<a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1667401050/resi/gb/Articles/PDFs/JLL_UK_Residential_Forecasts_Q4_2022.pdf" target="_blank"><button class="Button primary">Download full report</button></a>
&nbsp;The last 15 years have seen UK house prices reach new highs on the back of a period of record low borrowing costs. Never prior to 2008 had the UK base interest rate dipped below 2%. But in the period since the Global Financial Crisis (GFC) it has averaged
 0.5% and hit a low of 0.1% during Covid.<h2>Interest Rates</h2><iframe src="https://flo.uri.sh/visualisation/11644913/embed" title="Interactive or visual content" class="flourish-embed-iframe" frameborder="0" scrolling="no" style="width:100%;height:600px;text-align:center;" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe> A spike in borrowing costs &ndash; and an anticipated further steep rise in mortgage rates - alongside continued high inflation and a rising cost-of-living have prompted predictions from the most bearish forecasters of 20%-30% falls in UK house
 prices. But UK house prices have never fallen by more than 20%. And this prompts a question of whether the underlying market prospects are now truly worse than the early 90s recession where house prices fell 20% cumulatively between 1989 and 1993; and the GFC
 where prices fell by 15% between January 2008 and May 2009.&nbsp;&nbsp;&nbsp;<h2>House price crashes have been rare in the UK</h2><iframe src="https://flo.uri.sh/visualisation/11645505/embed" title="Interactive or visual content" class="flourish-embed-iframe" frameborder="0" scrolling="no" style="width:100%;height:600px;text-align:center;" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe>In the early 90s, inflation was high (like today) and GDP was low and falling into negative territory (like today). But, a key differentiator was that unemployment was extremely high at circa 10% in the early 1990s &ndash; today it is at a record low
 of 3.5%. And while unemployment is expected to rise in the coming 18 months, it is expected to hit 4.9%, below the average of 6.7% since 1971 and the past 10-year average of circa 5.2%.&nbsp;Meanwhile, the GFC was fundamentally a credit crisis built on poor lending practices through the early 2000s which saw people with poor credit history and no equity lent sums of money they could ill-afford to repay. Ultimately the &lsquo;house of cards&rsquo;
 collapsed, banks failed, millions lost their jobs and people were forced to walk away from mortgages they could never afford in the first place.In the period since, lending practices have been tightened significantly &ndash; and the housing market is now built upon much stronger foundations.<h2>Absence of distress</h2>JLL analysis of the Bank of England Mortgage and Lending Report found that 62% of the UK&rsquo;s 8.4m mortgaged owner occupier households have at least 25% equity in their house. Another 34% have between 10-25% equity and 4% have between 5% and 10% equity.Just 0.2% or circa 17,000 owner occupied households in the UK have less than 5% equity &ndash; and, statistically at least, there are no households with zero equity. Meanwhile, more than 95% of the circa 3m UK buy to let landlords who own with a mortgage,
 own at least 20% in their property.<h2>Mortgage affordability</h2>But ultimately the amount of equity the UK&rsquo;s homeowners possess only tells half of the story. An era of cheap borrowing is ending and mortgage affordability is about to become squeezed. However, mortgaged households in the UK have the highest incomes
 by tenure &ndash; averaging &pound;80,000 per annum. Before the recent rise in UK interest rates, the average household income spent on a UK mortgage was equivalent to 18%. With the average two-year fixed rate mortgage cost having risen to circa 6%,
 that income to mortgage expenditure percentage has risen to circa 27% - the level it was around the time of the Global Financial Crisis. And if mortgage rates hit 7%, the average household income to mortgage cost ratio would hit 30% - the rate it
 was in the early 1990s. But merely spending 30% of a household income on housing costs is not a reason to assume a collapse into distress. With low unemployment and the highest average incomes, the UK&rsquo;s mortgaged households have a more stable
 financial footing than the GFC or the early 1990s recession.The vast majority should be able to ride out a squeeze on their household incomes avoiding the need to sell their home to make ends meet. But it will be a further extension of the current cost of living crisis.Circa 1.1m households were on the current Standard Variable Rate coming into this recent rate rise. Another 1.2m households will come to the end of their fixed term over the next year. JLL calculates that those 2.3m households combined will be spending
 an additional &pound;8bn on mortgages by Q4 2023. This could ease some of the current high inflation, but it could also hamper GDP growth. The customers spending that extra on their mortgage would perhaps most likely be transferring that from their
 previous savings/investment allocations or from their typical discretionary spend on food, leisure and entertainment.<h2>Low repossessions</h2>Furthermore, banks currently have a low appetite for repossessions. In the early 1990s, banks repossessed circa 100,000 homes per annum. In the GFC the rate was about 50,000 per annum. Currently there are about 4,000 repossessions per annum which out
 of the UK&rsquo;s circa 11m mortgage properties represents a rate of about 0.04% per year. It takes two years to repossess a home &ndash; and in the current cost of living crisis, it could be a difficult public profile position to be seen to be adopting
 a repossession strategy. However, banks are a regulated entity so they cannot turn a blind eye to customer defaults. But there are other options that can be explored such as tracker rates or interest only periods and it is highly likely banks will
 exhaust all these options before pursuing a route of foreclosure.<h2>Opportunistic buyers</h2>Ultimately, we expect that there will be far less distress in the market as there was in previous crashes &ndash; as long as there is no sharp rise in unemployment.But JLL predicts there will be a steep fall in UK housing transactions.The number of First Time Buyers (FTBs) before the GFC typically totalled 400,000 per annum out of a total of circa 1.5m annual transactions.Post GFC, FTBs fell to 325,000 and total transactions to 1.2m. JLL predicts there will now be circa 200,000 viable FTBs with sentiment among aspiring homeowners taking a hit, mortgage affordability becoming stretched to new homeowners and the ending of
 help to buy, which typically helped circa 50,000 FTBs onto the ladder per annum. This cocktail of transactional headwinds will see overall transactions fall to circa 1m in 2023.The transactions that do occur will be dominated by slightly more motivated sellers (but not financially distressed) faced with a higher proportion of &lsquo;opportunistic&rsquo; buyers (such as cash buyers who will account for about 25% of all transactions,
 up from the current 18%). These opportunistic buyers will not expect to pay asking price. But the vendors who are not distressed will only accept a fall in values to a certain level &ndash; ie more of a discount than a fully blown correction and certainly
 not a crash.<h2>Sluggish market</h2>This dynamic will create a sluggish market in which buyers and vendors haggle over price and ultimately less transactional activity occurs with the supply of new homes for sale gradually becoming constrained.&nbsp;Against this backdrop, JLL is forecasting that UK house prices will fall in value in 2023 by 6% which equates to an average discount of &pound;17,500 from the average UK house price of circa &pound;290,000.Of course, as in any market, there will be winners and losers. Not all types of home, cities or regions will be impacted to same level.On a regional level JLL&rsquo;s forecasts falls ranging from circa 4% across Greater London to around 8% in Wales, the North East and Yorkshire &amp; the Humber.<h2>But transactions are forecast to fall sharply with price falls to follow</h2><iframe src="https://flo.uri.sh/story/1729166/embed" title="Interactive or visual content" class="flourish-embed-iframe" frameborder="0" scrolling="no" style="width:100%;height:600px;text-align:center;" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe><h2> Falling supply</h2>However, in many of the housing supply constrained UK city centres, where there is a greater concentration of equity rich buyers, price growth is still expected.Ultimately new housing supply is expected to fall even further behind target as a result of the tightening market conditions.JLL forecasts that there will be a national shortfall of 610,000 homes over the next 5 years alone &ndash; up from JLL&rsquo;s previous expectations for an already stark shortfall of 500,000 homes. In London private new home starts are forecast to average
 circa 16,000 per annum &ndash; well below the Greater London Authority target for 52,000 new homes per annum.<h2>And UK housing supply will continue to fall well short of targets</h2><iframe src="https://flo.uri.sh/story/1729214/embed" title="Interactive or visual content" class="flourish-embed-iframe" frameborder="0" scrolling="no" style="width:100%;height:600px;text-align:center;" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe><h2> Rental market</h2>The current supply demand imbalance across the UK rental market looks set to endure as fewer households move across into owner occupation and demand for rental properties increases further.We expect that prospective buyers, as well as those who would under normal circumstances have transacted under Help to Buy, will remain in the rental market. This adds further fuel to an already constrained rental market and will, we expect, mean the
 supply demand imbalance and resulting rental growth will continue. Rental growth is expected to be particularly strong at the front end of the five-year period before falling back in line with historic norms of circa 2% - 3% as inflation is brought
 back under control.The outlook for investors is mixed. Demand for rental properties looks set to continue, and forecasts of rising rents and falling prices suggest we could see a rise in yields across the board. But the cost to service debt will remain a key issue for more
 highly indebted landlords.The purpose-built UK BTR sector is expected to outperform the wider UK rental market in terms of rental value growth.<h2>Economic Forecasts</h2><iframe src="https://flo.uri.sh/visualisation/11646570/embed" title="Interactive or visual content" class="flourish-embed-iframe" frameborder="0" scrolling="no" style="width:100%;height:400px;text-align:center;" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe> <iframe src="https://flo.uri.sh/visualisation/11646658/embed" title="Interactive or visual content" class="flourish-embed-iframe" frameborder="0" scrolling="no" style="width:100%;height:250px;text-align:center;" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe><h2> Forecasts</h2><style>.height-100 {
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<section><div class="row">
 <div class="column-four height-100"><div style="max-width:540px;"><h2>UK House Price Growth (%pa)</h2><img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/picture3c661fa16-e344-4166-b880-888d9a918512.png?Status=Master&amp;sfvrsn=69cedcd0_1" sf-size="100" alt="" /></div><div style="max-width:540px;"><div><table class="table table-borderless k-table" align="center"><tbody><tr><td style="min-width:50px;width:20%;text-align:center;">2023</td><td style="min-width:50px;width:20%;text-align:center;">2024</td><td style="min-width:50px;width:20%;text-align:center;">2025</td><td style="min-width:50px;width:20%;text-align:center;">2026</td><td style="min-width:50px;width:20%;text-align:center;">2027</td></tr><tr><td style="min-width:50px;width:20%;font-size:24px;font-weight:600;text-align:center;">-6</td><td style="min-width:50px;width:20%;font-size:24px;font-weight:600;text-align:center;">1</td><td style="min-width:50px;width:20%;font-size:24px;font-weight:600;text-align:center;">4</td><td style="min-width:50px;width:20%;font-size:24px;font-weight:600;text-align:center;">5</td><td style="min-width:50px;width:20%;font-size:24px;font-weight:600;text-align:center;">5</td></tr></tbody></table><h2>Cumulative Growth</h2>8.9%</div></div></div>

 <div class="column-four height-100"><div style="max-width:540px;"><h2 style="color:black;">UK Rental Value Growth (%pa)</h2><img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/picture2a3722ef1-673e-4ce1-bb95-44b6dae7a33a.png?Status=Master&amp;sfvrsn=cdbed46_1" sf-size="100" alt="" /></div><div style="max-width:540px;"><table class="table table-borderless k-table" align="center"><tbody><tr><td style="min-width:50px;width:20%;text-align:center;">2023</td><td style="min-width:50px;width:20%;text-align:center;">2024</td><td style="min-width:50px;width:20%;text-align:center;">2025</td><td style="min-width:50px;width:20%;text-align:center;">2026</td><td style="min-width:50px;width:20%;text-align:center;">2027</td></tr><tr><td style="min-width:50px;width:20%;font-size:24px;font-weight:600;text-align:center;">4</td><td style="min-width:50px;width:20%;font-size:24px;font-weight:600;text-align:center;">3.5</td><td style="min-width:50px;width:20%;font-size:24px;font-weight:600;text-align:center;">2.5</td><td style="min-width:50px;width:20%;font-size:24px;font-weight:600;text-align:center;">2.5</td><td style="min-width:50px;width:20%;font-size:24px;font-weight:600;text-align:center;">2.5</td></tr></tbody></table><h2>Cumulative Growth</h2>15.9%</div></div></div></section> Forecast disclaimer -&nbsp;Forecasting is a complex task at the best of times, but with so many moving parts making predictions in the past six months has been made all the more difficult. As always, we at JLL will continue to revisit our forecasts on a regular basis.Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved. Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.

