uk-housing

UK Housing

The Renters (Reform) Bill was introduced to parliament on 17th May 2023. It follows the 2022 private rented sector white paper, which outlined the government&rsquo;s aspirations for the future of privately rented homes. The bill aims to deliver on the
 government&rsquo;s plan to &ldquo;bring in a better deal for renters&rdquo;, which includes the ending of &lsquo;no fault&rsquo; evictions. These changes of course have implications for landlords too, but the bill aims to allay some of their concerns
 by strengthening Section 8 powers under which landlords can recover their properties.Further regulation includes proposals for a new property portal and rental redress scheme, which aim to make it easier for landlords and tenants to resolve issues and for councils to track and penalise rogue landlords. For landlords, increased use of
 Section 8 could also make it easier to identify tenants with a history of rent arrears and antisocial behaviour, aiding the tenant referencing process and mitigating risk for those taking on new tenants.But we are still at an early stage. The bill is entering the approval period, where questions on the detail behind the proposals can be answered and views sought. The bill must follow a set path before receiving Royal Assent and becoming law. The next
 step will be a second reading, giving MPs the opportunity to scrutinise the bill and make any amendments to the proposals. This will also be an opportunity for interested parties to contact their MP to put forward their views on the proposals.The bill must then progress through committee, parliament, and the House of Lords before details are agreed and Royal Assent is sought. This is a lengthy process, with the time from bills being introduced to becoming law often exceeding 12 months.<h2>Current proposals include:</h2>The end of the AST - Section 21 will be abolished, aiming to provide tenants with greater security. Fixed term tenancies will be scrapped, meaning a tenancy will end only if the tenant chooses to leave (usually by giving two months&rsquo;
 notice) or the landlord is able to provide a valid reason to end the tenancy. To assist with this Section 8 will be strengthened to allow landlords to recover their properties. From six months into the tenancy landlords may give the tenant notice
 (usually two months) to vacate if they are looking to move back into the property, sell or redevelop. Landlords can also gain possession if the tenant is in breach of their tenancy or falls into arrears.If implemented, it is likely changes will apply first to new tenancies, with existing tenancies transitioned across into the new structure within a pre-defined period. There are some exemptions for students lets, however this could we be one of the elements
 of the bill where we see some changes introduced.Annual rental reviews&nbsp;&ndash;&nbsp;Rental increases will be limited to one per year, with new powers for tenants to challenge above market rate rental increases through a tribunal.
Pets&nbsp;&ndash;&nbsp;Landlords must have reasonable grounds to refuse a tenant the right to request a pet in their rented property. It is not yet clear what constitutes &lsquo;reasonable grounds&rsquo;,
 hopefully this will become clearer as the process progresses, but tenants who are refused can use the new redress scheme to refer the final decision to the ombudsman. For landlords, existing regulations will be strengthened to ensure tenants are liable
 for any damages caused by their pets.Redress scheme &ndash; Proposals for a single redress scheme for both landlords and tenants. The ombudsman will provide a free service if tenants have complaints regarding their landlord, the standard of the property, or any outstanding
 repairs. Under current proposals landlords would not be able to make a complaint about a tenant to the ombudsman but they could be offered mediation services to settle disputes between them and their tenants. Landlords would be required to join the
 scheme with local councils empowered to take enforcement action against those who fail to sign up. Lettings agents will not be required to join.New property portal &ndash; Landlords will need to sign up to a new property portal. This will be a digital record of the landlord and their properties. Landlords will need to be registered and keep records on themselves and their rental
 properties up to date to legally market a property to let. Proposals are for councils to have access to the portal to enable them to flag any unspent offences or restrictions in the landlord&rsquo;s name.More detail on the bill can be found <a href="https://www.gov.uk/guidance/guide-to-the-renters-reform-bill" target="_blank">here</a>.Our team here at JLL will keep you updated throughout the process and are here to answer any questions you may have on the bill or the implications for you as a landlord or tenant.<h2>JLL Research | June 2023</h2>JLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000. With over 7,000 employees and 15 offices
 in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory, leasing,
 building management and sales.JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare
 and student housing.&nbsp;Disclaimer: &copy; 2023 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or
 warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any
 form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves
 the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.

