;</strong></p><p>JLL released our latest <a href="https://residential.jll.co.uk/insights/research/big-six-residential-development-report-winter-2022-23">Big 6 Residential Development Report</a>, comparing
    activity, pricing and rents across six UK cities outside of London. <em>Veronica Spanos McGill, Senior Analyst at JLL</em>, speaks to Egi on <a href="https://www.egi.co.uk/news/btr-needs-to-grow-threefold-to-fill-londons-widening-private-rental-gap/">the shortfall of rental stock</a>, with JLL highlighting increasing unaffordability in the housing market will drive demand for an additional 300,000 rental households over the next ten years. And on the story of the rental
    market, <a href="https://www.jll.co.uk/en/trends-and-insights/research/london-build-to-rent?utm_source=linkedin&amp;utm_medium=orgsoc&amp;utm_term=hootsuite&amp;utm_content=adcb033a-8f34-44da-8ef1-476f9bbc2f3c">investment of &pound;15bn has seen London's BTR market grow to 40,000 homes in 2022</a>.<strong></strong><strong></strong></p><p><strong>JLL Research | March 2023</strong></p><p>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. </p><p>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. </p><h5>Disclaimer: &copy; 2023 Jones Lang LaSalle IP, Inc. All rights reserved.</h5><h5>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</h5>

Residential Market Update March 2023 – Spring Budget Overview

financing

JLL Residential Market Update March 2023 &ndash; Spring Budget Overview

<strong>The Spring Budget, 2023</strong><div><strong style="color:#313131;"><br /></strong></div>

https://res.cloudinary.com/jll-global-olm-np/image/upload/v1679067193/resi/gb/cms/Blogs/Images/market_update_march_23.jpg