JLL UK House Price Forecasts - Housing set for a correction, not a crash

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Market update july 22

Housing set for a correction, not a crash

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<h2>Market Update October 2022</h2>The UK&rsquo;s &lsquo;mini budget&rsquo; on 23 September caused some significant turbulence in the financial markets. Questions over how spending promises announced at the UK&rsquo;s mini budget would be funded left investors questioning the fiscal rectitude of the UK government. Bond yields, swap rates, and other debt costs soared, nearly causing an insolvency crisis in the pensions industry before the BoE was forced to intervene. A financial crisis was narrowly avoided but at the likely cost of higher inflation and a deeper recession. Less than a month later Kwasi Kwarteng was replaced as Chancellor by Jeremy Hunt, with his 17 October statement rolling back most of the &lsquo;mini budget&rsquo; plans. Stamp duty savings were one of the only policies to survive the cull. Initial reactions from the market appeared positive. While it seems unlikely that this will trigger a fall in mortgage rates in the short term it is hoped that the roll back will result in greater stability in swap rates and gilts which in turn will limit the need for the kind of rate rises which were being touted at the end of September.&nbsp; <h3>Rising interest rates and the mortgage market </h3>Expectations of a sharply higher Bank Rate and rapidly rising debt costs have caused significant movements within the household mortgage market. It is still too early to assess the full impact of changes to the economy on the housing market. But it looks likely that transactions and prices will fall as higher interest payments add further weight to already squeezed household budgets.It is obvious that recent shifts in the UK economy will have ramifications across the housing market. However, we do not think this is comparable to market conditions at the time of the global financial crisis.&nbsp; The UK has almost full employment and more stringent lending rules mean far fewer households have loans of 90% or more secured against their properties.&nbsp; Households have built up a significant equity buffer with 60% of outstanding mortgages at less than 75% LTV. <h3>Help to Buy deadline </h3>The deadline for registrations for the government Help to Buy scheme is 31 October 2022 means we expect the number of first-time buyers to fall over the coming year. Coupled with difficulty in the mortgage market, we expect even further increased demand for rental properties. This adds further fuel to an already constrained rental markets and will, we expect, mean the supply demand imbalance and resulting rental growth will continue. The outlook for investors is mixed. Demand for rental properties looks set to continue, and forecasts of rising rents and falling prices suggest we could see a rise in yields across the board. But the cost to service debt will remain a key issue for more highly indebted landlords. <h3>House prices </h3>UK house prices continue to defy all odds over the summer, with annual growth reaching 15.5% in July 2022. House prices grew 9.2% across London over the same period, the highest annual growth recorded in the capital since August 2016.&nbsp; <h3>Rents</h3>The rental market remains competitive in the UK, with stories of bidding wars, gazumping and sealed bids. Zoopla reported that demand for rentals was up 43% on last year, whilst the number of new rental properties on the market was down 23%. The latest Homelet rental index report an annual rent rise of 9.2% in September across the UK, whilst monthly rents in London have risen by 2.5%. <h3>Demand</h3>The RICS reported demand for rental properties was still outstripping supply in September. The supply demand rental story in London is particularly delicate as landlord instructions fell sharply from July to September. In the sales market, new buyer enquiry across the UK rose marginally in September, albeit the number of agents who reported house price increases over the past 3 months has fallen. And in case you missed it&hellip; Our JLL Rental Index records a 15% increase in Prime Central London achieved rents; read more in our <a href="https://residential.jll.co.uk/insights/research/guide-to-investing-in-prime-properties-london-uk-jll"><a href="https://residential.jll.co.uk/insights/research/guide-to-investing-in-prime-properties-london-uk-jll">guide to investing in prime properties</a></a>. On the theme of prime markets, Marcus Dixon, Director of UK Residential Research JLL, discusses how <a href="https://www.estateagenttoday.co.uk/breaking-news/2022/10/jll-international-buyers-may-save-prime-markets-from-housing-downturn"><a href="https://www.estateagenttoday.co.uk/breaking-news/2022/10/jll-international-buyers-may-save-prime-markets-from-housing-downturn" target="_blank">international buyers may save prime market from a housing downturn</a></a>. Meanwhile Battersea Power Station has opened to the public on 14th October. A decade on from the acquisition of the Power Station by the current shareholders, <a href="https://www.standard.co.uk/homesandproperty/property-news/battersea-power-station-launch-london-new-neighbourhood-b1031924.html?r=54028"><a href="https://www.standard.co.uk/homesandproperty/property-news/battersea-power-station-launch-london-new-neighbourhood-b1031924.html?r=54028" target="_blank">JLL show prices have risen by 48% over the past ten years,</a>,</a> in the surrounding area.&nbsp; And finally, new research from Santander discovers that homeowners would be prepared to pay a 10% premium for a more energy efficient home. Back in May, we also surveyed some of our prospective buyers at JLL and also found <a href="https://residential.jll.co.uk/insights/news/are-buyers-waking-up-to-the-benefits-of-a-more-environmentally-friendly-home"><a href="https://residential.jll.co.uk/insights/news/are-buyers-waking-up-to-the-benefits-of-a-more-environmentally-friendly-home">buyers are beginning to wake up to the benefits of a more environmentally friendly home</a></a>.

Residential Market Update October 2022 – Mini budget causes turbulence in markets

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<button id="btn-1" class="Button primary">Download full report</button>Figures from the Nationwide suggest growth in house prices nationally averaged 24% between March 2020 and September 2022. Growth in Prime Central London values has been more modest.&nbsp; With the JLL Prime Central London Index recording an average of 5.3% growth, comparing Q3 2022 with Q1 2020.&nbsp; But while we expect growth in the mainstream market will continue to slow the outlook could be more positive for prime. &nbsp;&nbsp;For lettings, constrained stock levels set against the usual summer peak in new lets has meant rents rose again this quarter.&nbsp; Up 3.5% on Q2 2022 and 10.6% annually. Director of UK Residential Research at JLL, Marcus Dixon, explains: &ldquo;Looking ahead it is still too early to assess what impact recent government policy announcements, and the subsequent reaction from global markets, will have on the housing market.&nbsp; Although with interest rates rising and cost of living pressures far from alleviated, we sense increased downward pressure on both prices and activity in the year ahead.&nbsp; But we don&rsquo;t think this is necessarily the path the prime markets will follow.&nbsp; For one, purchasers are far less reliant on debt, meaning the impact of higher mortgage rates are unlikely to bite as deep as in the mainstream market.&nbsp; Secondly, prime central London attracts a significant number of overseas purchasers, and a weak Sterling exchange rate could lure prospective buyers into the market in the coming months.&nbsp; For dollar and dollar pegged currencies the case remains particularly compelling.&rdquo;&nbsp;<h2>Q3 2022 Sales Index</h2>The JLL Prime Central London Index recorded growth in achieved prices again this quarter.&nbsp; The Q3 2022 index recorded growth of 1.0% on Q2 2022, with prices up 1.7% compared with the same period in 2021. Prices are now 5.3% higher than they were
pre-pandemic in Q1 2020. More expensive homes saw the highest annual growth, with properties priced at &pound;10m or more rising 3.8% annually compared with growth of 1.2% for homes below &pound;2 million. The top end of the market continues to record the strong growth compared
with pre-pandemic too, with prices of &pound;10m+ homes rising 11.1% compared with 2.4% for homes at sub &pound;2 million.<iframe src="https://flo.uri.sh/visualisation/11390788/embed" title="Interactive or visual content" class="flourish-embed-iframe" style="width:100%;height:600px;" sandbox="allow-scripts allow-same-origin"></iframe>Houses continued to outperform flats, although the gap is narrowing.&nbsp; Flats in Q3 2022 recorded an annual rise of 1.4% versus growth for houses of 2.8%, 1.4 percentage points difference. This compares with a 6.3 percentage point difference at the
peak in Q4 2021.<iframe src="https://flo.uri.sh/visualisation/11391107/embed" title="Interactive or visual content" class="flourish-embed-iframe" style="width:100%;height:600px;" sandbox="allow-scripts allow-same-origin"></iframe><h2>Opportunities for overseas buyers</h2>The price of Sterling fluctuated significantly in September.&nbsp; Bottoming out at US$1.03 but recovering after the Bank of England&rsquo;s intervention to US$1.16 by the month end. Weak Sterling exchange rates means prime central London remains an attractive
option for overseas buyers.&nbsp; Those holding dollars or dollar pegged currencies finding their money will stretch even further.&nbsp; Rates prior to the Banks of England&rsquo;s intervention in late September would mean those buying in dollars would pay 19% less on average for a prime central London property than they would have done a year earlier and almost 38% less than they would
have paid at the peak in 2014. Chinese buyers would save almost 10% on prices a year ago and more than 27% on 2014 peak levels. <iframe src="https://flo.uri.sh/visualisation/11391165/embed" title="Interactive or visual content" class="flourish-embed-iframe" style="width:100%;height:600px;" sandbox="allow-scripts allow-same-origin"></iframe><h2>Q3 2022 Lettings Index</h2>A year ago, the JLL Prime Central London Rental Index recorded the first annual increase in rents since March 2020, as stock levels fell, and tenants returned to the capital. With Q3 2021 showing a 6.5% annual increase in rents, we were expecting the
significant annual increase in rental values we have grown accustomed to more recently would begin to recede. But growth in Q3 2022 remained in double digits, rising 10.6% annually. Quarterly rents rose too, up 3.5% in Q3 2022 compared with Q2. <iframe src="https://flo.uri.sh/visualisation/11391497/embed" title="Interactive or visual content" class="flourish-embed-iframe" style="width:100%;height:600px;" sandbox="allow-scripts allow-same-origin"></iframe>Unlike the sales market, where growth was highest at the upper end, more expensive rental properties saw lower growth.&nbsp; Rents for properties priced at &pound;3,000 per week or more rising 4.1% annually in Q3 2022 compared with 12.6% for properties
priced at under &pound;1,000 per week. <iframe src="https://flo.uri.sh/visualisation/11391686/embed" title="Interactive or visual content" class="flourish-embed-iframe" style="width:100%;height:600px;" sandbox="allow-scripts allow-same-origin"></iframe><button id="btn-2" class="Button primary">Download full report</button><table><tbody><tr style="height:50%;"><td style="width:50%;"><h2>Marcus Dixon</h2>Director of UK Residential Research +44 (0)7563 380165 marcus.dixon@eu.jll.com</td><td style="width:50%;"><h2>Lucy Morton</h2>Head of UK Residential Agency +44 (0)7767 778653 lucy.morton@eu.jll.com</td></tr><tr style="height:50%;"><td style="width:50%;"><h2>Richard Barber</h2>Director &ndash; PCL sales +44 (0)7787 573266 richard.barber@eu.jll.com</td><td style="width:50%;"><h2>Neil Short</h2>Director &ndash; PCL lettings +44 (0)7841 199910 neil.short@eu.jll.com</td></tr></tbody></table>About JLL | October 2022JLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000.&nbsp; With over 7,000 employees and 15
offices in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory,
leasing, building management and sales. JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare
and student housing. Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties
as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any
means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to
pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.
&nbsp;

Prime Central London Index – Q3 2022

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Sales activity increases across PCL this quarter and lack of stock continues to support rental growth.