Renters Reform Bill

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

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

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

Prime Central London – Q1 2023

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

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

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Recently news of a rate rise at a Monetary Policy Committee meeting has become almost a foregone conclusion, with rates increasing ten times since December 2021 and the last meeting in February. But views on the outcome of the March meeting were mixed. On one hand, the uncertainty surrounding the collapse of the Silicon Valley Bank and the takeover of Credit Suisse by UBS, alongside more encouraging news on the outlook for inflation from the OBR suggested the committee may stick. But unexpected double digit inflation figures, showing an annual uptick in CPI of 10.4% in February increased the odds of a rate rise. &nbsp;Despite the announced 25 basis point rise, taking base rates to 4.25%, we still expect this signals a topping out (or near topping out) of rates. This remains in line with the base rate expectations in our November forecast, with JLL expecting house prices will fall by 6% nationally in 2023, with the market starting to see annual growth return in the latter part of 2024.Updated Office for Budget Responsibility (OBR) forecasts following the Spring Budget show the UK economy is not now expected to enter a technical recession in 2023. However, forecasts suggest a small contraction of 0.2%. At present the UK inflation rate remains stubbornly high, however the OBR has forecast inflation will fall to 2.9% by year end. Despite economic uncertainty, the labour market continues to rally. Although job vacancies have fallen vacancies remain 300,000 above levels recorded pre-pandemic. &nbsp;Despite expectations the UK will avoid recession, the outlook for growth is more muted. The OBR have forecast GDP growth of 1.8% in 2024, followed by 2.5% in 2025, 2.1% in 2026 and 1.9% in 2027. The Spring BudgetThe Budget was light on specific housing policies and initiatives to boost the supply of new housing in the UK. The costs of living crisis has exacerbated issues surrounding housing affordability and the need for greater innovation on supply side policy. The news on the energy price cap remaining at &pound;2,500 per annum will, however, be well received by households across the UK. The cap will remain in place until the end of June, by which time the government is hopeful that falling energy prices and more balmy weather will negate the need for further support.There appear to have been a handful of small steps made to improve the UK&rsquo;s renewable energy sources. The Department for Energy Security and Net Zero was one of four new departments created in February. In addition, the Chancellor has announced that the government is launching Great British Nuclear (GBN) to address constraints in the nuclear market. The Housing Sales MarketThe latest set of responses from the RICS survey saw the majority of agents reporting a continued fall in house prices and new buyer enquiries in February. A net balance of 29% professionals reported a fall in new buyer enquiries, an improvement on the 45% recorded in January. The story is similar across London with a net balance of 44% of professionals reporting a fall in house prices.The Nationwide UK House Price Index reported house prices fell 1.1% in the year to February 2023, the first annual decline since June 2020. Higher interest rates and cost of living pressures have been slowly filtering through to the housing market over the past five months or so. Albeit recent reductions in mortgage rates and continued resilience in the labour markets have kept annual falls to a minimum so far. According to Nationwide, the average house price in the UK is &pound;257,406, 19% higher than pre-pandemic levels (February 2023 vs. February 2020). The Rental Market The Homelet index suggests annual rental growth remains strong at 9.9% across the UK in February 2023, with the current average rent of &pound;1,175 matching the November peak. The latest RICS survey continues to show an imbalance between supply and demand in the both the UK and London rental markets. In London, the worsening demand supply story has continued to underpin rents, with annual growth of 12.4% in February 2023. The average rent across London reaching &pound;1,975 per month.ForecastsDespite some clear challenges, the UK housing market remains in a strong position. Unemployment is still at near record lows, with recent data showing there are over 300,000 more job vacancies now compared to the beginning of the pandemic. JLL are forecasting single digit price falls nationally in 2023 as buyers and vendors adapt to higher mortgage rates and the squeeze in the cost of living. But prices falls will not be universal, we anticipate certain markets, such as central London and high demand city centre locations, will see more modest price falls or marginal price rises this year. &nbsp;In the rental market the lack of quality rental stock is an ongoing issue. We also expect to see a higher number of prospective buyers, as well as those who would under normal circumstances have transacted under Help to Buy remain in the rental market for longer, adding further demand in an already constrained market.&nbsp;&nbsp;<style>table {
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<table><thead><tr><th data-role="resizable">Residential Forecasts</th><th data-role="resizable">2023</th><th data-role="resizable">2024</th><th>2025</th><th>2026</th><th>2027</th><th>Total 2023-27</th><th>Average pa</th></tr></thead><tbody><tr><td>UK House Price Change (% pa)&nbsp;</td><td>-6.0&nbsp;</td><td>1.0&nbsp;</td><td>4.0&nbsp;</td><td>5.0&nbsp;</td><td>5.0&nbsp;</td><td>8.9&nbsp;</td><td>1.7&nbsp;</td></tr><tr><td>&nbsp;UK Rental Value Change (% pa)</td><td>4.0&nbsp;</td><td>3.5&nbsp;</td><td>2.5</td><td>2.5&nbsp;</td><td>2.5&nbsp;</td><td>15.9&nbsp;</td><td>3.0&nbsp;</td></tr></tbody></table>Source: JLL ResearchAnd in case you missed it&hellip;JLL released our latest <a href="https://residential.jll.co.uk/insights/research/big-six-residential-development-report-winter-2022-23">Big 6 Residential Development Report</a>, comparing
 activity, pricing and rents across six UK cities outside of London. Veronica Spanos McGill, Senior Analyst at JLL, speaks to Egi on <a href="https://www.egi.co.uk/news/btr-needs-to-grow-threefold-to-fill-londons-widening-private-rental-gap/">the shortfall of rental stock</a>, with JLL highlighting increasing unaffordability in the housing market will drive demand for an additional 300,000 rental households over the next ten years. And on the story of the rental
 market, <a href="https://www.jll.co.uk/en/trends-and-insights/research/london-build-to-rent?utm_source=linkedin&amp;utm_medium=orgsoc&amp;utm_term=hootsuite&amp;utm_content=adcb033a-8f34-44da-8ef1-476f9bbc2f3c">investment of &pound;15bn has seen London's BTR market grow to 40,000 homes in 2022</a>.JLL Research | March 2023JLL 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. <h5>Disclaimer: &copy; 2023 Jones Lang LaSalle IP, Inc. All rights reserved.</h5><h5>Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any part of
 the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees
 shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution</h5>