<p><strong>Early February saw the Monetary Policy Committee (MPC) meet, with base rates increased by a further 50 basis points, to 4%. Although this was the tenth consecutive rate rise, the market now widely expects we are nearing the peak. With expectations that base rates will top out at between 4% and 4.5% this year. </strong></p><p><strong>Q4 figures showed the UK managed to narrowly avoid falling into a recession in 2022, with the economy flat in the fourth quarter, however economic output was down -0.5% in December. Forecasters are not discounting the possibility of recession this year, albeit any recession in the UK economy is now expected to be shorter and shallower than originally forecast. </strong></p><p><strong>The Mortgage Market</strong></p><p>The mortgage markets have become more competitive over the past month, with more lenders joining the sub-4% club. HSBC was one of the first to launch a five-year fixed rate earlier this month. Since, the Co-Operative Bank has launched a five-year fix
    at 3.75%, the cheapest rate offered to borrowers since September 2022. </p><p>The number of mortgage approvals fell by -44% from November to December 2022, with December figures the lowest since lockdown months in 2020. Albeit we anticipate an increase in more competitive mortgage products on the market will result in a rise in
    mortgage approvals over the next few months. </p><p><strong>The Sales Market</strong></p><p>The latest responses from the RICS survey saw the majority of agents reporting a drop in house prices and new buyer enquiries in January. The story is similar across London with a net balance of 41% of professionals reporting a fall in house prices, more
    negative than the -30% in December. The fall in new buyer enquiries is also impacting the time properties spend on the market, with the number of days taken to sell a home rising to 52 days in December.</p><p>Wealthy overseas buyers have been taking advantage of a weaker pound to secure homes in central London. Analysis of JLL new homes reservations data shows the number of reservations from international buyers was up 33% in 2022 compared to 2021. Buyers
    from the Asia Pacific region continued to dominate the market; The number of new homes reservations from mainland China, Hong Kong and Malaysia was up 26%, 26% and 35% respectively in 2022 compared with 2021. </p><p>Outside central London, more challenging market conditions and cost of living pressures are beginning to filter through to the market. The Nationwide House Price Index reports growth nationally is slowing, prices 1.1% higher in January 2023 than they
    were a year ago, although it should be noted that this is on mortgaged properties only. Land Registry data, which records completion dates, is still showing a 9.8% annual increase in UK house prices for December 2022.</p><p>According to Land Registry, the East Midlands region saw the highest house price growth in the year to December 2022, at 12.3%, with London recording the lowest annual growth at 6.7%. Scotland and Wales recorded annual growth of 5.7% and 10.3% respectively.
</p><p><strong>The Rental Market </strong></p><p>The Homelet index suggests annual rental growth remains strong at 10.2% across the UK, although the monthly change in rents have recorded marginal falls of -0.2% in January. The latest RICS survey continues to show an imbalance between supply and demand
    in the both the UK and London rental markets. In London there is evidence of worsening demand/supply imbalance as RICS reports a sharp rise coupled with a fall in landlord instructions. </p><p>Continued pressure on the cost of living, alongside higher borrowing costs, suggests demand for rental properties will remain strong in 2023. But affordability will continue to be challenged, with analysis of Homelet data suggesting renters in the UK
    are spending 31.3% of their income on rent, rising to 36.1% in London. <strong></strong></p><p><strong>Forecasts</strong></p><p>Despite some clear challenges, the UK housing market remains in a strong position. Unemployment is still at near record lows and fewer households have high loan-to-value loans secured against their properties. The outlook for the UK&rsquo;s city centres
    remains strong, with house prices still expected to rise this year. Cities where we have seen the highest house price growth have continued to see demand outstrip supply of late, with the return of students and young professionals. </p><p>The lack of quality rental housing is an ongoing issue. This demand for rental stock supports institutional investor appetite for purpose built rental homes. We expect that more prospective buyers, as well as those who would under normal circumstances
    have transacted under Help to Buy, are more likely remain in the rental market in greater numbers this year. This adds further fuel to an already constrained rental market and will, we expect, perpetuate the supply demand imbalance in 2023.</p><div><style>td,
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<div style="overflow-x:auto;" align="center"><table cellspacing="0" cellpadding="0" border="1" align="center" width="100%"><tbody><tr class="red"><th scope="col">Residential Forecasts</th><th scope="col">2023</th><th scope="col">2024</th><th scope="col" data-role="resizable">2025</th><th scope="col">2026</th><th scope="col">2027</th><th scope="col">Total 2023-27</th><th>Average pa</th></tr><tr><td>UK House Price Change (% pa)</td><td>-6.0</td><td>1.0</td><td>4.0</td><td>5.0</td><td>5.0</td><td>8.9</td><td>1.7</td></tr><tr><td>UK Rental Value Change (% pa)</td><td>4.0</td><td>3.5</td><td>2.5</td><td>2.5</td><td>2.5</td><td>15.9</td><td>3.0</td></tr></tbody></table></div><p><em>Source: JLL Research</em></p><p><strong><em>And in case you missed it&hellip;.</em></strong></p><p>Annual investment in the UK Living Sector soared to record heights of &pound;18bn. Purpose-built student accommodation contributed 45% of investment. Read more in our latest <a href="https://www.jll.co.uk/en/trends-and-insights/research/uk-living-capital-markets-2022">UK Living Capital Markets 2022 in Review</a> report.&nbsp; The average cost of a starter home is up &pound;50,000 over the past five years. <em>Marcus Dixon, Director of Residential Research at JLL</em>, <a href="https://www.standard.co.uk/homesandproperty/property-news/first-time-buyer-property-prices-soar-up-to-a-fifth-b1057600.html">chats to the Evening Standard</a>&nbsp; and explains the figures &ldquo;clearly demonstrate the extent to which people are being priced out of the heart of the capital when looking to buy their first home&rdquo;.
        And keep an eye out for our <em>Big Six Residential Development Winter 22/23 Report, </em>out soon.&nbsp;</p><p><strong>JLL Research | February 2023</strong></p><p>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. </p><p>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. </p><p>Disclaimer: &copy; 2023 Jones Lang LaSalle IP, Inc. All rights reserved.</p><p>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.</p><p><br /></p></div>

