uk-housing

UK Housing

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

Prime Central London Index – Q3 2022

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

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

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

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

Market update july 22

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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

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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

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

Market Update June 2022

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

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

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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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We have released new research predicting the UK residential property market&rsquo;s first ever &pound;100 billion summer. The forecast, which takes the current trajectory of the housing market and applies it to the rest of summer months, estimates that there will be 420,000 sales in the UK across June, July and August at a total spend of a record&nbsp;&pound;107bn.&nbsp; This will make this summer the highest grossing quarter in UK residential market history and is in stark contrast to previous years. Throughout the past half decade, total spend from buyers during the summer months has averaged &pound;69bn-per-year, a
 figure that comprised of a little over 300,000 sales. <h2>Speaking on the forecast,&nbsp;Nick Whitten, our Head of UK Living Research,&nbsp;said:&nbsp;</h2>&ldquo;It is well-documented that the Summer is the best time to sell a home, with sentiment receiving a natural positive boost from the warmer weather. However, our data suggests that this post-lockdown summer will set a new record. The reasons behind the buying bonanza - with the most exchanges and highest total sales value on record &ndash; are threefold. The stamp duty extension to the end of June means that during the quarter eager buyers and sellers will look to force a deal through. This, combined with the increased financial stability many buyers are feeling as we unlock from Coronavirus, and the well-documented supply constraints in the UK market, means we can expect to see demand swallowing up available stock, pushing up prices but not to the extent that it will affect transactions.&rdquo;The Government has set a clear priority to help more people onto the housing ladder through its Own Your Home campaign. The campaign puts the spotlight on six Government-backed support schemes to allow people to access some form of home ownership.The forecasted spike in activity this Summer will be particularly evident in the north of England, which is predicted to see circa 100,000 sales &ndash; around 25% of the total UK.<h2>Stephen Hogg, our Head of North West and Residential UK Regions&nbsp;said:&nbsp;</h2>&ldquo;We have seen the market steadily improve and are fully expecting a further acceleration throughout the Summer.&nbsp; &ldquo;North-shoring&rdquo; is a trend we have seen pre-COVID but even more during and post-COVID with purchasers seeing better value for money in the north.&nbsp; Regional towns and cities continue to be voted the best places to live in the UK with less congestion and some of the best schooling.&nbsp; The regional cities are bouncing back quicker, HS2 offers further medium to long term growth prospects coupled with the Government&rsquo;s levelling up agenda.&nbsp; Flex working is becoming the norm and therefore the need to live close to the Capital is diminishing.&nbsp; The historical brain-drain of regional centres seeking high skilled high paid jobs in London is a thing of the past.&nbsp; With the likes of Manchester, Birmingham, Edinburgh offering opportunities equal to or not available in London they are now attracting a vast talent pool who in turn are boosting the local housing markets.&rdquo;<h2>Providing a Prime London lens on the research and forecast,&nbsp;Lucy Morton, our Head of Residential Agency,&nbsp;said:&nbsp;</h2>&ldquo;London has faced its own unique set of challenges over the past fifteen months. Unsurprisingly the extent of its sudden and vast transformation from a thriving, borderless hub of activity that never slept, to a fully-locked-down ghost town was reflected in a similarly drastic lull in property market activity.&nbsp;&ldquo;Yet despite this, the appeal of London as one of the most vibrant and popular cities of the world has reignited, the shoots of recovery in the capital are looking very green indeed; activity is picking up considerably, and interest &ndash; from domestic and international buyers alike &ndash; is returning.&rdquo;Factors have combined to set up the highest grossing quarter in UK residential market history. Read more on our Spring Forecasts
 <a href="https://residential.jll.co.uk/insights/news/spring-2021-forecasts-our-property-predictions">here</a>.You can find a full breakdown of the year-on-year data cited in the forecasts in the grid below: <table><tbody><tr style="height:16.666666666666668%;"><td style="width:33.3333%;text-align:center;">Year:</td><td style="width:33.3333%;text-align:center;">Total number of housing sales</td><td style="width:33.3333%;text-align:center;">Total value of transactions (&pound;)</td></tr><tr style="height:16.666666666666668%;"><td style="width:33.3333%;text-align:center;">2016</td><td style="width:33.3333%;text-align:center;">316,000</td><td style="width:33.3333%;text-align:center;">&pound;65bn</td></tr><tr style="height:16.666666666666668%;"><td style="width:33.3333%;text-align:center;">2017</td><td style="width:33.3333%;text-align:center;">337,000</td><td style="width:33.3333%;text-align:center;">&pound;72.5bn</td></tr><tr style="height:16.666666666666668%;"><td style="width:33.3333%;text-align:center;">2018</td><td style="width:33.3333%;text-align:center;">333,000</td><td style="width:33.3333%;text-align:center;">&pound;75bn</td></tr><tr style="height:16.666666666666668%;"><td style="width:33.3333%;text-align:center;">2019</td><td style="width:33.3333%;text-align:center;">317,000</td><td style="width:33.3333%;text-align:center;">&pound;72bn</td></tr><tr style="height:16.666666666666668%;"><td style="width:33.3333%;text-align:center;">2020</td><td style="width:33.3333%;text-align:center;">233,000</td><td style="width:33.3333%;text-align:center;">&pound;58bn</td></tr><tr style="height:16.666666666666668%;"><td style="width:33.3333%;text-align:center;">2021&nbsp;(predicted)</td><td style="width:33.3333%;text-align:center;">420,000</td><td style="width:33.3333%;text-align:center;">&pound;107bn</td></tr></tbody></table>&nbsp;