Residential Market Update March 2023 – Spring Budget Overview

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

The Spring Budget, 2023<div> </div>

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Early February saw the Monetary Policy Committee (MPC) meet, with base rates increased by a further 50 basis points, to 4%. Although this was the tenth consecutive rate rise, the market now widely expects we are nearing the peak. With expectations that base rates will top out at between 4% and 4.5% this year. Q4 figures showed the UK managed to narrowly avoid falling into a recession in 2022, with the economy flat in the fourth quarter, however economic output was down -0.5% in December. Forecasters are not discounting the possibility of recession this year, albeit any recession in the UK economy is now expected to be shorter and shallower than originally forecast. The Mortgage MarketThe mortgage markets have become more competitive over the past month, with more lenders joining the sub-4% club. HSBC was one of the first to launch a five-year fixed rate earlier this month. Since, the Co-Operative Bank has launched a five-year fix
 at 3.75%, the cheapest rate offered to borrowers since September 2022. The number of mortgage approvals fell by -44% from November to December 2022, with December figures the lowest since lockdown months in 2020. Albeit we anticipate an increase in more competitive mortgage products on the market will result in a rise in
 mortgage approvals over the next few months. The Sales MarketThe latest responses from the RICS survey saw the majority of agents reporting a drop in house prices and new buyer enquiries in January. The story is similar across London with a net balance of 41% of professionals reporting a fall in house prices, more
 negative than the -30% in December. The fall in new buyer enquiries is also impacting the time properties spend on the market, with the number of days taken to sell a home rising to 52 days in December.Wealthy overseas buyers have been taking advantage of a weaker pound to secure homes in central London. Analysis of JLL new homes reservations data shows the number of reservations from international buyers was up 33% in 2022 compared to 2021. Buyers
 from the Asia Pacific region continued to dominate the market; The number of new homes reservations from mainland China, Hong Kong and Malaysia was up 26%, 26% and 35% respectively in 2022 compared with 2021. Outside central London, more challenging market conditions and cost of living pressures are beginning to filter through to the market. The Nationwide House Price Index reports growth nationally is slowing, prices 1.1% higher in January 2023 than they
 were a year ago, although it should be noted that this is on mortgaged properties only. Land Registry data, which records completion dates, is still showing a 9.8% annual increase in UK house prices for December 2022.According to Land Registry, the East Midlands region saw the highest house price growth in the year to December 2022, at 12.3%, with London recording the lowest annual growth at 6.7%. Scotland and Wales recorded annual growth of 5.7% and 10.3% respectively.
The Rental Market The Homelet index suggests annual rental growth remains strong at 10.2% across the UK, although the monthly change in rents have recorded marginal falls of -0.2% in January. The latest RICS survey continues to show an imbalance between supply and demand
 in the both the UK and London rental markets. In London there is evidence of worsening demand/supply imbalance as RICS reports a sharp rise coupled with a fall in landlord instructions. Continued pressure on the cost of living, alongside higher borrowing costs, suggests demand for rental properties will remain strong in 2023. But affordability will continue to be challenged, with analysis of Homelet data suggesting renters in the UK
 are spending 31.3% of their income on rent, rising to 36.1% in London. ForecastsDespite some clear challenges, the UK housing market remains in a strong position. Unemployment is still at near record lows and fewer households have high loan-to-value loans secured against their properties. The outlook for the UK&rsquo;s city centres
 remains strong, with house prices still expected to rise this year. Cities where we have seen the highest house price growth have continued to see demand outstrip supply of late, with the return of students and young professionals. The lack of quality rental housing is an ongoing issue. This demand for rental stock supports institutional investor appetite for purpose built rental homes. We expect that more prospective buyers, as well as those who would under normal circumstances
 have transacted under Help to Buy, are more likely remain in the rental market in greater numbers this year. This adds further fuel to an already constrained rental market and will, we expect, perpetuate the supply demand imbalance in 2023.<div><style>td,
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<div style="overflow-x:auto;" align="center"><table cellspacing="0" cellpadding="0" border="1" align="center" width="100%"><tbody><tr class="red"><th scope="col">Residential Forecasts</th><th scope="col">2023</th><th scope="col">2024</th><th scope="col" data-role="resizable">2025</th><th scope="col">2026</th><th scope="col">2027</th><th scope="col">Total 2023-27</th><th>Average pa</th></tr><tr><td>UK House Price Change (% pa)</td><td>-6.0</td><td>1.0</td><td>4.0</td><td>5.0</td><td>5.0</td><td>8.9</td><td>1.7</td></tr><tr><td>UK Rental Value Change (% pa)</td><td>4.0</td><td>3.5</td><td>2.5</td><td>2.5</td><td>2.5</td><td>15.9</td><td>3.0</td></tr></tbody></table></div>Source: JLL ResearchAnd in case you missed it&hellip;.Annual investment in the UK Living Sector soared to record heights of &pound;18bn. Purpose-built student accommodation contributed 45% of investment. Read more in our latest <a href="https://www.jll.co.uk/en/trends-and-insights/research/uk-living-capital-markets-2022">UK Living Capital Markets 2022 in Review</a> report.&nbsp; The average cost of a starter home is up &pound;50,000 over the past five years. Marcus Dixon, Director of Residential Research at JLL, <a href="https://www.standard.co.uk/homesandproperty/property-news/first-time-buyer-property-prices-soar-up-to-a-fifth-b1057600.html">chats to the Evening Standard</a>&nbsp; and explains the figures &ldquo;clearly demonstrate the extent to which people are being priced out of the heart of the capital when looking to buy their first home&rdquo;.
 And keep an eye out for our Big Six Residential Development Winter 22/23 Report, out soon.&nbsp;JLL Research | February 2023JLL 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; 2023 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any part
 of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees
 shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution
 or breach of such intellectual property. </div>

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

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

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

Residential Market Update January 2023 – Falling Inflation

January market update

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

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

Prime Central London – Q4 2022

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

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

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December saw a further base rate hike as rising rents continued to dominate the headlines. But there are signs that rising rates are starting to hit prices. Despite annual inflation remaining in double digits, marginal monthly falls suggest it could be topping out. Supporting the consensus view of gradual decline in the rate of inflation as we move into 2023.Rising interest rates and the mortgage market The 15 December saw the MPC add a further 50 basis points to the base rate, the ninth increase in a year, meaning the base rate reached 3.5%. The Bank is still having to contend with double digit inflation, far higher than the 2% target. However, the latest CPI figures do suggest that we could have reached the crest of the wave. CPI for November shows rates were marginally below forecast at 10.7% (forecast at 10.9%) and down from 11.1% in October. Governor Andrew Bailey remained cautiously optimistic that inflation had begun to ease in the latest statement.House pricesThe latest UK house price data from the Land Registry shows annual growth reaching 12.6% in October 2022. House prices grew 6.7% across London over the same period, having peaked this year at 9.2% in July. &nbsp;The slowdown in the market has yet to the Land Registry figures, partly due to the time lag between offer and completion. But there are signs that the market is slowing. The latest figures from the Halifax and Nationwide indices suggest a slowing in the rate of growth in the final months of 2022. With November figures from the Halifax showing prices up 4.7% annually, and Nationwide up 4.4%.RentsRents are still rising, as tenant demand continues to outpace properties reaching the market to let. According to Rightmove, demand for rental properties rose 20% year-on-year, with tenants returning to cities adding further pressure on these markets. The impact of higher interest rates also means tenants are staying in the rental sector for longer as affordability is squeezed, and potential buyers wait to see where the market is heading before committing to purchase. Rightmove figures suggesting the number properties on the market to let fell 9% annually in November. The Homelet Index show average UK rents rose 11.1% in the 12 months to November 2022, with all UK regions recording annual increase in achieved rents. Greater London recorded the highest annual growth in rents (14.5%) whilst Yorkshire and The Humber recorded the lowest at 7.3%. DemandThe latest set of responses from the RICS survey saw more agents reporting a drop in new buyer enquiries in the UK, albeit showing a marginal improvement since October. The story remains similar within London too, where more agents reporting falls in prices and buyer demand over the last three months. Reflecting the drop in demand, figures from Dataloft show the number of days taken to sell a home is increasing, with the average now 45 days (up from 40 days in October). And in case you missed it&hellip;We released our latest <a href="https://residential.jll.co.uk/insights/research/jll-uk-house-price-forecasts---housing-set-for-a-correction-not-a-crash">JLL forecasts</a> &nbsp;at the end of the year, explaining how we believe the housing market is set for a price correction, rather than a crash. As seen in the Guardian, we expect <a href="https://www.theguardian.com/business/2022/dec/26/experts-predict-housing-market-will-cool-in-2023-as-uk-enters-a-recession">a 6% fall in house prices during 2023</a>, with recovery in 2024. Meanwhile, Marcus Dixon, Director of UK Residential Research at JLL, discusses <a href="https://primeresi.com/boe-bumps-interest-rates-up-again-to-3-5/">the latest rate hike</a> with Prime Resi. And JLL talk <a href="https://reactnews.com/article/house-sales-predicted-to-fall-by-30-this-year-as-construction-slows/?utm_source=React%20News%20-%20News%20Alerts&amp;utm_campaign=d35f6a1822-EMAIL_CAMPAIGN_2023_01_03_04_25&amp;utm_medium=email&amp;utm_term=0_b0728480f9-d35f6a1822-%5BLIST_EMAIL_ID%5D&amp;mc_cid=d35f6a1822&amp;mc_eid=59e5cca6b9">all things 2023 with React News.</a>