Residential Market Update February 2023 – A competitive mortgage market is arising

Early February saw the Monetary Policy Committee (MPC) meet, with base rates increased by a further 50 basis points, to 4%.

https://res.cloudinary.com/global-cms-assets-np/image/upload/v1680172191/resi/gb/Articles/Images/budget.jpg

<p><strong>The Bank of England Monetary Policy Committee will next meet on 2<sup>nd</sup> February, with expectation that rates could rise again. Yet reports on the economic outlook for the UK have been marginally more positive of late. Despite remaining in double digits annual growth, inflation fell back again in December to 10.5% (from 10.7% in November and 11.1% in October). Inflation is now thought to have peaked in 2022 with forecasters anticipating a gradual fall in the rate of inflation throughout 2023. Albeit remaining higher than the Banks 2% target. </strong></p><p><strong>Three of the key drivers of inflation globally, commodities, energy and shipping costs, are all falling.&nbsp; With lower gas prices meaning the governments costs to cap energy bills may well be lower than anticipated, helping to lower the rate of inflation in the coming months. But challenges remain, with households still feeling the cost-of-living squeeze as prices of other household goods including food continue to rise. The employment market too, while still robust is seeing vacancies fall as positions are withdrawn in certain sectors.&nbsp;</strong></p><p><strong>The Mortgage Market</strong></p><p>A more competitive mortgage market is beginning to emerge in the UK. Several lenders have introduced more competitive fixed rate offers. One lender having released a new two-year fixed deal at 4.84%, one of the most competitive rates on the market. New
    analysis by wealth fund Quilter, has also shown that a fall in house prices coupled with a fall in mortgage rates to around 4%, could see buyers mortgage repayments reduce by as much as 25% by the end of 2023. </p><p>The number of mortgage approvals in November 2022 fell to 47,279, the lowest levels since May 2020. However, as we see more competitive deals enter the market, it is likely we will begin to see a gradual uptick in the number of deals approved. It is also
    worth noting that a proportion of the fall in activity can be linked to the end of the Help to Buy scheme in October, skewing first -time buyer activity.</p><p><strong>The Sales Market</strong></p><p>The latest set of responses from the RICS survey saw the majority of agents reporting a drop in house prices and new buyer enquiries in December. The story is similar across London with a net balance of 32% of professionals reporting a fall in house prices.
    The fall in new buyer enquiries is also impacting the time properties spend on the market, with the number of days taken to sell a home rising to 52 days in December, seven days longer than in November. Albeit it is not unusual to see an increase
    in December. </p><p>More challenging market conditions are yet to impact Land Registry house price data, with annual growth still in double digits in November 2022, due to the time lag between offer and completion. But monthly rates of growth are slowing as rising mortgage
    rates and a squeeze on household budgets are beginning to filter through to the market. The Nationwide House Price Index reports annual growth in December of 2.8%, representing a fourth monthly decline. Across the UK house prices rose 10.3% in November
    2022, compared with November 2021, with prices 27% higher than they were in 2019 (November 2022 vs. November 2019). Regionally annual price growth ranged from 6.3% in Greater London to 13.5% in the North West.&nbsp; </p><p><strong>The Rental Market </strong></p><p>The Homelet index suggests annual rental growth remains strong at 10.8% across the UK, although the monthly change in rents remained flat in December. The latest RICS survey continues to show an imbalance between supply and demand in the both the UK and