Where next for prime central London as rental growth again outperforms prices?

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<h2>London, 7th October &ndash;</h2>Annual investment in UK living real estate has exceeded &pound;10bn in the third quarter of 2022, putting living on track for a record year, despite global geopolitical and economic volatility.Investors completed &pound;3bn in build-to-rent, student and healthcare transactions in Q3, bringing the year-to-date investment total to &pound;10.3bn, according to JLL.This is a 47% rise from the &pound;2bn invested Q3 2021, as investors seek scale through larger deals, reflecting bigger assets, portfolios and higher values.BTR quarterly investment has doubled year-on-year, rising to &pound;1.8bn in Q3, compared to &pound;0.9bn in the same period last year. There was a further &pound;0.8bn in purpose-built student accommodation and &pound;0.4bn in healthcare investment.Investors across the combined living sectors funded 19,000 homes and beds in Q3 and 63,800 in over 200 deals in 2022. Further deals in legals and under offer would see this rise over the &pound;13.8bn record of 2021.<iframe src="https://flo.uri.sh/visualisation/11505276/embed" title="Interactive or visual content" class="flourish-embed-iframe" frameborder="0" scrolling="no" style="width:100%;height:600px;" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe>The rise in investment reflects a sizeable uptick BTR deal size, as larger transactions see the sector rise to account for a larger proportion of total living investment, peaking at 60% of investment in Q3. The sector has accounted for almost half of
 living investment this year, at &pound;4.9bn, on course to top last year&rsquo;s &pound;6bn. Excluding land deals and corporate mergers and acquisitions, the average BTR deal size has risen to &pound;127m, up from &pound;49m a year ago. In Q3, the largest living deal was Canada&rsquo;s Alberta Investment Management&rsquo;s &pound;283m purchase
 of Angelo Gordon&rsquo;s portfolio of five BTR schemes in Cardiff, Birmingham, Sheffield and Greater London. Other significant deals include Round Hill Capital&rsquo;s &pound;165m forward funding of the Fairfax in Manchester&rsquo;s Piccadilly East. The purchase completed in August and Round Hill Capital said it aimed to &ldquo;unlock further opportunities in
 the coming months and years&rdquo;.The growing wall of capital targeting the living sectors comes as economies across the globe struggle with high inflation and rising interest rates. The cost of financing puts pressure on investor margins and real estate transaction volumes.Simon Scott, lead director for living capital markets at JLL, said: &ldquo;Although these transactions precede the recent volatility seen in the broader funding markets, the fundamental demand for quality rental housing stock remains at unprecedented
 levels and this is reflected in investor appetite for the product.&ldquo;As we are likely to be entering another period of &ldquo;pricing discovery&rdquo; the lack of quality supply and viability challenges, combined with the underlying occupational demand should provide investors with continued confidence of the resilience
 of the living sector and particularly as a hedge to broader inflationary pressures.&rdquo;Emma Rosser, associate director for research at JLL, added: &ldquo;A persistent lack of supply of quality rental housing is an ongoing issue for the UK, highlighted by recent rental growth and students and renters struggling to find accommodation. Long
 term investors are looking behind the current market turbulence to provide homes for that growing tenant base.&rdquo;<h3>About JLL</h3>JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing
 spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in over 80 countries and a global workforce more than 98,000 as of
 December 31, 2021. JLL is the brand name and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.&nbsp;

UK living investment tops £10bn in Q3

UK living real estate investment exceeded &pound;10bn in Q3 2022, on track for a record year despite global volatility.

Annual investment in UK living real estate has exceeded £10bn in the third quarter of 2022, putting living on track for a record year, despite global geopolitical and economic volatility.

JLL tracks &pound;3bn in third quarter, putting living on course for a record year

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<h3>An oversea buyer&rsquo;s guide to investing in Prime properties in London, UK</h3>
Luxury properties in Prime Central London (PCL) present a solid investment opportunity for overseas buyers.
The financial and political stability that London affords means that, with the right advice and preparation, investing in London property could result in a springboard for your investment portfolio, a secure pension, or a route to setting your family
 up for the future. 
Whatever your investment goals, this expert guide is designed to help. Explore the potential opportunity when investing in <a href="https://residential.jll.co.uk/prime-collection">Prime Central London real estate</a>, the attractions
 that make PCL such a desirable place to buy, and the mechanics of buying a UK property as an overseas investor or non-UK citizen.&nbsp;
<h3>What is the size of the opportunity in Prime London properties for an investor?</h3>
Prime Central London real estate &ndash; sales growth
According to the <a href="https://residential.jll.co.uk/insights/news/prime-central-london-q1-2022">JLL Prime Central London Sales Index</a> &ndash; our quarterly study into how the PCL market is performing, there was a 3.3% annual
 increase in achieved prices in Q1 2022, with prices up 0.6% on Q4 2021. Achieved prices for Q1 2022 came in at 4.7% higher than pre-pandemic (Q1 2020).
The same study showed a 7% annual increase in sales, making Q1 2022 the busiest Q1 for five years. Activity was predominantly driven by properties listed at between &pound;2million and &pound;5million, with sales up by a quarter (25%) on Q1 2021.
Post-pandemic, Londoners continue to make the return to the office, on a full time or flexible working basis, which in turn is driving demand for <a href="https://residential.jll.co.uk/prime-collection">Prime Central London flats</a>.
 Between January and March 2022, we saw a rise of 13% in the number of PCL flats sold, compared to Q1 2021.
With Prime Collection properties commanding strong prices, there continues to be opportunity for overseas investors who are looking to own and occupy or buy to let.
Prime Central London real estate &ndash; lettings growth 
Now is a good time to invest in the buy to let Prime Central London real estate market. Our <a href="https://residential.jll.co.uk/insights/news/prime-central-london-q1-2022">JLL PCL Rental Index</a> recorded a 15% increase in
 rents achieved &ndash; the highest annual rise in more than 10 years. 
This 15% annual increase in achieved rents also put Q1 2022 3.1% higher than Q1 2020, pre pandemic, proving that the rise wasn&rsquo;t the result of a pandemic dip. 
As always, there is movement out of and within Central London, with renters negotiating a competitive market. In 2021, some PCL tenants were in a strong position to negotiate significant rent reductions. In 2022, we are seeing many tenants appreciate
 how competitive the Prime Central London rental market is and therefore paying more to stay in exclusive locations. 
JLL research shows an 18% annual increase in the number of rent renewals across Prime Central London in Q1 2022, compared with Q1 2021, during the pandemic.&nbsp;
Attractions in Prime Central London that make this area a unique investment opportunity 
London&rsquo;s mix of the historic and the modern makes the city a truly unique place to explore, invest in and live. There is an overview of the local area and property types in Knightsbridge, Kensington &amp; Chelsea, Mayfair, Marylebone, Belgravia,
 and Westminster in: <a href="https://residential.jll.co.uk/insights/research/guide-to-investing-in-prime-properties-london-uk-jll">&lsquo;Are luxury properties in Prime Central London a good investment?&rsquo;</a>.
 
Prime Central London covers the following six areas:
<ol>
 <li>Knightsbridge </li>
 <li>Kensington &amp; Chelsea</li>
 <li>Mayfair</li>
 <li>Marylebone</li>
 <li>Belgravia</li>
 <li>Westminster </li>
</ol>
 To make sure you find the right property, in the right area, at the right price, it is critical to work with trusted experts who have in-depth knowledge of the Prime Central London real estate market.&nbsp;
The mechanics of buying Prime properties in London as an overseas investor 
According to research published in Showhouse1, overseas investment in <a href="https://residential.jll.co.uk/prime-collection">Prime Collection properties</a> collectively brought an estimated &pound;1,188million to
 the Prime Central London market in 2020. Of Prime transactions in 2020, 11% came from French nationals, 9.2% came from Hong Kong and the USA, 8.3% from China, and 7.3% from India. 
Here, we answer some frequently asked questions from overseas buyers: 
-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Can a foreigner invest in UK property? 
Yes. In 2020, more than 40% of investment in Prime Central London&rsquo;s luxury properties came from overseas investors. Residential estate agents like <a href="https://residential.jll.co.uk/">JLL</a> are well versed in guiding
 overseas buyers through the UK buying process. 
-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What do overseas buyers need to know about the UK buying process? 
The estate agency you partner with (i.e. JLL) and the conveyancing solicitor you appoint are both critical to this process. Once you&rsquo;re ready to buy, the amount you are offering to pay (your &lsquo;offer&rsquo;) is presented to
 the seller by the estate agent. You will need to be able to prove how you will fund your offer, how quickly you are looking to &lsquo;exchange&rsquo; and &lsquo;complete&rsquo; (more on these below), and who your solicitors are. 
If your offer is accepted by the seller, your solicitor will carry out the conveyancing process on your behalf. This is complex, but, in brief, your solicitor will carry out &lsquo;searches&rsquo; of the Land Registry and Local Authority
 records to examine the planning history and to look for any potential developments surrounding the property. You will also need to instruct a property surveyor to check the structural strength of the property &ndash; this is known as getting a &lsquo;survey&rsquo;.
 &nbsp;
 
Next, the seller&rsquo;s lawyers draft a sale agreement (also known as a &lsquo;contract&rsquo;), which, once agreed by both parties, is signed by you and them. The signed sale agreements or contracts are then exchanged between your lawyers
 and theirs. This is known as &lsquo;exchange&rsquo; and means you are legally bound to proceed with the purchase and pay a deposit. 
The next step is to &lsquo;complete&rsquo; on the purchase, at which point you pay the balance of the purchase price and formal documents will be signed and dated, transferring the property from the seller to you. Your proof of ownership, known as &lsquo;title deeds&rsquo;,
 can then be found on the public register at the Land Registry. 
It is important to be aware that there are different types of ownership in the UK. Freehold means you own it completely, and leasehold means there is a time limit on the number of years you will own it for. However, many
 leaseholds are very long (up to 999 years) and freeholds can also be purchased if the freeholder is open to selling it. 
Once you have completed on a property and you become the legal owner of the property, you will be liable for Stamp Duty land tax, which is payable to the Land Registry within 30 days of completion. 
<a href="https://residential.jll.co.uk/#contactus">Get in touch</a> if you are considering buying in the UK for the first time and would like our experts to guide you through this process over the phone. 
-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest, or own and occupy? 
UK property tax laws can be complex, which makes it crucial to work with estate agents and conveyancing solicitors who can direct you through the process efficiently. 
Depending on whether you decide to invest in UK property to live in (own and occupy) or as an investment (buy to let), the tax implications will be different. 
Since 1st April 2021, UK non-residents purchasing residential property in England and Northern Ireland are required to pay a 2% Stamp Duty surcharge. This is in addition to: 
<ul>
 <li>The 3% Stamp Duty surcharge on purchases of &lsquo;additional&rsquo; dwellings. This could be property you are buying as a second home or as a buy to let property;</li>
 <li>The 15% Stamp Duty rate on property purchases more than &pound;500,000 by companies; and</li>
 <li>The Stamp Duty rate for UK home buyers. -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Do you need UK residency to invest in London prime property? </li>
</ul>
 No, you don&rsquo;t need to be a UK resident to&nbsp;<a href="https://residential.jll.co.uk/prime-collection">buy Prime properties in London</a>, or anywhere else in the UK. Our experts can talk you through the buying process,
 tax implications, expected rental yields for buy to let investors, and much more.&nbsp;<a href="https://residential.jll.co.uk/#contactus">Get in touch</a>.
Share your investment goals with us and our <a href="https://residential.jll.co.uk/prime-collection">Prime Central London property experts</a> can help match you to the right type, value and location of property for your needs.