Residential Market Update December 2022 – 9th rate rise to end the year

market update december

December saw a further base rate hike as rising rents continued to dominate the headlines. But there are signs that rising rates are starting to hit prices.

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<a href="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1668436826/resi/gb/cms/Blogs/JLL_Tenant_Survey_-_2022.pdf" target="_blank"><button class="Button primary">Download a copy</button></a>&nbsp;Current pressures on the cost of living, coupled with the legacy of the pandemic have forced us to re-think our priorities, particularly concerning our homes.Rising bills means energy efficiency is becoming a priority. But even before prices began to rise legislation was mooted to improve efficiency of rental stock. The government proposing all newly let residential buildings would need to have an EPC rating of C or above by the end of 2025. But will rising costs mean tenant demand, not just the threat of legislation, will lead to more energy efficient homes in the future?The 2022 JLL Tenant Survey examines how living priorities have changed. We asked what our tenants wanted from their homes and how this could change in the future. More than 950 people responded.&nbsp;<a href="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1668436826/resi/gb/cms/Blogs/JLL_Tenant_Survey_-_2022.pdf" target="_blank"><button class="Button primary">Download a copy</button></a>

JLL Tenants Survey 2022

Cities_header

The 2022 JLL Tenant Survey asks what our tenants want from their homes and how this might change in the future.

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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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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

Market update july 22

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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

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

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

Market Update June 2022

market-update-june-2022-2880x850

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

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

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The Help to Buy equity loan scheme was launched in April 2013, aiming to assist buyers for whom deposits were the main stumbling block in accessing their first home.Initially the government planned it would run for three years, but the scheme was extended, now due to end a decade later in April 2023. The first phase of the scheme, which ran between 2013 and 2021 allowed any buyer to use the scheme, but only first-time
 buyers now qualify. But for those looking to take advantage of the scheme the closing date for reservation under Help to Buy has been announced, with 31st October 2022 the cut off. This is to ensure deals are concluded prior to the April 2023 closure of the scheme.
<h2>So what is the Help to Buy equity loan scheme?</h2>Details of eligibility for Help to Buy equity loan have changed since its inception.&nbsp; But under the current scheme the government will lend up to 20% (40% in London) of the cost of a new home. Purchasers require a 5% deposit, with a mortgage for
 the remaining 75%.There are no fees payable on the 20% loan for the first five years of owning your home. After year five interest is charged on the loan at 1.75%, with the fee increasing by CPI plus 2% in April each year. The maximum price of home eligible for Help to Buy varies by region, with current maximum pricing set to run to the end of the scheme in 2023.<h2>Maximum property price by region</h2><style>td,
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<div style="overflow-x:auto;" align="center"><table cellspacing="0" cellpadding="0" border="1" align="center"><tbody><tr class="red"><th scope="col" style="color:#ffffff !important;text-align:center;">Region</th><th scope="col" style="text-align:center;color:#ffffff;" data-role="resizable">Maximum property price (April 2021 to March 2023)</th><th scope="col" data-role="resizable" style="color:#ffffff !important;text-align:center;">5% deposit equivalent (maximum)</th><th scope="col" style="color:#ffffff !important;text-align:center;">Maximum equity loan</th></tr><tr><td>North East</td><td>&pound;186,100</td><td>&pound;9,305</td><td>&pound;37,220</td></tr><tr><td>North West</td><td>&pound;224,400</td><td>&pound;11,220</td><td>&pound;44,880</td></tr><tr><td>Yorkshire and the Humber</td><td>&pound;228,100</td><td>&pound;11,405</td><td>&pound;45,620</td></tr><tr><td>East Midlands</td><td>&pound;261,900</td><td>&pound;13,095</td><td>&pound;52,380</td></tr><tr><td>West Midlands</td><td>&pound;255,600</td><td>&pound;12,780</td><td>&pound;51,120</td></tr><tr><td>East of England</td><td>&pound;407,400</td><td>&pound;20,370</td><td>&pound;81,480</td></tr><tr><td>London</td><td>&pound;600,000</td><td>&pound;30,000</td><td>&pound;240,000</td></tr><tr><td>South East</td><td>&pound;437,600</td><td>&pound;21,880</td><td>&pound;87,520</td></tr><tr><td>South West</td><td>&pound;349,000</td><td>&pound;17,450</td><td>&pound;69,800</td></tr></tbody></table></div>Source: Homes England<h2>Where has take-up been highest?</h2>Since the scheme began in 2013, Help to Buy has helped over 355,000 buyers with a loan, issuing a total value of &pound;22bn in loans across England. This equates to an average loan of &pound;61,953 per property in England.