    London rental markets. The impact of higher interest rates also means tenants are staying in the rental sector for longer as affordability is squeezed, and potential buyers wait to see where the market is heading before committing to purchase. <br /></p><p><strong>Forecasts</strong></p><p>Lessons learnt from the global financial crisis mean the UK housing market is in a stronger position, with households more equity rich and stress tested for higher rates. JLL forecasts that transaction volumes will fall 30% next year but for house prices
    we will see a correction rather than a crash.</p><p>&nbsp;In Central London, there are a larger proportion of both overseas and cash buyers, less reliant on mortgages, and subsequently effected by rate rises. Coupled with lack of stock coming onto the market, we expect this to underpin values in Central
    London over the next year of 2.5%. </p><p>Outside of Central London a combination of higher rates, poorer market sentiment and the cost-of-living squeeze will mean prices and activity levels fall across the UK housing market in 2023. Prices are expected to fall UK wide by 6% in 2023 before recovering
    in late 2024, as interest rates fall back and inflation is contained.&nbsp;</p><style>td,
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<div style="overflow-x:auto;" align="center"><table cellspacing="0" cellpadding="0" border="1" align="center" width="100%"><tbody><tr class="red"><th scope="col">Residential Forecasts</th><th scope="col">2023</th><th scope="col">2024</th><th scope="col">2025</th><th scope="col">2026</th><th scope="col">2027</th><th scope="col">Total 2023-27</th><th>Average pa</th></tr><tr><td>UK House Price Change (% pa)</td><td>-6.0</td><td>1.0</td><td>4.0</td><td>5.0</td><td>5.0</td><td>8.9</td><td>1.7</td></tr><tr><td>UK Rental Value Change (% pa)</td><td>4.0</td><td>3.5</td><td>2.5</td><td>2.5</td><td>2.5</td><td>15.9</td><td>3.0</td></tr></tbody></table></div><p><em>Source: JLL Research</em></p><p><strong><em>And in case you missed it&hellip;.</em></strong><strong></strong><br /></p><p>2022 was a record-breaking year for Prime Central London. The latest JLL analysis shows <a href="https://residential.jll.co.uk/insights/article/prime-central-london-q4-2022">buyers spent &pound;5.2bn on home last year.</a> Looking
    forward, the cost of living squeeze is expected to put energy efficiency and value for money at the top of the checklist for many renters in 2023. <a href="https://residential.jll.co.uk/insights/news/uk-rental-market-update-2023">In a UK rental market update</a>,&nbsp;
 we highlight how 85% of renters from our tenant survey said the environmental efficiency of their home was important to them. And finally, <em>Emma Rosser, Living Capital Markets Research Associate at JLL</em>, on how <a href="https://www.egi.co.uk/news/btr-attracts-6-4bn-investment-in-another-record-year/">investment in UK BTR hit a record &pound;6.3bn in 2022, despite a downbeat Q4.</a></p><h2><strong>Marcus Dixon</strong></h2><p>Director of UK Residential Research<br />+44 (0)7563 380165<br /><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;white-space:inherit;word-spacing:normal;caret-color:auto;">marcus.dixon@eu.jll.com</span></p><p><strong>JLL Research | January 2023</strong></p><p>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. </p><p>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. </p><p>Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved.</p><p>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.</p><p>&nbsp;</p>