&nbsp;
<hr />
1&nbsp;<a href="https://www.showhouse.co.uk/news/foreign-buyers-make-up-over-40-of-londons-prime-property-market/">https://www.showhouse.co.uk/news/foreign-buyers-make-up-over-40-of-londons-prime-property-market/</a> 
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Guide to investing in Prime properties London, UK | JLL

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An oversea buyer&rsquo;s guide to investing in Prime properties in London, UK

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<h2>Market Update September 2022</h2>The UK has experienced a turbulent and sombre month to date. Thursday 22nd saw the Bank of England rise interest rates by a further 0.5% to 2.25%, the highest level seen since 2008. The bank had previously been expected to make an announcement on interest rates earlier on in the month, however a series of events in the UK saw this postponed. We ushered in a new Prime Minister, and sadly a new Head of State, all within a 48-hour period. Discussions on how the new PM can help support households with rising energy bills has dominated many headlines, with a plan of action announced on the 8th. House prices have continued to rise despite increased uncertainty. Inflation, interest rates and the mortgage market The Bank of England rose interest rates by a further 0.5% on Thursday 22nd September. Although many expected a 0.75% rate rise, the increase takes current interest rates to 2.25%; the highest level seen since 2008. In the mortgage market, homeowners have taken out the largest number of five-year mortgages on record as they look to lock in mortgage deals in anticipation of further interest rate rises.&nbsp; Although mortgage approvals for home purchases dipped by -9% from 74,900 in June to 68,300 in July, annual mortgage approvals of 822,200 are still mirroring the five-year average and the number of residential transactions across the UK increased by 7.2% from June to July. The impact of a cap on energy billsOn 8th September, just two days into the new role as Prime Minister, Liz Truss announced a plan to cap energy prices at &pound;2,500 per annum for households, for two years. Support packages for businesses have also been offered for an initial six month period. The initiative, to be funded by borrowing, has been estimated to cost the government over &pound;100billion. Despite the chunky addition to the UK&rsquo;s debt, some economists believe that this support package could mean inflation will now peak at just over 11% in October and reduce the severity of a recessionHouse pricesArguably, with the death of Queen Elizabeth II and a new Prime Minister, the UK has experienced even higher levels of uncertainty than previous months. Despite this, house prices are still booming and defying critics expectations of a fall in prices. Annual growth (the year to June 2022), in the UK reached 7.8% in June, whilst annual growth in London was at 6.3%. Although annual growth in the UK this month is more moderate, some regions are still experiencing annual growth of almost 10%. Rents The rental picture remains largely unchanged across the UK. The continued return of those who left cities during the pandemic, alongside overseas students, has led to a spike in demand for rental property. According to the latest rental index data (August 2022) from Homelet, the average rent in the UK is now &pound;1,143, after rising 8.5% annually. Every region in the UK has seen both annual and monthly rental growth. DemandThe RICS reported demand for rental properties was still outstripping supply in August, fuelled by a continuing post-pandemic return to cities, alongside increasing numbers of overseas students. In the UK sales market, new buyer enquiries fell in August, although buyer demand in London remains robust. A net balance of +40% of agents still expect prices to rise over the next 12 months across the UK. And in case you missed it&hellip; Our latest JLL tenant survey shows how <a href="https://residential.jll.co.uk/insights/research/private-outside-space-and-leisure-facilities-are-the-most-sought-after"></a><a href="https://residential.jll.co.uk/insights/research/private-outside-space-and-leisure-facilities-are-the-most-sought-after">private outside space and leisure facilities are most sought after</a> by tenants. <a href="https://residential.jll.co.uk/insights/research/london-lettings-heat-up-with-summertime-student-rush"></a><a href="https://residential.jll.co.uk/insights/research/london-lettings-heat-up-with-summertime-student-rush">London lettings heat up with the summertime rush</a> as students head back to university for the 2022/23 academic year, and Emma Rosser, Associate UK Research and Living Strategy at JLL, shares her thoughts with The Times <a href="https://www.telegraph.co.uk/news/2022/08/20/man-reinventing-way-live-britain/"></a><a href="https://www.telegraph.co.uk/news/2022/08/20/man-reinventing-way-live-britain/" target="_blank">on 'Flow'; a new venture from the co-found of WeWork</a>, reinventing the residential real estate market.

Residential Market Update September 2022 – A new Head of State and Prime Minister

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The white paper was released on 16th June 2022 and lays out what the government plans to do to transform the private rented sector. Their aim is to deliver a fairer, more secure and higher quality private rented sector. The aim is to halve the number of non-decent rented homes by 2030 and require privately rented homes to meet a Decent Homes Standard for the first time. 
So, what are some of the main proposals?
Abolishment of Section 21 notices 
&lsquo;No fault&rsquo; Section 21 evictions that allow a landlord to terminate tenancies without reason will be banned. Landlords will only be able to regain possession of their property by serving a section 8 notice with a stated ground. The government intends to modify existing grounds and introduce new grounds to cover for the loss of section 21. Grounds likely to be added would include a ground for landlords who wish to sell their property or allow close family members to move in and a mandatory ground for repeated serious arrears where a tenant has been in at least two months&rsquo; rent arrears three times within the previous three years, regardless of the balance at hearing. Notice periods will be reviewed to ensure landlords and tenants are supported fairly. &nbsp;
All tenancies to become periodic
All tenants will be moved onto a single system of periodic tenancies which gives them greater flexibility to move more easily if their circumstances change or if their housing is poor quality
Rent Increases 
Rent review clauses in tenancy agreements will be banned. Landlords will only be able to increase the rent for a tenancy once a year and by serving a formal Section 13 notice which will make the required notice for a rent increase two months instead of one. Tenants will still have the option to challenge a rent increase through the First Tier Tribunal 
No ban for renting with pets
Tenants will be given the right to request a pet which the landlord cannot unreasonably refuse, subject to the obligations of any headlease restrictions. The Tenant Fees Act 2019 would be amended to include pet insurance as a permitted payment to give landlords greater comfort in accepting pets. 
Discrimination against families with children and those on benefits &nbsp;
It will be illegal for landlords and agents to refuse to rent to families with children or those receiving benefits 
New Ombudsman 
A new ombudsman will be created to enable disputes between tenants and landlords to be settled quickly, at low cost and without going to court. The ombudsman will have powers to issue apologies, take remedial action and pay compensation.
Landlord portal &nbsp;
All landlords must register on a new portal to ensure tenants, landlords and local councils have the information they need. This will be enforced by local authorities and subject to consultation, will incorporate the Database of Rogue Landlords and Agents which will be made public 
The above are just a few key proposals that the government are looking to put in into place. &nbsp;At the moment the paper is a long way off becoming a bill but if the reform is put into law it is likely to come into effect by the end of 2023 at the earliest. The government have said it will provide six months&rsquo; notice before the changes come into effect for new tenancies and 12 months before they apply to existing tenancies. 
The full white paper with further information on the government&rsquo;s 12-point plan can be found <a href="https://www.gov.uk/government/publications/a-fairer-private-rented-sector/a-fairer-private-rented-sector">here</a>

The Fairer Private Rented Sector White Paper (Renters Reform Bill)

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The Fairer Private Rented Sector white paper was released on 16th&nbsp;June 2022 and lays out what the government plans to do to transform the private rented sector.

The Fairer Private Rented Sector white paper was released on 16th June 2022 and lays out what the government plans to do to transform the private rented sector.

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<h3>Are luxury properties in Prime Central London a good investment?
</h3>
Property prices in Prime Central London (PCL) grew 8.1% in the year to February 20221, compared to Hong Kong, where residential property prices declined by 2.9%, to their lowest since January 20212. Hong Kong was also ranked as the
 least affordable housing market
 3 by Demographia, which assesses house prices in relation to income across 92 major housing markets in eight world nations4.
Prime Central London outperforms many major international markets
While house price growth in the UK in the year to February 2022 was strongest in Wales - with growth of 14.2%, <a href="https://residential.jll.co.uk/insights/news/prime-central-london-q1-2022">London property prices</a> continued
 to increase at a strong rate (8.1%) and England&rsquo;s capital city still boasts unrivalled attractions across the six Prime Central London locations.
As well as boasting strong post-pandemic growth, <a href="https://residential.jll.co.uk/prime-collection">Prime Central London real estate</a> has proven to be a less volatile investment than Hong Kong&rsquo;s, for example, during
 periods of financial crisis. According to a recent article, quoting house price drops during the 2008 credit crunch, London property prices dropped 11%, compared to 50% in Hong Kong and 77% in Singapore5.
PCL property prices are strong and growing compared to previous years
Our quarterly research shows that residential property prices in Prime Central London were up 0.6% in Q1 2022, compared to Q4 2021, and achieving prices that are 4.7% more than in Q1 2020. <a href="https://residential.jll.co.uk/prime-collection">Luxury London properties</a> listed for between &pound;2milion and &pound;5million saw particularly strength growth, with sales up 25% year on year.
The figures speak for themselves, but what are the non-financial benefits of investing in London?
The benefits of buying Prime Central London: A quick area overview
When it comes to investing in luxury London property, are you looking to own and occupy or buy to let? Your investment intentions will inform the best area to buy in and the right type of property for you.
Here&rsquo;s a quick area overview of the six Prime Central London locations.
Knightsbridge
Possibly the most iconic of the six Prime Central London locations, Knightsbridge is home to a selection of high-end townhouses, unique mews properties, and luxury flats, all within touching distance of the luxury, opulence, and history of landmarks like
 Harrods, the V&amp;A, and the London Oratory.
Kensington &amp; Chelsea
A designer shopper&rsquo;s paradise, the London Borough of Kensington and Chelsea boasts stunning detached family homes and spacious terraces, all on the doorstep of the high-end boutiques and designer flagship stores lining the Kings Road and Sloane
 Square.

Luxury dining at the Borough&rsquo;s Michelin-starred restaurants (Bibendum, Elystan Street, and Kitchen W8) means you&rsquo;re spoilt for choice when it comes to fine dining. Properties in this area are also walking distance to the Saatchi Gallery, Chelsea
 Physic Garden, and Chelsea Embankment Gardens. Luxury properties in Kensington and Chelsea offer a feeling of space, opulence, and community within Prime Central London.
Mayfair
Featuring high ceilings and a true feeling of space, Mayfair&rsquo;s luxury flats often sit within stunning period properties that have been sympathetically converted to the highest specifications.
New build developments in Mayfair also put you close to some of London&rsquo;s most famous streets, sights, and shopping. From the designer flagship stores along Bond Street and the quintessentially British tailoring on Savile Row, to outdoor living at
 Hyde Park, and fine dining at Claridge&rsquo;s and Browns, owning a property in Mayfair will give you the very best of city London.
Marylebone
London is a collection of distinctive areas, each one boasting a unique character. Marylebone has built up a real village-like feel right at the heart of the action. Its streets are lined with al-fresco dining spots and independent retailers, and with
 fascinating art on show at the Wallace Collection, a Marylebone property is one for food lovers, those in search of unique boutique spots, and art collectors alike.
The area is perfect if you&rsquo;re looking to invest in the best of London period property, updated to the very highest standards for modern living.
Belgravia
Luxury flats and terraced houses on quiet squares, Belgravia&rsquo;s beautiful residential north to south streets connect Hyde Park to Chelsea Embankment, while its east to west properties join up Chelsea and Westminster.
Home to perhaps Peggy Porschen Cakes &ndash; perhaps the London food scene&rsquo;s most Instagrammable exterior, as well as to a whole host of other beautiful, independent boutiques and eateries, Belgravia feels typically London and is popular among working
 professionals with second properties outside of the capital.
Westminster
Westminster is all about incredible views of iconic landmarks. Home to stunning penthouse apartments close to Westminster Abbey, the Houses of Parliament, Buckingham Palace, and St James&rsquo; Park, Westminster offers riverside views and London living
 at its best.
London is the home of luxury living with properties right at the heart of the action. Prime Central London offers the perfect mix of leafy green parks, river views, iconic landmarks, and opulent retail, dining, and cultural experiences, for the discerning
 buyer.