<h2>What replaces Help to Buy equity loan?</h2>The end of Help to Buy equity loan will be a concern for both potential first -time buyers and housebuilders, for whom Help to Buy had provided a key source of demand for new properties. Help to Buy equity loan is not the only scheme in place to help purchasers buy homes.&nbsp; There hasn&rsquo;t been any official announcement on a new version of Help to Buy from government so potential purchasers buying from November 2022 onwards will
 need to explore their options outside of Help to Buy. As well as government schemes there are also private sector initiatives to enable buyers to purchasers with lower deposits. Here are a few alternatives:
<ol><li>Bank of mum and dad
 A recent report by Barclays suggests 56% of first-time buyers said they would have been unable to purchase their first homes without financial support from their families.But the bank of mum and dad is more complex than just gifted deposits. Family members, usually parents, can be added to mortgages as guarantors or joint borrowers to increase the amount a buyer can borrow. Alternatively, some lenders offer the
 option to create two mortgages, the first releasing equity from a family members home to gift as a deposit and the second to purchase the property for the new buyer.</li><li>First Homes A government initiative which provides homes
 to first-time buyers at a discounted market rate.&nbsp; A First Home must be discounted at a minimum of 30% against the open market value, sold only to a first-time buyer, with the discount being passed to all subsequent purchasers (who must
 also be first-time homeowners). After the discount has been applied to First Home sale price can be no higher than &pound;250,000 outside London and &pound;420,000 in Greater London. Potential First Home buyers are required to fund a minimum of 50% of the discounted purchase price through a mortgage or home purchase plan. Eligible purchasers must have household incomes not exceeding &pound;80,000 outside of London or &pound;90,000
 in Greater London in the previous tax year.</li><li>Mortgage Guarantee scheme
 Introduced in April 2021 and due to run until December 2022 the governments Mortgage Guarantee Scheme aims to increase the availability of higher (91% to 95%) loan-to-value mortgages. It provides lenders with the option to purchase a government
 guarantee which will compensate them (the lender) for a portion of their losses in the event of a foreclosure. A similar scheme was run by government from 2013. The scheme is available on mortgages for properties costing up to &pound;600,000
 although specific lenders may also have their own criteria.&nbsp; The scheme appears to have encourage more activity.&nbsp; Comparing the number of fixed-rate mortgages available to first time buyers in March 2021 (before the scheme was introduced) and June 2022 shows the number of products rose from just five
 in March last year to 207 in June this year according to Moneyfacts.
 </li><li>Shared ownership

 Shared ownership is a well-established option for homebuyers, pre-dating Help to Buy. Buyers purchase a share of a property (between 10% and 75%) and pay rent to the landlord on the share they own. Buyers can staircase up, purchasing share in
 the property and paying less rent. Purchasers can choose a new home, or an existing property being re-sold through a shared ownership resale scheme. The rent payable is set at around 3% of the unsold equity per annum.<a href="https://residential.jll.co.uk/search?tenureType=sale&amp;flags=shared-ownership&amp;sortBy=price&amp;sortDirection=desc">View our Shared
 Ownership developments here</a></li><li>Private sector alternatives

 There are an increasing number of schemes on the market which provide an alternative to Help to Buy. They follow a similar model, lending the purchaser money to increase their deposit. With the purchaser paying interest on the loan. These schemes
 have differing qualifying criteria but can often be used for both new and existing homes.JLL has an extensive collection of Help to Buy and Shared Ownership homes available across London, all with fantastic living spaces, amenities, and transport connections.Whether you&rsquo;re dreaming of the greenery in Hampstead or the energy of Tottenham Hale, if you&rsquo;d like to be within walking distance of Canary Wharf or out on the town in Brixton, we have the perfect home for you.<a href="https://view.digital-hub.global/jll-htb-portfolio-2022/p/1" target="_blank">Explore our
 extensive collection of Help to Buy properties</a>&nbsp;and book a viewing today.</li></ol><img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/help-to-buy-portfolio-min.png?Status=Master&amp;sfvrsn=e9a53f3b_1" sf-size="100" alt="" />

Help to buy – the clock is ticking

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The Help to Buy equity loan scheme was launched in April 2013, aiming to assist buyers for whom deposits were the main stumbling block in accessing their first home.

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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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JLL&rsquo;s latest Living Priorities Survey.What we want from our homes is constantly evolving. Both the pandemic and rising energy costs means households are again re-evaluating their priorities. To better understand what buyers want in today&rsquo;s market, and how this might change in the future, we contacted potential buyers registered with JLL to hear their thoughts. Electric cars &ndash; a lesson for the housing market? Within a short space of time, we have seen a rapid shift in motorists&rsquo; willingness to adopt electric vehicles in a bid to lower their environmental impact. Could we see this positive approach to environmental sustainability feed through into our homes? <img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/graphical-image-1-insights.png?Status=Master&amp;sfvrsn=47d153a5_1" sf-size="100" />New JLL research from our latest Living Priorities survey, explores the change in the proportion of people who expect to be driving an electric or hybrid vehicle in the future. At present, just 8% of respondents drive an electric or hybrid car, versus 43% petrol or diesel. However, when asked about their next vehicle the survey results show a greater appetite for electric vehicles, with almost 70% expecting to drive an electric or hybrid car in the future, versus just 9% for petrol or diesel.What&rsquo;s driving the push towards more energy efficiency homes?For most, our homes will be the largest investment we make in our lives. Our survey has found that a larger number of people are now placing even more importance on the environmental impact of their home. Undeniably, reducing the running costs of a home is the key motivator for most, however many people are also increasingly aware that there is a desire to become more socially responsible. Almost two thirds of our respondents said that achieving a lower carbon footprint was important to them.<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/grpahical-image-2-insights.png?Status=Master&amp;sfvrsn=36e05bc6_1" sf-size="100" />70% of respondents viewed the energy efficiency and running costs of their home as more important now versus pre-pandemic. Back in April, we explored <a href="https://residential.jll.co.uk/insights/news/jll-could-new-home-demand-rise-as-energy-prices-soar"><a href="https://residential.jll.co.uk/insights/news/jll-could-new-home-demand-rise-as-energy-prices-soar">what the rising energy costs meant for UK homes</a></a>. JLL research found that the lifting of the energy price cap could result in the average band G home experiencing an increase in bills of over &pound;1,700 per annum, an extra &pound;3,246 more per annum than the average home in bands A-C. It is therefore unsurprising perhaps, that 82% of respondents voted a &lsquo;saving on energy bills&rsquo; as the reason why the environmental sustainability of their home is important to them.Are purchasers willing to pay more?Over half of respondents (57%) would be prepared to pay a premium for a more environmentally friendly home. Of those who said &lsquo;yes&rsquo;, half would pay just up to 5%. In total, 83% of those who would pay a premium, would be prepared to pay up to 10% more for an environmentally friendly home.&nbsp;<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/grpahical-image-3-insights.png?Status=Master&amp;sfvrsn=fc72dafe_1" sf-size="100" />So, what does this mean for our homes in the future, particularly the new homes sector?Rising energy costs have undoubtedly pushed energy efficiency up the list of importance for homeowners. But whether they are driven purely by costs, social responsibility or likely a combination of both, what is clear is that buyers will be taking energy consumption into consideration more, when looking for homes in the future. 80% of our respondents said that the environmental impact of their home will be either crucial or important in their next move, with the number of people willing to purchase a new home, if it meant improved environmental efficiency, rising from 51% from their last move, to 78% going forward. With purchasers becoming more environmentally aware and the potential for more sustainable homes to command a premium, the new homes market should be well placed to benefit.&nbsp; Analysis of EPC ratings for UK homes shows 83% of new build properties boast an EPC rating of A or B, versus just 3% for existing stock.The JLL Living Priority Survey 2022 was conducted in May 2022 with a total of 104 respondents. Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.