Residential Market Update January 2023 – Falling Inflation

January market update

The Bank of England Monetary Policy Committee will next meet on 2<sup>nd</sup>&nbsp;February, with expectation that rates could rise again.

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<p>Woodberry Down is a neighbourhood located in the Finsbury Park area of London.&nbsp;The area is known for its diverse mix of residential and commercial properties, as well as its proximity to a number of iconic landmarks and popular destinations.</p><p>Some of the most notable landmarks in the area include Finsbury Park itself, which offers a wide range of recreational activities and green spaces, as well as the historic Stroud Green Road and the bustling Upper Street.</p><p>Additionally, the area is home to a number of popular shops, restaurants, and nightlife venues, making it a popular destination for both residents and visitors.</p><p>But what about the property market?</p><p>Download the Woodberry Down 2023/2024 report below.</p><button id="btn-1" class="Button primary">Download Report</button><br /><br />

Woodberry Down Research Report

Woodbury-Down

Woodberry Down is a neighbourhood located in the Finsbury Park area of London.&nbsp;The area is known for its diverse mix of residential and commercial properties, as well as its proximity to a number of iconic landmarks and popular destinations.

https://res.cloudinary.com/global-cms-assets-np/image/upload/v1673882325/resi/gb/Articles/Images/Woodbury-Down.jpg

<p><a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1673444524/resi/gb/Articles/PDFs/JLL_PCL_Report_Q4_2022.pdf" target="_blank"><button class="Button primary" style="text-align:center;">Download full report</button></a></p>
<p><strong>2022 was a record-breaking year for Prime Central London. Buyers spent almost &pound;5.2 billion on homes last year, the highest amount spent for more than ten years. </strong><br /></p>
<p>But Prime Central London has not been immune to political and economic uncertainty that has impacted the UK market in recent months. On one hand there is less reliance on debt in the prime market than in mainstream, meaning fluctuations in interest rates
    have less of an impact, however increased uncertainty, and a higher proportion of discretionary purchasers in PCL have resulted in prices falling back in Q4.&nbsp; </p>
<p>The JLL Prime Central London Index recorded a 3.5% quarterly fall in Q4 2022. With prices ending the year 2.4% lower than in Q4 2021. </p>
<p>The number of properties on the market at the end of Q4 2022 fell this quarter, in line with usual seasonal activity. At the end of Q4 2022 there were 2,847 homes on the market in PCL, 3% higher than the same point a year ago and down 9% compared to the
    end of Q3.</p>
<p>While prices fell in the fourth quarter there was little sign of a slowdown in sales activity. Sales volumes were 15% higher than Q4 2021, although the stamp duty holiday distorted figures last year. Taking 2022 in its entirety shows transaction volumes
    rose 6% on 2021, with 2022 the busiest year for PCL sales since 2014.</p>
<p>For the rental market<strong> </strong>stock levels across Prime Central London remain below historic levels. The number of properties available to let at the end of Q4 2022 was 13% higher than at the same point in 2021, when stock levels bottomed out,
    but remain 45% lower than in 2019. </p>
<p>Almost half (48%) of the properties let by JLL within Prime Central London in Q4 2022 were renewals, up from 37% in Q4 last year and 24% in 2019. With high rates of renewals continuing to impact both new lets agreed and returning stock levels. </p>
<p>Rents plateaued in Q4 2022 after six quarterly increases, the JLL Prime Central London Index falling 0.5% in Q4 2022 compared with the previous quarter. But rents are still higher than they were a year ago. The JLL Prime Central London Index recorded
    a 6.1% annual increase in achieved rents in the fourth quarter.<br /></p>
<p><a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1673444524/resi/gb/Articles/PDFs/JLL_PCL_Report_Q4_2022.pdf" target="_blank"><button class="Button primary" style="text-align:center;">Download full report</button></a></p>
<table>
    <tbody>
        <tr style="height:50%;">
            <td style="width:50%;">
                <h2><strong>Marcus Dixon</strong></h2>
                <p><strong></strong>Director of UK Residential Research<br />+44 (0)7563 380165<br />marcus.dixon@eu.jll.com</p>
            </td>
            <td style="width:50%;">
                <h2><strong>Lucy Morton</strong></h2>
                <p><strong></strong>Head of UK Residential Agency<br />+44 (0)7767 778653<br />lucy.morton@eu.jll.com</p>
            </td>
        </tr>
        <tr style="height:50%;">
            <td style="width:50%;">
                <h2><strong>Neil Short</strong></h2>
                <p><strong></strong>Director &ndash; PCL lettings<br />+44 (0)7841 199910<br />neil.short@eu.jll.com</p>
            </td>
        </tr>
    </tbody>
</table><strong></strong><strong style="background-color:transparent;color:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;white-space:inherit;word-spacing:normal;caret-color:auto;">About JLL | January 2023</strong>

Prime Central London – Q4 2022

A record year for PCL, but political and economic uncertainty impacts the market in Q4.