Discuss your property portfolio objectives with our <a href="https://residential.jll.co.uk/prime-collection#enquiry">Prime Central London experts</a> and we will uncover the right luxury property for you. &nbsp;
<hr
/>
1&nbsp;<a href="https://www.gov.uk/government/news/uk-house-price-index-for-february-2022">https://www.gov.uk/government/news/uk-house-price-index-for-february-2022</a> 
2&nbsp;<a href="https://www.reuters.com/world/asia-pacific/goldman-sachs-expects-hong-kong-home-prices-fall-20-by-end-2025-2022-03-30/">https://www.reuters.com/world/asia-pacific/goldman-sachs-expects-hong-kong-home-prices-fall-20-by-end-2025-2022-03-30/</a> 
3&nbsp;<a href="http://www.demographia.com/dhi.pdf">http://www.demographia.com/dhi.pdf</a>
4The study assesses house prices in relation to income in 92 major housing markets across eight nations &ndash; 1. Australia 2. Canada 3. China 4. Ireland 5. New Zealand 6. Singapore 7. The United Kingdom 8. The United States. <a href="http://www.demographia.com/dhi.pdf">http://www.demographia.com/dhi.pdf</a>5&nbsp;
<a href="https://www.habitatinvestments.co.uk/prime-central-london-remains-one-of-the-best-global-real-estate-investments-it-is-claimed/">https://www.habitatinvestments.co.uk/prime-central-london-remains-one-of-the-best-global-real-estate-investments-it-is-claimed/</a>
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Investing in Prime properties London | JLL

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Are luxury properties in Prime Central London a good investment?

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<h2>JLL&rsquo;s latest tenant survey.</h2>For JLL&rsquo;s latest tenant survey we asked our tenants to provide us with some insight on what exactly they want from their homes and how this could change in the future. More than 950 responded. The current cost of living crisis we are experiencing,
 coupled with memories from the pandemic have forced us to re-think what is important to us, particularly when we think of our homes. 88% of tenants are currently happy with where they live, with just 12% of respondents saying they were unhappy in their current home. The majority (60%) of respondents spend between 30 and 40% of their income on rent.<h2>How are tenants living priorities evolving? </h2>Back in May 2022, we surveyed JLL&rsquo;s prospective buyers to similarly understand how their living priorities and views of their home have changed over the past few years. There are some common themes between tenants and buyers: a strong desire for private outdoor space and proximity to leisure, entertainment, and open space. Unsurprisingly, there is an increased importance of energy efficiency and the running costs of
 a home amongst tenants. <h3>Outside space</h3>Memories of lockdown continue to influence tenants in their views on outside space. 52% of respondents said private outside space was more important to them now, with less than 10% of respondents rating it as less important. As well as private outside
 space, proximity to shared greenspaces also ranked highly on tenants wish lists. Just over half (51%) of respondents now placed higher importance on access to shared greenspace and parks, with less than 8% seeing this attribute as less important.
 <h3>Energy efficiency</h3>Rising inflation and costs of living pressures are concerning for both tenants and purchasers. 66% of survey respondents rated energy efficiency and running costs as more important now than pre-pandemic. With further increased to the energy price cap
 expected in October 2022, we anticipate tenants will pay more attention to the efficiency of their rented homes moving forward. This is good news for landlords with more efficient properties, particularly new or recently built homes. JLL analysis
 of EPC data shows that <a href="https://residential.jll.co.uk/insights/news/jll-could-new-home-demand-rise-as-energy-prices-soar"></a><a href="https://residential.jll.co.uk/insights/news/jll-could-new-home-demand-rise-as-energy-prices-soar">homes in bands A-C will be paying on average &pound;3,246 less per annum on their energy bills</a> than homes in band G.<h3>Public transport </h3>Connectivity and the location in which they are based is still important to tenants. Over half (51%) of respondents still consider proximity to public transport as more important now versus pre-pandemic, with just 5% seeing it as less important. And despite
 most tenants working from home an average of 3 days a week, the distance of their home to the workplace is more important now than it has been before.<h4 style="text-align:center;">Number of days tenants work from home each week</h4><img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/graph-image-1_744x418a4861c75-d84b-4e06-a219-88322f7c2042.jpg?Status=Master&amp;sfvrsn=d85b6395_1" sf-size="100" alt="" /><h2>Importance of neighbourhood</h2>So, location matter to tenants. Not just the proximity to transport connections and the workplace, but the feel of the neighbourhood and the quality of pubs, restaurants, cafes and shops locally. Most want to live centrally and be amongst the vibrancy
 of living in a city or town centre. Just 11% of respondents saw the quality of pubs and restaurants in their neighbourhood as less important than pre-pandemic, with 36% rating the quality of local amenities as more important now.<h4 style="text-align:center;">Importance of home aspects: now versus pre-pandemic</h4><img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/graph-image-2_744x418fe6cb913-8930-4075-8565-0dbcd8653d7a.jpg?Status=Master&amp;sfvrsn=23398fc4_1" sf-size="100" alt="" /><h2>Which amenities command the greatest premium? </h2>As part of our search to identify which amenities were most valued by tenants, we asked which amenities tenants already have in their building, and for those they didn&rsquo;t have, if they would be prepared to pay a premium for.Almost half of tenants already feel they have fast broadband speed, with over 40% having access to a gym and a third having access to shared outside space.<h4 style="text-align:center;">Amenities tenants already have</h4><img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/graph-image-3_744x418a08b278c-597c-4d54-8a4a-dcba85d63159.jpg?Status=Master&amp;sfvrsn=31ec6eef_1" sf-size="100" alt="" />&nbsp;<h2>What amenities would tenants be prepared to pay a premium for?</h2>When looking at amenities tenants do not have in their current property, over a third of respondents would be prepared to pay more for private outside space, followed by 28% for a swimming pool and 23% for a gym.Although fewer tenants would be prepared to pay for co-working spaces, over 400 respondents agreed it would be nice to have. This was a similar story for a residents lounge/bar, shared outside space and smart home tech.<h4 style="text-align:center;">Amenities which residents would potentially pay more for</h4><img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/graph-image-4_744x4180da87fcb-b2cc-4837-b1f9-3b27d8888e33.jpg?Status=Master&amp;sfvrsn=1575a07b_1" sf-size="100" alt="" /><h2>Where next? </h2>Over 60% of tenants are expecting that their next home will be another rental property. This is a likely result of the increased costs of living alongside rising mortgage rates, which has made it difficult for many to save for a deposit, but also harder
 to obtain the debt required. With the existing Help to Buy scheme due to end in October 2022, will we see more residents continue to rent their homes, as buying becomes less obtainable?<h4 style="text-align:center;">Tenants next property</h4><img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/graph-image-5_744x418ee9caf48-0fda-45a7-820a-317e5187f052.jpg?Status=Master&amp;sfvrsn=576c92f6_1" sf-size="100" alt="" /><h2>So, what does this mean for rental homes in the future? </h2>Tenants appear to be far more drawn to amenities based around leisure and open space, and to an extent, the privacy of having your own outside space. &nbsp;We see similar trends amongst buyers who often seek private outside space or proximity to green
 open spaces. Leisure based amenities are likely to be able to command a premium on rental prices.That being said, it appears that co-working spaces, residents&rsquo; lounges and more communal based amenities would still be appreciated by tenants and would likely help to encourage residents to a scheme. Although build with these amenities may not
 be able to charge a premium rent, the availability of these facilities would, we expect, increase demand and mitigate voids for landlords. <h2>What would tenants like to change about their home?</h2>It is clear that for the majority of tenants, their choice of rental property is a balancing act, with prospective renters weighting up space, location, facilities and price. Unsurprisingly, when tenants were asked what they would like to change about
 their home, most said they wanted more space, however this was often tied with wanting improved affordability, mainly referring to their rental budgets. Looking ahead, tenants are likely to be most attracted to rental homes in which they feel they
 get &lsquo;the most value for their money&rsquo;. This is likely to include or be within proximity to, some sort of leisure facility, be close to transport connections and be in a central location surrounding by good local amenities. The JLL Tenant Survey 2022 was conducted in July 2022 with a total of 954 respondents. This included responses from both AST and BTR tenants.&nbsp; About JLLJLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000.&nbsp; With over 7,000 employees and 15 offices in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory, leasing, building management and sales. JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare and student housing. Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.

Private outside space and leisure facilities are the most sought after

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Applications to study in London reached their highest level in 15 years in the 2021/22 academic year, whilst international applications across London are now 10% higher than they were pre-pandemic.
Overseas students are becoming an increasingly important part of London&rsquo;s rental scene, accounting for 52% of JLL&rsquo;s international tenants in London over the last 12 months. Across London, applicant demand from overseas tenants increased by
 223% from Q2 to Q3 2021, the last time an influx of students in London were looking for rental property. Applicant demand was up 64% from August to September, in preparation for the new academic year.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1662039374/resi/gb/Articles/London_lettings1.png" data-displaymode="Original" alt="London_lettings1" title="London_lettings1" style="vertical-align:middle;width:100%;" />
Recent JLL analysis of UCAS applications highlights the key hotspots of international students in London, amongst the highest 10 ranked higher education providers (HEP&rsquo;s), by the number of international students.
Over the past year, international tenants paid an average of &pound;2,737pcm to rent a property in Central, West or East London. This is 20% higher than the average rent paid by domestic tenants and a 14% year on year increase in rental values.
Rental searches from overseas students are convenience led. New, modern apartments are typically favoured, either within walking distance to the chosen university or within close proximity to transport links. The City, Nine Elms and Canary Wharf are all
 hotspots for overseas student tenants; almost 70% of our tenants in The City are overseas students, 60% around Nine Elms and 45% in Canary Wharf. Average rental growth in these areas has ranged from 11.3% - 27.1% over the past years. Albeit, some
 of this growth follows rental falls during 2020 as London remained in lockdown and demand for rental properties fell.
Charlotte Russell, Area Director &ndash; JLL Residential Lettings explains: &ldquo;We see a surge of Tenant demand from overseas students at the start of June.&nbsp; These prospective Tenants are typically 2nd and 3rd year students looking for a new home
 when they return to London for the start of the academic year and usually want to take a two or three bed apartment to share with other students or friends, they also already have a strong preference over which developments and areas they want to
 live in, with budgets often determining the proximity to the university.&nbsp; The second wave of students in late July throughout August are 1st year students, these new students have to leave their search until the last minute as the location and
 price paid is typically dictated by where they will study causing a lastminute rush, this can in turn inflate prices as stock levels then deplete in to September&rdquo;.
International applications are 10% higher than they were pre-pandemic
Most students will be waiting on exam results to confirm where they will be heading in the autumn, but we expect to see a continued rise of international students heading to the capital.
There were over 464,000 applications to universities across London for the 2021/22 academic year, 36% of which were from international students. Applications from international students has increased by 34% over the past five years and are now 10% higher
 than they were pre-pandemic. This growth has primarily been driven by an increase in the number of Non-EU students applying for courses at HEP&rsquo;s across London, up 68% over the last five years.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1662039374/resi/gb/Articles/London_lettings2.png" data-displaymode="Original" alt="London_lettings2" title="London_lettings2" style="vertical-align:middle;width:100%;" />
Why London?
The prestige of UK universities has always made them popular with overseas student and London is home to some of the world&rsquo;s, leading higher education providers. Currently home to four of the world&rsquo;s top 50 universities and five Russell Group
 universities. Imperial College London, ranked third in the UK and 12th in the world by Times Higher Education, is the highest ranked university in London.
University College London (UCL) received the largest number of international applications (over 68,000) for 2021/22, however London School of Economics boasted the largest number of international applications as a proportion: international applicants
 made up 66% of total applications in the 2021/22 academic year.
It&rsquo;s not all about applications though; the number of students accepting places at HEP&rsquo;s across London has increased by 16% over the past five years.
Meg Eglington, Senior Research Analyst at JLL says: &ldquo;The UK, and particularly London, have benefitted from the large increase of international students in recent years. The number of students applying from EU countries has fallen, mainly because
 EU students starting from the 2021/22 academic year now require a visa and are subject to international fees (unless exempt through the EU Settlement Scheme). But there has been a large increase in the number of students from China, India, Nigeria
 and the USA over the past three years, more than making up for the fall in EU students and bolstered international numbers&rdquo;.
Looking forward, the outlook for rents in London and around the student hotpots remains positive. A new surge in overseas students in London preparing for the 2022/23 academic year, further fuelling demand for rental properties.
With overseas travel returning to normality we anticipate a surge in demand from overseas students this summer. Analysis of Heathrow passenger numbers show travel from international passengers is up 24% since the first lockdown in 2020, which has continued
 to promote the return of international students to the capital.
Sustained student demand underpins JLL&rsquo;s latest rental growth forecasts for London, with rents forecast to rise a further 15.9% by 2026.
-----ENDS----
Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved.&lt;.p&gt;

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.