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

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

A first glance at JLL’s latest Living Priorities Survey

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<h3>JLL &ndash; Do properties close to Crossrail stations command a premium?</h3>The Crossrail Bill was introduced to Parliament in February 2005. Three and a half years later, in July 2008, the Bill completed all the Parliamentary stages and received Royal Assent to become the Crossrail Act. Works officially began on the project
 in 2009 with tunnelling starting in 2012. A decade on, JLL have undertaken new research to assess the impact on property values along the line. Since 2012:<ul><li>Growth in average prices in areas surrounding 76% of Crossrail stations outperformed the regional average.</li><li>18 stations have experienced sales price growth of over 70% since 2012.</li><li>Largest premiums typically found along the Eastern lines. </li></ul>New research from JLL shows that the price of homes surrounding 76% of Crossrail stations have outperformed the wider market over the period 2012-2021.<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/cross-rail-body-image.png?Status=Master&amp;sfvrsn=beb86161_1" sf-size="100" /><img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/graph-image-1.jpg?Status=Master&amp;sfvrsn=e8b97db7_1" sf-size="100" alt="" /><h3>2005 &ndash; 2009</h3>Between 2005 and 2009, when savvy buyers were hoping to capitalise on lower prices and higher growth, the average increase of property values across all stations was 15%. At the beginning of the project, between 2005 and 2009, 20% of properties along
 the line saw higher house price growth than the regional average. <h3>2012 &ndash; 2021</h3>Between 2012 and 2021, average property values rose 73% in the areas surrounding Crossrail stations; 19 percentage points higher than the growth seen across London over the same period.&nbsp; 84% of stations recorded higher house price growth than the
 regional average. &nbsp;With work started fuelling confidence in those looking to invest. Since 2012, investors have continued to support price growth in these areas. At the top of the list, properties located near Forest Gate have outperformed the regional average (London) over the period 2012-2021, with growth 67 percentage points higher.
 Properties close to Forest Gate benefit from journey time savings of 11 minutes to Canary Wharf and 16 minutes to Paddington. &nbsp;Some of the largest premiums over regional averages are found along the Eastern lines. Despite this, previous JLL research has found time savings are typically the greatest from Slough and the Western section into central London.&nbsp; Over the past decade,
 house prices in Slough have increased by 25% more than the regional average. Rising values have not been restricted to the western and eastern ends of the line though. Bond Street, Paddington, Farringdon and Tottenham Court Road have all seen their average house price more than double since works began in 2009<img src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/2nd-graph---crossrail.png?Status=Master&amp;sfvrsn=227e9f1d_1" sf-size="100" alt="" /><h3>After over a decade of house prices surges, have house price premiums peaked, or is the best yet to come?</h3>When large regeneration or infrastructure projects are proposed certain buyers pounce, but others want to see the improvements in place before they commit. The speculators buy in early, purchasing homes in the anticipation that investment will lead to
 additional growth in house prices. They are likely to have capitalised on lower property values between 2005 and 2009 when the Crossrail bill was accepted and subsequently, when works began. Certain occupiers are more likely to wait and be willing to pay a premium, once improvements are in place, or in the case of Crossrail, stations open and trains begin to run. Landlords will be the first to benefit, as improved travel times and increased
 capacity makes the areas more attractive to prospective tenants. Senior Research Analyst at JLL, Meg Eglington says &ldquo;The promise of greater capacity and faster commutes have meant housing markets surrounding Crossrail stations have outperformed since the scheme was announced. But with trains starting to run across the network we could see further growth, now appealing to a new group of investors, homeowners, and tenants, waiting for the project to complete before moving in.&rdquo; &ldquo;As Crossrail nears completion, residential areas at stations along the line have re-emerged on people&rsquo;s radars, shorter commute times meaning areas previously less well connected can now compete with higher value commuter hotpots. Even with people now working more flexibly we expect a comfortable, fast, and reliable commute when they do need to travel, will ensure that property values continue to benefit from the Crossrail &lsquo;effect&rsquo; for years to come&rdquo;.&nbsp; &nbsp;About JLLJLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000.&nbsp; With over 7,000 employees and 15 offices in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory, leasing, building management and sales. JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare and student housing. Disclaimer: &copy; 2022 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.