<strong>A record year for PCL, but political and economic uncertainty impacts the market in Q4.</strong>

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<h3 class="featuredProperties__title"><span class="featuredProperties__title-featured typography-hero">Featured </span><span class="featuredProperties__title-project typography-hero"> properties </span></h3>

<h3 class="featuredProperties__title"><span class="featuredProperties__title-featured typography-hero">Featured </span><span class="featuredProperties__title-project typography-hero"> developments </span></h3>

<h3 class="featuredProperties__title"><span class="featuredProperties__title-featured typography-hero">Featured </span><span class="featuredProperties__title-project typography-hero"> resales</span></h3>

<h3 class="featuredProperties__title"><span class="featuredProperties__title-featured typography-hero">Featured </span><span class="featuredProperties__title-project typography-hero"> developments</span></h3>

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value=300 
[min_month.2] 
label="£350 pcm" 
value=350 
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label="£400 pcm" 
value=400 
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label="£450 pcm" 
value=450 
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label="£500 pcm" 
value=500 
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label="£600 pcm" 
value=600 
[min_month.7] 
label="£700 pcm" 
value=700 
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label="£800 pcm" 
value=800 
[min_month.9] 
label="£900 pcm" 
value=900 
[min_month.10] 
label="£1,000 pcm" 
value=1000 
[min_month.11] 
label="£1,100 pcm" 
value=1100 
[min_month.12] 
label="£1,200 pcm" 
value=1200 
[min_month.13] 
label="£1,300 pcm" 
value=1300 
[min_month.14] 
label="£1,400 pcm" 
value=1400 
[min_month.15] 
label="£1,500 pcm" 
value=1500 
[min_month.16] 
label="£1,600 pcm" 
value=1600 
[min_month.17] 
label="£1,700 pcm" 
value=1700 
[min_month.18] 
label="£1,800 pcm" 
value=1800 
[min_month.19] 
label="£1,900 pcm" 
value=1900 
[min_month.20] 
label="£2,000 pcm" 
value=2000 
[min_month.21] 
label="£2,250 pcm" 
value=2250 
[min_month.22] 
label="£2,500 pcm" 
value=2500 
[min_month.23] 
label="£2,750 pcm" 
value=2750 
[min_month.24] 
label="£3,000 pcm" 
value=3000 
[min_month.25] 
label="£3,500 pcm" 
value=3500 
[min_month.26] 
label="£4,000 pcm" 
value=4000 
[min_month.27] 
label="£4,500 pcm" 
value=4500 
[min_month.28] 
label="£5,000 pcm" 
value=5000 
[min_month.29] 
label="£5,500 pcm" 
value=5500 
[min_month.30] 
label="£6,000 pcm" 
value=6000 
[min_month.31] 
label="£6,500 pcm" 
value=6500 
[min_month.32] 
label="£7,000 pcm" 
value=7000 
[min_month.33] 
label="£8,000 pcm" 
value=8000 
[min_month.34] 
label="£9,000 pcm" 
value=9000 
[min_month.35] 
label="£10,000 pcm" 
value=10000 
[min_month.36] 
label="£12,500 pcm" 
value=12500 
[min_month.37] 
label="£15,000 pcm" 
value=15000 
[min_month.38] 
label="£17,500 pcm" 
value=17500 
[min_month.39] 
label="£20,000 pcm" 
value=20000 
[min_month.40] 
label="£25,000 pcm" 
value=25000 
[min_month.41] 
label="£30,000 pcm" 
value=30000 
[min_month.42] 
label="£35,000 pcm" 
value=35000 
[min_month.43] 
label="£40,000+ pcm" 
value=40000