London lettings heat up with summertime student rush

UCAS insights

Analysis of UCAS applications and London&rsquo;s letting market

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<h2>Market Update August 2022</h2>Inflation, interest rates and the mortgage market have continued to dominate headlines this month. The Bank of England increased interest rates by a further 50 basis points to 1.75%, with Reuters commenting that another 0.5% rate rise is likely again in September. House prices continue to rise despite more challenging economic conditions. Monthly mortgage approvals increased again in June, although we will have to wait to see exactly how the impact of rising interest rates will play out in mortgage market over the coming months. <h3>Inflation, interest rates and the mortgage market </h3>Early August saw two Bank of England announcements which impacted the housing market. On 1st August, the Bank removed the requirement to impose an affordability test, which required lenders to assess whether potential borrowers would be able to afford
 an interest rate hike equivalent to 3%. Which, as interest rates rise would have meant much tighter affordability criteria for borrowers. While Loan to Income thresholds remain, this added more flexibility for both lenders and borrowers. Days later the MPC voted 8-1 to increase the base rate by 50 basis points to 1.75%. Most borrowers will be shielded from rate rises in the short term due to the proliferation of fixed rate lending, but higher rates will mean new borrowers will be paying
 more or be able to spend less. &nbsp;Despite worries surrounding increased monthly mortgage payments, monthly mortgage approvals increased by 4% from May to June 2022. <h3>Will green home improvements be key to securing higher prices? </h3>With another energy price cap rise on the horizon in October, it is unsurprising that homeowners and tenants focus remains on reducing the cost of their energy bills. Rightmove&rsquo;s latest Green Homes Report outlines that sellers who have improved
 the environmental performance of their property have secured on average 16% higher prices than those with no improvements. The report also found that buyers are requesting price cuts for homes with lower energy performance ratings, perhaps allowing
 them to make the improvements themselves? Meanwhile, survey results from JLL&rsquo;s latest Living Priorities Survey found that <a href="https://residential.jll.co.uk/insights/news/are-buyers-waking-up-to-the-benefits-of-a-more-environmentally-friendly-home"><a href="https://residential.jll.co.uk/insights/news/are-buyers-waking-up-to-the-benefits-of-a-more-environmentally-friendly-home">over half of respondents would pay a premium for a more environmentally friendly home</a></a>.&nbsp;
 <h3>House prices</h3>Despite rising energy costs and inflation dominating headlines for some time now, house prices have so far appeared to be immune. Annual growth (the year to May 2022), in the UK reached 12.8% in May, the highest level seen since August 2016. Meanwhile,
 annual growth in London was at 8.2%.<h3>Rents</h3>The rental picture remains unchanged across the UK. Supply of rental stock failing to keep pace with demand, pushing values to record levels. According to the latest rental index data (July 2022) from Homelet, the average rent in the UK has risen 9.5%
 over the past year, to &pound;1,127 pcm. London has seen the highest annual rental growth of 13.6%, with average prices now over &pound;1,800 pcm. <h3>Demand</h3>The RICS reported demand for rental properties was still outstripping supply in July, despite landlord instructions having increased.&nbsp; After a fall in new buyer enquiries in the UK sales market from April to June, buyer demand has increased marginally
 in July. The number of agents expecting price rises over the next 12 months has increased in July. &nbsp;<h3>And in case you missed it&hellip;</h3>Marcus Dixon, Director of Residential Research, JLL discusses the impact of <a href="https://residential.jll.co.uk/insights/research/jll-interest-rates-mortgages-and-the-impact-on-house-prices"><a href="https://residential.jll.co.uk/insights/research/jll-interest-rates-mortgages-and-the-impact-on-house-prices">interest rates and mortgages on house prices</a></a>.
Stratford <a href="https://residential.jll.co.uk/insights/research/jll-stratford-delivers-a-gold-medal-performance"><a href="https://residential.jll.co.uk/insights/research/jll-stratford-delivers-a-gold-medal-performance">delivers a gold medal performance</a></a> in the decade after the games and JLL <a href="https://www.jll.co.uk/en/trends-and-insights/research/q2-2022-uk-living-capital-markets-update"><a href="https://www.jll.co.uk/en/trends-and-insights/research/q2-2022-uk-living-capital-markets-update">tracks a 22% climb in living investment </a> </a>on
the same period last year.

Residential Market Update August 2022 – Rates increase but prices still rising

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Restrictions lift but rising rates could temper demand amongst some potential buyers The Bank of England continues to walk a challenging tightrope, one which some say it stepped onto too late. Global economies continue to struggle with rising inflation, a combination of demand returning following the lifting of covid restrictions alongside the implications on food and fuel costs following the war in Ukraine. The Bank of England alongside many global banks is responding by increasing rates in an attempt to counter inflation. &nbsp;For borrowers, the first week of August provided mixed news. On the first the Bank scrapped the requirement for lenders to impose additional affordability tests on borrowers, announced back in June. But days later, the Bank followed this with further increases in the base rate. It has to be said this wasn&rsquo;t a complete surprise, as those in the market were preparing themselves for the prospect of further rises this summer.&nbsp;On 4th August the Bank announced the first half point rise in 27 years.&nbsp; MPC members voted 8-1 in favour of increasing the base rate to 1.75%<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/microsoftteams-image-(2).png?Status=Master&amp;sfvrsn=8b3f4186_1" sf-size="100" />Of course, in the longer term the intention of this rate rise is to curb inflation, but in the short-term households are facing significant increases in the cost of living driven by food and fuel alongside wage rises which in many cases are not keeping pace with household expenditure. &nbsp;For mortgaged owner occupiers the proliferation of fixed rates loans will add some comfort. In Q1 2022 82% of outstanding mortgage debt was on fixed rates, up from less than a third a decade earlier. But for those looking to buy or re-mortgage recent rate rises will mean they pay more. Prior to the August interest rate rise the effective mortgage rate hit 2.15% at the end of June. Up from a low of 1.50% at the end of November 2021 and back to levels last seen in November 2016.&nbsp;But there hasn&rsquo;t been a seismic shift for many borrowers coming out of longer-term fixed rates, who would not have benefited from the record low rates in 2021. Effective rates for those coming out of a five-year fix in June 2022 (2.15%) only marginally higher than in June 2017 (2.05%). Albeit those exiting fixed rates in the coming months will experience a wider gap following the 4th August announcement.<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/microsoftteams-image-(1).png?Status=Master&amp;sfvrsn=d71d87ba_1" sf-size="100" /> Lifting restrictionsEarlier in the same week, on 1st August, the Bank removed the requirement for lenders to impose an affordability test, which required lenders to assess whether potential borrowers would be able to afford an interest rate hike equivalent to 3%. Which as interest rates rise would have meant much tighter affordability criteria for borrowers.The Loan to Income (LTI) threshold, the more meaningful measure for most borrowers remains.&nbsp; With lenders limited on the number of loans they can issue at more than 4.5X income.&nbsp;What will this mean for the housing market?In recent months the UK housing market has continued to defy gravity. Significant increases in energy costs and rising inflation have been with us for some time now, yet house prices have so far appeared immune to rising costs elsewhere in the economy.&nbsp; The latest figures from the Nationwide Index show prices nationally rose 11% in June 2022, with regional growth of between 6.0% in London and 14.7% in South West. There are some signs that levels of demand are slowing, but few are reporting price falls and agents continue to see demand outstripping supply.It would be na&iuml;ve to assume rising interest rates will not have some impact on the market. But in the short term it is possible that we will not see as significant an impact as one might expect.&nbsp;Not all households are being impacted equally.&nbsp; Research by the Institute of Fiscal Studies suggested the poorest 10% of households experienced CPI inflation three percentage points higher than the richest 10%, due in part to these households spending a higher proportion of their income on energy and food. It is likely that those households where rising living costs bite the hardest are either renting their homes or are not in a position to move.&nbsp;Indeed, this could mean we see prices rise further as more affluent households with a larger financial buffer, who usually buy more expensive properties, make up a higher proportion of transacting households.&nbsp;Where we could see rising costs (living and debt financing) impact most significantly is on transaction volumes. But this too is far from certain, with some households potentially looking to purchase now, anticipating further rate rises or looking to take advantage of schemes like Help to Buy. It is also important to remember that 30% of purchases nationally were cash.Looking aheadOver the next six months we expect the sustained double-digit growth in prices we&rsquo;ve experienced so far in 2022 will recede as the market settles. But it is important to state that this is expected to be a slowing of growth not a fall in prices.&nbsp;While some households will be deterred from moving due to higher rates, others will be keen to lock in at current (albeit higher) rates rather than risk further rate rises in the months to come.&nbsp; The ending of the government backed Help to Buy scheme in March 2023 also means that we could see a flurry of deals from first time buyers keen to take advantage of the scheme before it closes.&nbsp;In the longer-term higher interest rates will of course be a barrier to some households. This combined with the end of Help to Buy will undoubtedly impact on first time buyer&rsquo;s ability to enter the market.&nbsp; With higher borrowing costs, rises in the cost of living and recent house price appreciation all acting as barriers.&nbsp; Conversely, we expect existing owner occupiers, particularly those buying with cash will increase as a proportion of sales.Marcus Dixon &ndash; Director of Residential Research at JLL comments:&ldquo;The UK is not alone in experiencing high rates of inflation, with the Bank of England reacting in the same way as many global banks in imposing multiple rate rises. For households this comes at a difficult time as the cost-of-living squeeze erodes households disposable incomes and adds a layer of uncertainty on future outgoings.&nbsp;&ldquo;For the housing market the removal of the affordability stress test will add some wriggle room for purchasers and lenders alike, but we expect rate rises alongside and imbalance between wage rises and living costs will combine to deter activity amongst first time buyers and more financially exposed home movers.&rdquo;&nbsp;&nbsp; About JLL | August 2022JLL 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.&nbsp;JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare and student housing.&nbsp; Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.

JLL – Interest rates, mortgages, and the impact on house prices

Restrictions lift but rising rates could temper demand amongst some potential buyers.