Crossrail – May 2022

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

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

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

Prime Central London – Q1 2022

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

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

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Rising household bills put energy efficiency far higher on occupiers list of must haves for their next home. Could the new homes industry benefit and attract a new wave of buyers and tenants seeking out more energy efficient options?Director of UK Residential Research at JLL, Marcus Dixon, explains: &ldquo;Increasing the energy price cap on 1 April could see bills for the average band G home hit almost &pound;5,000 a year, up &pound;145 per month on current rates. More efficient homes don&rsquo;t escape the price rises either, albeit those paying energy bills for homes in bands A to C will be on average &pound;3,246 a year better off than their neighbours in a band G home.&rdquo;&ldquo;New homes are already blazing the eco trail, with more than 4 in every 5 new homes built now in the top two EPC bands, compared with less than 1 in 20 existing properties. We must also push forward with retrofitting existing stock, although this remains a complex, costly, and lengthy endeavour.&nbsp; But there is an opportunity here for the new homes industry, offering best in class efficiency and tapping into demand from households who not only want to do their best for the climate, but also save themselves money too.&rdquo; &nbsp;Rising energy costs push buyers towards more efficient homesInflation hit a 30 year high in February, with the Consumer Price Index (CPI) recording an annual increase of 6.2%, up from 5.5% in January. Monthly figures show a 0.8% increase, the largest CPI rise between January and February since 2009. Food, fuel, and energy costs are the key drivers behind these rises as the squeeze on household incomes continues. In his Spring statement on 23 March, the Chancellor announced that fuel duty will be reduced by 5 pence per litre until March 2023. But household energy bills still look set to soar, as the price cap, which limits the maximum amount suppliers can charge for each unit of electricity and gas, will rise at the end of March. JLL Research have looked at average household energy bills for homes with EPC ratings from the most efficient (A) to the least (G).&nbsp;Implications of the lifting of the price cap by EPC band<img alt="" src="https://dev-cms-resi.eu.jll.com/images/default-source/agency/graph-1.png?Status=Master&amp;sfvrsn=9b7b074_1" sf-size="100" />Source: JLL Research/ ONSOn average, the lifting of the price cap could mean households paying upwards of 54% more on their energy bills from 1 April. Even more efficient homes in band A to C could see an annual increase of &pound;600 per annum. Homes in band G, the least efficient, seeing bills rise from &pound;3,207 to &pound;4,950, &pound;1,743 more per annum. Improving the energy efficiency of your home could help, with households in Band G seeing a saving of &pound;1,362 per annum if they improved their home by just one band, or a saving of &pound;2,888 if they manage to gain a band D rating on a band G property. Lessons from the motor industry?With the price of fuel at the pumps up 22.4% in the last 12 months, more buyers are choosing electric vehicles. The SMMT report electric vehicles (BEV) accounted for 17.7% of vehicles sold in February 2022, more than double the market share a year ago of 6.9%. With consumers becoming more environmentally aware and energy cost spiralling, many will be looking more closely at their homes too. Research from the Home Builders Federation (HBF) suggests occupiers are becoming more aware of energy consumption and efficiency of their homes. In their most recent survey, the HBF state that 3 in 4 people are worried about their home&rsquo;s energy performance, with 1 in 4 respondents citing energy efficiency will be a crucial factor in their next home move.One approach is decarbonising their existing home, however costs for retrofitting existing buildings are far higher than incorporating these features into a new build property, even after the VAT rate on installing energy efficiency measures was cut in the Spring statement from 5% to 0%. &nbsp;A report by the Climate Change Committee suggesting the cost of building a highly efficient new build home adds an additional &pound;5,000 to build cost, whereas the bill for retrofitting an existing home would be almost five times more at &pound;23,000. This surely means the appeal of new build homes will increase. In 2021, 84% of new build homes achieved an A or B rating in their EPC compared with just 4% of existing properties.&nbsp;About JLL | March 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.

What rising energy costs mean for UK homes

What rising energy costs mean for UK homes

Is interest in new build homes set to rise as increases in energy costs start to bite?  

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

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

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

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

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UK Contacts

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[max_week.29] 
label="£1,900 pcm" 
value=1900 
[max_week.30] 
label="£2,000 pcm" 
value=2000 
[max_week.31] 
label="£2,500 pcm" 
value=2500 
[max_week.32] 
label="£3,000 pcm" 
value=3000 
[max_week.33] 
label="£3,500 pcm" 
value=3500 
[max_week.34] 
label="£4,000 pcm" 
value=4000 
[max_week.35] 
label="£5,000 pcm" 
value=5000 
[max_week.36] 
label="£6,000 pcm" 
value=6000 
[max_week.37] 
label="£7,000 pcm" 
value=7000 
[max_week.38] 
label="£8,000 pcm" 
value=8000 
[max_week.39] 
label="£9,000+ pcm" 
value=1000000

[min_month] 
[min_month.0] 
label="No Min" 
value="" 
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label="£300 pcm" 
value=300 
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label="£350 pcm" 
value=350 
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label="£400 pcm" 
value=400 
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label="£450 pcm" 
value=450 
[min_month.5] 
label="£500 pcm" 
value=500 
[min_month.6] 
label="£600 pcm" 
value=600 
[min_month.7] 
label="£700 pcm" 
value=700 
[min_month.8] 
label="£800 pcm" 
value=800 
[min_month.9] 
label="£900 pcm" 
value=900 
[min_month.10] 
label="£1,000 pcm" 
value=1000 
[min_month.11] 
label="£1,100 pcm" 
value=1100 
[min_month.12] 
label="£1,200 pcm" 
value=1200 
[min_month.13] 
label="£1,300 pcm" 
value=1300 
[min_month.14] 
label="£1,400 pcm" 
value=1400 
[min_month.15] 
label="£1,500 pcm" 
value=1500 
[min_month.16] 
label="£1,600 pcm" 
value=1600 
[min_month.17] 
label="£1,700 pcm" 
value=1700 
[min_month.18] 
label="£1,800 pcm" 
value=1800 
[min_month.19] 
label="£1,900 pcm" 
value=1900 
[min_month.20] 
label="£2,000 pcm" 
value=2000 
[min_month.21] 
label="£2,250 pcm" 
value=2250 
[min_month.22] 
label="£2,500 pcm" 
value=2500 
[min_month.23] 
label="£2,750 pcm" 
value=2750 
[min_month.24] 
label="£3,000 pcm" 
value=3000 
[min_month.25] 
label="£3,500 pcm" 
value=3500 
[min_month.26] 
label="£4,000 pcm" 
value=4000 
[min_month.27] 
label="£4,500 pcm" 
value=4500 
[min_month.28] 
label="£5,000 pcm" 
value=5000 
[min_month.29] 
label="£5,500 pcm" 
value=5500 
[min_month.30] 
label="£6,000 pcm" 
value=6000 
[min_month.31] 
label="£6,500 pcm" 
value=6500 
[min_month.32] 
label="£7,000 pcm" 
value=7000 
[min_month.33] 
label="£8,000 pcm" 
value=8000 
[min_month.34] 
label="£9,000 pcm" 
value=9000 
[min_month.35] 
label="£10,000 pcm" 
value=10000 
[min_month.36] 
label="£12,500 pcm" 
value=12500 
[min_month.37] 
label="£15,000 pcm" 
value=15000 
[min_month.38] 
label="£17,500 pcm" 
value=17500 
[min_month.39] 
label="£20,000 pcm" 
value=20000 
[min_month.40] 
label="£25,000 pcm" 
value=25000 
[min_month.41] 
label="£30,000 pcm" 
value=30000 
[min_month.42] 
label="£35,000 pcm" 
value=35000 
[min_month.43] 
label="£40,000+ pcm" 
value=40000