[max_month] 
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label="No Max" 
value="" 
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label="£400 pcm" 
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label="£600 pcm" 
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label="£700 pcm" 
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value=1200 
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label="£1,600 pcm" 
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label="£1,700 pcm" 
value=1700 
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label="£1,800 pcm" 
value=1800 
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label="£1,900 pcm" 
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label="£2,000 pcm" 
value=2000 
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label="£2,250 pcm" 
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label="£2,500 pcm" 
value=2500 
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label="£2,750 pcm" 
value=2750 
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label="£3,000 pcm" 
value=3000 
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label="£3,500 pcm" 
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label="£4,000 pcm" 
value=4000 
[max_month.27] 
label="£4,500 pcm" 
value=4500 
[max_month.28] 
label="£5,000 pcm" 
value=5000 
[max_month.29] 
label="£5,500 pcm" 
value=5500 
[max_month.30] 
label="£6,000 pcm" 
value=6000 
[max_month.31] 
label="£6,500 pcm" 
value=6500 
[max_month.32] 
label="£7,000 pcm" 
value=7000 
[max_month.33] 
label="£8,000 pcm" 
value=8000 
[max_month.34] 
label="£9,000 pcm" 
value=9000 
[max_month.35] 
label="£10,000 pcm" 
value=10000 
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label="£12,500 pcm" 
value=12500 
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label="£15,000 pcm" 
value=15000 
[max_month.38] 
label="£17,500 pcm" 
value=17500 
[max_month.39] 
label="£20,000 pcm" 
value=20000 
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label="£25,000 pcm" 
value=25000 
[max_month.41] 
label="£30,000 pcm" 
value=30000 
[max_month.42] 
label="£35,000 pcm" 
value=35000 
[max_month.43] 
label="£40,000+ pcm" 
value=1000000

Rent - Price

Price

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metric="currency"
type="currency-select"
name="currencyType"
placeholder="GBP (£)"
order=1
[[options]]
label="GBP (£)"
value="gbp"
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label="HKD (HK$)"
value="hkd"
[[options]]
label="CNY (¥)"
value="cny"
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label="AED (د.إ)"
value="aed"


Currency

currencyType

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

[min]
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value=700000
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label="£800,000"
value=800000
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value=900000
[min.10]
label="£1,000,000"
value=1000000
[min.11]
label="£2,000,000"
value=2000000
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label="£3,000,000"
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label="£4,000,000"
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[max]
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label="£700,000"
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label="£2,000,000"
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label="£3,000,000"
value=3000000
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label="£4,000,000"
value=4000000
[max.14]
label="£5,000,000+"
value=5000000

Sale - Price

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

[min]
[min.0]
label="No Min"
value=""
[min.1]
label="Studio"
value=0
[min.2]
label="1 bedroom"
value=1
[min.3]
label="2 bedrooms"
value=2
[min.4]
label="3 bedrooms"
value=3
[min.5]
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value=4
[min.6]
label="5 bedrooms"
value=5
[min.7]
label="6 bedrooms"
value=6
[min.8]
label="7 bedrooms"
value=7
[min.9]
label="8+ bedrooms"
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[max]
[max.0]
label="No Max"
value=""
[max.1]
label="Studio"
value=0
[max.2]
label="1 bedroom"
value=1
[max.3]
label="2 bedrooms"
value=2
[max.4]
label="3 bedrooms"
value=3
[max.5]
label="4 bedrooms"
value=4
[max.6]
label="5 bedrooms"
value=5
[max.7]
label="6 bedrooms"
value=6
[max.8]
label="7 bedrooms"
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[max.200]
label="8+ bedrooms"
value=8

Bedrooms

Beds

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

[[options]]
label="Any Type"
value=""
[[options]]
label="Flats"
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Property Type

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[[options]]
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[[options]]
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[[options]]
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value="coming-soon"
[[options]]
label="Stamp duty promotion"
value="reduced-stamp-duty"
[[options]]
label="Shared ownership"
value="shared-ownership"

Sale - Options

flags

Must be

title="Options"
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[[options]]
label="Short Term"
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[[options]]
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value="unfurnished"

Rent - Options

Options

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service

firstName

lastName

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telephone

message

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<p>Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.</p>
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propertyPostcode

valuationdate

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Mount St form

Arrange View

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generalEnquiry

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videoOption

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

Arrange a viewing

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

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