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10 years after hosting the 2012 Summer Olympic Games, Stratford has outperformed London in both house price and rental growth, creating a new neighbourhood that has attracted a new wave of younger residents. In July 2005, London won the race to host the Summer Olympic Games. Stratford was earmarked as the core venue for the Games, with the area able to capitalise on the existing regeneration programme that had already been approved in 2004.Stratford was set to become the &ldquo;Capital of the East&rdquo;.A decade on, JLL have undertaken new research to assess how Stratford has performed since the games.<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/stratford1ed83a06f-113f-4237-bf93-bf5967e1f4ac.jpg?Status=Master&amp;sfvrsn=3591f79_1" sf-size="100" />Since 2012 house prices have outperformed the wider marketThe E15 postcode covers the areas of Stratford that already existed before the Olympics. E20, a new postcode set up to cover the Olympic Park represents the part of Stratford that went through the biggest transformation during the regeneration to become the Olympic Park and Stratford City developments. Comparing E15 in isolation and Stratford as a whole (E15 &amp; E20) demonstrates the outperformance of the area applies to both existing homes and is not just down to the addition of new build properties in E20.The majority of the 2012 Olympics events were hosted in Stratford and Greater London, but five other regional towns also hosted events. There was cycling and rowing events in Swanley and Benfleet, Canoeing and rowing in Windsor and Waltham Cross and sailing in Weymouth.The decade before the London Olympic Games, Stratford house price growth of 66% underperformed Greater London&rsquo;s at 84%. Ten years on from the London Olympic games, Stratford and E15 have outperformed Greater London, recording price growth of 104% and 92% respectively, compared with 65% for Greater London. Growth in achieved prices in Stratford also outperformed the five other regional host towns. With growth ranging from 43% in Windsor and 89% in Swanley in the ten years since the Olympics<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/stratford20a8093b5-0ea1-49bc-a756-b29fb849d252.png?Status=Master&amp;sfvrsn=714d1bc7_1" sf-size="100" /><h2>Young professionals attracted to Stratford</h2>Stratford has become one of the most vibrant areas in London. The population has increased by 42% to 73,000 over the last 10 years largely driven by an influx of young professionals, attracted to the area&rsquo;s new residential developments, improved transport links, expansive retail and leisure offering. The number of residents aged between 25 and 34 has increased by 10 percentage points in the area over the past ten years, now representing almost a third of residents. The proportion of private renters has risen too, from 21% of households in 2012 to 32% in 2021.Average asking rents in Stratford (E15 and E20) have experienced growth of 27% since 2014, whilst the E15 postcode alone has experienced similarly strong rental growth of 24%. Comparatively, Greater London has experienced rental growth of 12% over the same period. A year before the Olympic Games, Westfield Stratford City Shopping Centre, the largest urban shopping centre in Europe, opened its doors. The &pound;2.1 billion International Quarter London project has also helped Stratford become a key business centre in London. TFL, the FCA and UNICEF have all moved to the area. Senior Research Analyst at JLL, Eroll-James Kpenou says &ldquo;Olympic games bring with them the promise of a boost to the host city, but the ongoing success of Olympic venues after the crowds have departed has often been less certain. In the case of Stratford, the Olympic games have delivered on their promise to regenerate a little-known pocket of London into a thriving neighbourhood. A decade on, house prices have outperformed Greater London whilst staying accessible to young professionals. Stratford&rsquo;s future looks bright with thousands more homes under construction or in the pipeline, the newly opened Elizabeth line improving transport links further and more cultural experiences, with the arrival of the V&amp;A East museum in 2023.&rdquo;

JLL – Stratford delivers a gold medal performance

10 years after hosting the 2012 Summer Olympic Games, Stratford has outperformed London in both house price and rental growth.

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This month, Boris Johnson&rsquo;s resignation is vying with reports of record temperatures for the most column inches. The next Prime Minister will be left to tackle the continued cost of living crisis and rising inflation rates across
the UK. Nationally prices continue to rise, up 12.4% on April 2021, with London seeing prices rise by 7.9% over the same period. 
Inflation and interest rates
The UK CPI rose by 0.7% in May, bringing annual inflation to 9.1%. Although interest rates remain at 1.25%, it is expected that rates will continue to rise as many forecasters expect inflation to hit 11% by the end of the year. 
The mortgage markets
The Bank of England (BoE) reported that mortgage borrowing had spiked to &pound;3.2bn in May, as buyers rushed to lock in borrowing deals before rates inevitably rise again. The BoE reported average interest rates on a new mortgage have
jumped almost 50 basis point in six months and risen a further 13 basis points in May to 1.95%.
Mortgage data recently released by Twenty7Tec, highlights that green mortgages are becoming more popular with homeowners and landlords, as they are using these to escape the rising interest rates. The mortgages work by offering lower interest
rates and cash-back incentives to encourage property owners to improve the energy efficiency rating of homes. The green mortgage trend is expected to continue over the next few years as buyers try to keep costs down. 
UK economy bounce-back
Despite struggles to contain inflation in the UK, the economy grew by 0.5% in May 2022, after shrinking in both March and April. The growth was largely fuelled by both the manufacturing and construction industries, which reported month-on-month
growth of 0.9% and 1.5% respectively. Perhaps this will indicate a trend of some markets recovering after covid-19, and better managing the effects of war? 
House prices
In the UK, annual house prices have continued to grow, reaching 12.4% in the year to April 2022. In London, annual growth reached 7.9% over the same period, meanwhile the South West was the highest performing region, with annual growth
of 14.1%. 
Rents
Rightmove have reported that rents across Britain (excluding London) have reached new highs of &pound;1,126 per month, up 12% year-on-year. RICS reported that in both the UK and London, tenants demand is still far outstripping landlord
instructions, continuing to fuel prices. According to Rightmove, rental stock was down 26%, whilst demand was up 6% on last year.
Travel news
Heathrow passenger numbers increased by 4.8% in May 2022, compared with the previous month. Travel from the Middle East to Heathrow is now 2% higher than pre-pandemic levels (May 2019). 
And in case you missed it&hellip;
Nick Whitten, Head of UK and Residential Living Research, highlights three key reasons why the
<a href="https://residential.jll.co.uk/insights/news/uk-set-for-continued-house-price-growth">
UK is set for continued house price growth
</a>. The retrofitting of rentals to meet the EPC requirements by the 2025 deadline could reflect a potential
<a href="https://www.jll.co.uk/en/trends-and-insights/research/retrofitting-rentals-a-500bn-opportunity">
&pound;500bn investment
</a> opportunity for institutions, and JLL release the
<a href="https://www.jll.co.uk/en/trends-and-insights/research/uk-retirement-living-rental-2022">
</a>
<a href="https://www.jll.co.uk/en/trends-and-insights/research/uk-retirement-living-rental-2022">UK Retirement Living Rental report 2022</a>, forecasting the rental market to continue to grow by a further &pound;2.65bn
over the next five years.
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Residential Market Update – July 2022

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Rental growth is outpacing prices again in Q2 2022, with annual growth in rents of 14.4% in prime central London (PCL). The sales market saw lower growth in prices, up 1.4% annually.&nbsp; But with more potential buyers coming forward could we see a change in the fortunes of the sales market in the coming months? Interest from prospective buyers for prime central London homes increased this quarter, JLL recording the highest number of new PCL applicants registering in Q2 2022 since pre-pandemic, up by 63% on Q2 2021. Yet this increased demand has yet to impact prices, which remain little changed this quarter, with marginal falls on Q1 and increases of 1.4% compared with the same point a year ago. But we remain optimistic regarding the prospects for price growth in the second half of the year. Buyers in Prime Central London are less exposed to increases in living costs and interest rate rises which we anticipate will hamper growth prospects in the mainstream housing market over the coming months. And if overseas buyers return this summer as expected, alongside applicants taking the plunge to buy, we could see prices rise too.The PCL lettings market continues to see rents increase, as prospective tenants outnumber available properties. Rents rose 2% this quarter and are up 14% annually. But applicant levels are settling, with 15% fewer prospective tenants registering in Q2 this year compared with last, meaning we could see more balance between supply and demand across the PCL market in the coming months.<h2 style="text-align:left;">Prime Central London sales market</h2>A year ago, the second quarter of 2021 saw sales activity across prime central London reach record highs. Buyers were looking to complete on deals and take advantage of the &pound;15,000 saving available in the first phase of the Stamp Duty Land Tax holiday which ended on 30 June.<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/pcl-transactions-volumes.jpg?Status=Master&amp;sfvrsn=5c94d276_1" sf-size="100" />With no incentives in place this year we did not expect activity would rival the 2021 highs. But despite a 21% annual fall the number of properties sold in Q2 2022 sales were up 3% on Q1 2022. And if we exclude 2021, Q2 2022 saw the highest second quarter transaction volumes since Q2 2015. Compared with Q1 2022 we saw more houses transact, with 25% more sold in Q2 2022. Over the same period the number of flats sold fell 3%. The JLL Prime Central London Sales Index shows prices in Q2 2022 increased by 1.4% annually, following a 3.3% annual increase in Q1 2022. Albeit registering a modest quarterly fall, values down 0.4% on Q1 2022. But prices remain 4.3% higher than they were pre-pandemic in Q1 2020.Houses continue to outperform flats. Small houses with up to three bedrooms saw the highest annual increase, with prices rising 4.4% annually. Larger houses with four or more bedrooms saw prices increase 3.1% over the same period. &nbsp;Flat prices saw lower growth in Q2 2022, with small flats up to two bedrooms and large flats with three or more bedrooms both recording annual increases of 0.8% compared with the same period a year earlier.Stock levels have risen too, with the number of properties on the market at the end of Q2 2022 higher than at the end of the previous three quarters, 10% up on volumes at the end of Q1 and back to levels last seen a year ago in Q2 2021. Looking ahead activity looks set to increase.&nbsp; The number of applicants registering with JLL PCL offices in Q2 2022 rose 63% compared with 2021 and was 33% higher than 2019 levels. We are seeing an increase in applicants willing to spend more on their prime central London property too.&nbsp; Over half (54%) of applicants registering for homes in Q2 2022 had budgets which would stretch to more than &pound;2 million, compared with 35% of prospective buyers in Q2 2021.<h2 style="text-align:left;">Prime Central London lettings market</h2>A year ago, rents were starting to recover. With high stock levels and lower demand which had plagued the PCL lettings market easing as restrictions were lifted.Indeed, we quickly saw a shift in the supply and demand dynamic. This year a shallow pool of available stock and rising demand from tenants returning to the capital has continued to drive rents up across prime central London. With agents reporting supply of smaller one- and two-bedroom flats remains particularly constrained.&nbsp; Rents rose 2.0% in Q2 2022 compared with the previous quarter. This resulted in the JLL Prime Central London Lettings Index recording a 14.4% annual increase in achieved rents. Rents in Q2 2022 now 5.1% higher than they were pre-pandemic in Q1 2020.<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/change-in-pcl-rents.jpg?Status=Master&amp;sfvrsn=da482687_1" sf-size="100" />Rental values continue to increase across all price brackets, although the highest growth is still being recorded for properties commanding lower average rental values. Properties with rental values under &pound;1,000 per week have increased in value by 15.9% while those with rental values over &pound;3,000 per week increased by 5.6%.The number of new lets rose in Q2 2022 compared with Q1, up 15%. Yet volumes continue to lag long run averages.&nbsp; Lack of stock means competition remains strong for new stock, so we continue to see higher than normal levels of renewals as tenants are reluctant to re-enter the market. The number of properties let down 42% on Q2 2021, with lettings in the year to Q2 2022 now at their lowest level since Q3 2020 (which includes periods of lockdown).Looking ahead there are signs that supply constraints experienced in the last nine months may be starting to ease. Levels of new supply rose again this quarter compared with Q1 2022 but are still far lower than we would expect at this point in the year. The number of properties available to let at the end of Q2 2022 17% higher than Q1 2022 but still 57% down on Q2 2021.&nbsp; New applicants have also fallen back in Q2 2022, with 15% fewer registrations across JLL PCL offices compared with Q2 2021 suggesting we could begin to see supply and demand become more balanced as we move into the second half of the year. <h2 style="text-align:left;">About JLL</h2>JLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000.&nbsp; With over 7,000 employees and 15 offices in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory, leasing, building management and sales.JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare and student housing.Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.