[max_month] 
[max_month.0] 
label="No Max" 
value="" 
[max_month.1] 
label="£300 pcm" 
value=300 
[max_month.2] 
label="£350 pcm" 
value=350 
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label="£400 pcm" 
value=400 
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label="£450 pcm" 
value=450 
[max_month.5] 
label="£500 pcm" 
value=500 
[max_month.6] 
label="£600 pcm" 
value=600 
[max_month.7] 
label="£700 pcm" 
value=700 
[max_month.8] 
label="£800 pcm" 
value=800 
[max_month.9] 
label="£900 pcm" 
value=900 
[max_month.10] 
label="£1,000 pcm" 
value=1000 
[max_month.11] 
label="£1,100 pcm" 
value=1100 
[max_month.12] 
label="£1,200 pcm" 
value=1200 
[max_month.13] 
label="£1,300 pcm" 
value=1300 
[max_month.14] 
label="£1,400 pcm" 
value=1400 
[max_month.15] 
label="£1,500 pcm" 
value=1500 
[max_month.16] 
label="£1,600 pcm" 
value=1600 
[max_month.17] 
label="£1,700 pcm" 
value=1700 
[max_month.18] 
label="£1,800 pcm" 
value=1800 
[max_month.19] 
label="£1,900 pcm" 
value=1900 
[max_month.20] 
label="£2,000 pcm" 
value=2000 
[max_month.21] 
label="£2,250 pcm" 
value=2250 
[max_month.22] 
label="£2,500 pcm" 
value=2500 
[max_month.23] 
label="£2,750 pcm" 
value=2750 
[max_month.24] 
label="£3,000 pcm" 
value=3000 
[max_month.25] 
label="£3,500 pcm" 
value=3500 
[max_month.26] 
label="£4,000 pcm" 
value=4000 
[max_month.27] 
label="£4,500 pcm" 
value=4500 
[max_month.28] 
label="£5,000 pcm" 
value=5000 
[max_month.29] 
label="£5,500 pcm" 
value=5500 
[max_month.30] 
label="£6,000 pcm" 
value=6000 
[max_month.31] 
label="£6,500 pcm" 
value=6500 
[max_month.32] 
label="£7,000 pcm" 
value=7000 
[max_month.33] 
label="£8,000 pcm" 
value=8000 
[max_month.34] 
label="£9,000 pcm" 
value=9000 
[max_month.35] 
label="£10,000 pcm" 
value=10000 
[max_month.36] 
label="£12,500 pcm" 
value=12500 
[max_month.37] 
label="£15,000 pcm" 
value=15000 
[max_month.38] 
label="£17,500 pcm" 
value=17500 
[max_month.39] 
label="£20,000 pcm" 
value=20000 
[max_month.40] 
label="£25,000 pcm" 
value=25000 
[max_month.41] 
label="£30,000 pcm" 
value=30000 
[max_month.42] 
label="£35,000 pcm" 
value=35000 
[max_month.43] 
label="£40,000+ pcm" 
value=1000000

Rent - Price

Price

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


Currency

currencyType

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

[min]
[min.0]
label="No Min"
value=""
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label="£100,000"
value=100000
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label="£200,000"
value=200000
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label="£300,000"
value=300000
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label="£400,000"
value=400000
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label="£500,000"
value=500000
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label="£600,000"
value=600000
[min.7]
label="£700,000"
value=700000
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label="£800,000"
value=800000
[min.9]
label="£900,000"
value=900000
[min.10]
label="£1,000,000"
value=1000000
[min.11]
label="£2,000,000"
value=2000000
[min.12]
label="£3,000,000"
value=3000000
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label="£4,000,000"
value=4000000
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label="£5,000,000+"
value=5000000

[max]
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value=""
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label="£400,000"
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label="£500,000"
value=500000
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label="£600,000"
value=600000
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label="£700,000"
value=700000
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label="£800,000"
value=800000
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label="£900,000"
value=900000
[max.10]
label="£1,000,000"
value=1000000
[max.11]
label="£2,000,000"
value=2000000
[max.12]
label="£3,000,000"
value=3000000
[max.13]
label="£4,000,000"
value=4000000
[max.14]
label="£5,000,000+"
value=5000000

Sale - Price

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

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

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

Bedrooms

Beds

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

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

Property Type

type

title="Must be"
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order=5

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

Sale - Options

flags

Must be

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

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

Rent - Options

Options

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General Enquiry

service

firstName

lastName

email

telephone

message

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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 <a href="https://www.jll.co.uk/en/privacy-statement" target="_blank">privacy statement</a>.

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propertyAddressLine2

propertyPostcode

valuationdate

General Enquiry(DEPRECATED)

Mount St form

Arrange View

anythingElse

date

generalEnquiry

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videoOption

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

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

Arrange a viewing

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

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Property Enquiry

Valuation(DEPRECATED)

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