Prime Central London – Q2 2022

In his Blackpool speech on 9 June the Prime Minister announced new initiatives to ease access to home ownership. There will be a government review of the mortgage market, due to report back this autumn, with a clear goal of increasing the availability
 of higher loan to value mortgages, at 95% or more. Plans are also afoot to provide additional support to leaseholders in purchasing their freeholds as well as extending Right to Buy. In their 2015 manifesto the government included a commitment to extend Right to Buy to Housing Association tenants. Seven years on it has been announced that the scheme will be extended, set to cover all social housing tenants including Housing Associations.
 Some Housing Association tenants were already eligible, but the extension of the scheme will now allow access to Right to Buy to 2.5 million more households across England.Since its inception in 1980 Right to Buy has been contentious. For those in the position to take advantage of the scheme it has enabled more than two million households to get onto the housing ladder. But money raised was in many cases not re-invested,
 meaning fewer social rented homes, longer waiting lists and greater reliance on landlords within the private rented sector. Critics of Right to Buy argue that it has been a key contributor to the reduction of social housing provision. There remains an acute shortage of social rented homes, 1.1 million households on the social housing waiting list and many stuck in unsuitable
 or temporary accommodation.This can be clearly demonstrated by comparing the number of social housing completions with Right to Buy sales. Since 1980 across England there have been 1.19 million new homes completed by Local Authorities and Housing Associations combined. Over the
 same period the number of Right to Buy sales totalled 2.19 million. This means that in the last 40 years there has been a shortfall of almost 1 million homes (994,000). Although government were quick to reassure critics that homes sold through the
 new scheme would be replaced one for one, albeit not retrospectively.&nbsp;<img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/extending-right-to-buygraph-1.png?Status=Master&amp;sfvrsn=806a56ff_1" sf-size="100" alt="" /><h2>Who pays?</h2>Part of the rationale behind Right to Buy is that tenants are offered discounts on the market value of the property. In a government pilot of voluntary Right to Buy sales between 2018 and 2020 it was estimated that 80% of tenants who bought through the
 scheme would have been unable to buy without the discount being in place. With the same pilot showing tenants bought with an average discount of 46% off market value. It is unlikely that Housing Associations will be able to offer sufficient discounts and replace stock like for like without government support. Even without Right to Buy Housing Associations are under significant financial pressure. Alongside investment
 to improve their current portfolio they will need to ensure any remediation works are carried out to deal with cladding and fire safety as well as initiate plans to hit zero carbon targets by 2050. Not to mention additional investment in increasing
 the size of their rental portfolio.At JLL we are committed to promoting the delivery of more homes across all tenures. Offering greater access to home ownership certainly shouldn&rsquo;t be discouraged, but the UK needs improved delivery and funding of affordable homes for rent too.&nbsp;<h2>About JLL | June 2022</h2>JLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000.&nbsp; With over 7,000 employees and 15
 offices in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory,
 leasing, building management and sales. JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare
 and student housing. &nbsp;Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any part of
 the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees
 shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution
 or breach of such intellectual property.

Extending Right to Buy - June 2022

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Government announcements mean 2.5 million more households now eligible to buy their home

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&nbsp;Our Residential Forecasts 2021 will look to the future and offer valuable insight on:
<ul>
 <li>UK house price and rental value forecasts for the next five years</li>
 <li>Expected future housing starts and levels of transactions over the next half a decade</li>
 <li>Which cities will witness the highest house price growth?</li>
 <li>Will the Covid-19 pandemic trigger large-scale de-urbanisation?</li>
 <li>What role is technology playing to satisfy our increasing needs and wants in our home</li>
</ul>
 
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Nick Whitten our Head of UK Living Research discusses our latest forecasts in the video below. 
 
 

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Nick Whitten &ndash; Head of UK Living Research
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UK Residential Forecasts – Home is… for everything

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Stratford

Covid-19 has emphasized our homes' importance, accelerating a trend where technology allows us to meet various needs at home.

Covid-19 has accelerated a trend which is making our homes the centre of our lives once again with technology being the great enabler allowing us to satisfy our needs and wants in our homes.

UK Residential forecasts – Home is… for everything

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Our lives now revolve around our homes more than at any point in the past 250 years. In 2020, Covid-19 has accelerated a trend which is making our homes the centre of our lives once again with technology being the great enabler allowing us to satisfy our needs and wants in our homes.

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

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

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

Prime Central London Residential Research Report for Q2 2020

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

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

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Aiden Murray 
Senior Planning Consultant - Planning, Development &amp; Heritage 
 
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Stefanie Mizen 
Associate - Planning, Development &amp; Heritage
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Could Covid-19 trigger a growth in live/work units?

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

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We undertook a survey of JLL employees across Europe to assess whether the extended period spent at home due to Covid-19 has altered the way we feel about our homes.&nbsp;In this first of two blogs, we look at the major shifts in perceptions and preferences. The second will unpick changing work from home expectations and how these translate into housing demands.National lockdowns have been a common government response to concerns over the spread of Covid-19, though their stringency has varied across Europe. Our survey sample includes nearly 2,000 respondents from 15 different countries who all have different experiences of lockdown, but one thing is for sure, their time at home has increased. According to Google&rsquo;s Mobility Trends reports, time spent in residential settings within our sample countries was, at its peak, anywhere from 29% to 46% higher than the baseline level.&nbsp; <img src="https://dev-cms-resi.eu.jll.com/images/default-source/default-album/graph-1---residential-mobility.png?sfvrsn=a4fc845_0" title="Graph 1 - residential mobility" data-displaymode="Original" alt="Graph 1 - residential mobility" />In this first blog, we look at how more time spent at home has shaped peoples&rsquo; opinions of their living arrangements and whether they are now more likely to consider moving as a result.<h2>Moving homes</h2>The amount of time people are spending at home has encouraged households to think about their living arrangements. One solution to this situation, obviously dependent on financial capacity, is to move home.&nbsp;Only 3 in 10 respondents were looking to move home before Covid-19, with a relatively higher rate for renters (38%) and people aged 35-44 (33%). Split by geography, those in the UK &amp; Ireland were actually less likely to be looking to move (22%) whereas German respondents were the most active prospective movers (33%). <img src="https://dev-cms-resi.eu.jll.com/images/default-source/default-album/graph-2---moving-homece68f05784544e27a63d37293a459e5c.png?sfvrsn=3f0e3cf2_0" style="vertical-align:middle;" title="Graph 2 - moving home" data-displaymode="Original" alt="Graph 2 - moving home" />Experiences under Covid-19 lockdowns have changed the landscape. 46% of respondents are now looking to move, though the picture is more muddied at the individual level. One third of those who had been looking are now no longer, perhaps put off by economic uncertainty. Nearly 4 in 10 (37%) of those who had not been looking are now open to moving. <img src="https://dev-cms-resi.eu.jll.com/images/default-source/default-album/graph-3--location-pref.png?sfvrsn=75918772_0" style="vertical-align:middle;" title="graph 3 -location pref" data-displaymode="Original" alt="graph 3 -location pref" />Experiences, and expectations for their work-life balance moving forward, have led people to reconsider where they live. Of those now looking to move, only just over half (55%) are looking to change to a similar location, with 38% looking to move further away from the city centre. Unsurprisingly, the desire for more space and the declining importance of an easy commute (based on an expectation for more home working), means that individuals can prioritise the qualities of the home itself, more than just the location in relation to their workplace. In global cities<a href="file:///C:/Users/Himanshi.Luthra/Desktop/2020/August/20200730_Livingprioritiesblog1/TASK%20FOLDERS%20(1)/Insights%20Brief%20-%20Housing%20needs%20and%20resident%20preferences%20across%20Europe%20during%20Covid-19.docx#_ftn1" name="_ftnref1">[1]</a>, this proportion increased to 41% and rises again to 45% for the Alpha+ global cities of London and Paris. These larger cities tend to offer better suburban and commuter transport links, indicating that people are not looking for wholesale lifestyle changes, but a slight shift in the kinds of neighbourhoods in which they would like to live.[1] As defined by GaWC. Alpha++ (London); Alpha+ (Paris); Alpha (Frankfurt, Madrid, Milan, Brussels, Warsaw); Alpha- (Amsterdam, Dublin, Luxembourg, Munich, Prague, Rome, Barcelona, Lisbon)<div><div id="ftn1"></div></div><h2>Changing home priorities</h2>While all those wanting to move may not be able to, our survey does appear to indicate that what we consider to be important in our homes may be changing in light of this shock to our day-to-day lives. Respondents ranked the importance of 14 metrics pre and post Covid-19. The biggest shifts in priorities ranked extremely important were having a personal outdoor space, fast broadband speed and a private workspace. <img src="https://dev-cms-resi.eu.jll.com/images/default-source/default-album/graph-4---home-location.png?sfvrsn=5dda12c7_0" style="vertical-align:middle;" title="Graph 4 - home location" data-displaymode="Original" alt="Graph 4 - home location" />People&rsquo;s now intimate relationship with their homes means many are looking to modify and reimagine their living spaces. Overall, 43% of people would like to adjust, with a strong correlation with age: younger people are most likely (50% aged 18-34) compared to older cohorts (23%; 55+). With renters also more likely to want to modify, it points to the conclusion that older home owners have more space and better work from home environments, which is perhaps unsurprising given they already, on average, spend more time working at home.Top priorities do, however, vary slightly by country. All regions put outdoor space, which could be as little as a balcony or small terrace, and natural light among the top 5 most important factors. Air quality and broadband speed are also seen as important across most regions. Lower down the list of priorities, there is some regional variation: those in Southern Europe, where temperatures are warmer, favour thermal comfort, whereas those in the UK &amp; Ireland, Poland and Benelux want to be close to public outdoor space. <img src="https://dev-cms-resi.eu.jll.com/images/default-source/default-album/graph-5---priorities.png?sfvrsn=69192194_0" style="vertical-align:middle;" title="Graph 5 - priorities" data-displaymode="Original" alt="Graph 5 - priorities" /><h2>Longer-term implications</h2>After weeks and months of housing markets being frozen, this pent-up desire to move is starting to translate into more enquiries, though the economic challenges are putting the brakes on a massive uptick in transactional activity, at least for now. Anecdotal evidence from real estate agencies is suggesting that some of these home preference trends have already been borne out in both sales and rental market activity across different European markets. How much these strong preferences translate into concrete and long-term demand shifts is still yet to be determined, but one thing is for sure &ndash; the pandemic has heightened an appreciation for good quality homes which meet owner or tenant expectations, which is unlikely to recede.

Housing needs and resident preferences across Europe during Covid-19

In the first of two blogs based on our JLL employee survey, we investigate how European experiences of lockdown have altered people&rsquo;s housing needs, their desire to move, and perceptions of the home&rsquo;s most important characteristics.

We undertook a survey of JLL employees across Europe to assess whether the extended period spent at home due to Covid-19 has altered the way we feel about our homes.

https://res.cloudinary.com/jll-global-olm-np/image/upload/v1596461368/resi/gb/cms/Blogs/Images/Could_COVID-19_trigger_a_growth_in_live-work_units.png

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

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

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