Billion pound summer forecasted this summer 2021 in UK housing market

We have released new research predicting the UK residential property market&rsquo;s first ever &pound;100 billion summer.

We have released new research predicting the UK residential property market’s first ever £100 billion summer.

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The UK residential property market’s first £100 billion summer

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<img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1619178659/resi/gb/cms/Research/Images/2021_Forecasts_infographic_Landscape_V6.jpg" data-displaymode="thumbnail" alt="infographic" title="Spring 2021 Forecasts: Our Property Predictions" style="vertical-align:middle;" /><button class="Button primary"><a style="color:rgba(255, 255, 255, 1);" href="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1619012684/resi/gb/cms/Research/PDFs/2021-forecasts-infographic-v5.pdf">Download the report </a></button> <iframe width="100%" height="315" src="https://players.brightcove.net/1268729899001/default_default/index.html?videoId=6256747058001" sandbox="allow-scripts allow-same-origin"></iframe> &nbsp;
Our Spring 2021 Forecast assumptions:<div>The UK housing market is set to continue to confound expectations with JLL now predicting strong house price growth across all markets in 2021.</div><div> </div><div>As our November 2020 report Home is&hellip;for Everything stated, our homes have become the centre of our lives prompting many to re-evaluate their living priorities. These changing priorities will continue to drive buyer and renter behaviour in 2021
 with a dedicated space for home working and a garden becoming more of a focus for families in particular.</div><div> </div><div>However, demand for city living will also bounce back in 2021 with a growing appetite to return to social, bustling urban centres, particularly driven by younger generations. JLL has been monitoring rising demand for homes in key cities prompting our
 expectations for strong house price and rental growth in London and other major regional UK cities over the next 12 months.</div><div> </div><div>Despite Covid-19 causing a record contraction in GDP and rising unemployment, over the past 12 months the UK housing market has seen the highest level of house price growth since before the EU Referendum in June 2016.</div><div> </div><div>Prices have continued to grow strongly in 2021 on the back of the supportive UK Government measures such as the extended Stamp Duty holiday, 95% Mortgage Guarantee scheme and the speed of the COVID-19 vaccine rollout.</div><div> </div><div>JLL now forecasts that price growth will be 4.5% in the UK and 6% across London in 2021.</div>&nbsp; <img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1583770729/resi/gb/cms/Contacts/Nick_Whitten.jpg" data-displaymode="thumbnail" alt="nick-whitten" title="Nick Whitten" style="vertical-align:middle;" />&nbsp; Nick Whitten - Head of UK Living Research<a href="mailto:Nick.Whitten@eu.jll.com" target="_blank"><button class="Button primary">Contact Us</button></a><div style="margin:15px;">&nbsp;</div>

Spring 2021 Forecasts: Our Property Predictions

Spring 2021 Forecasts and property predictions as detailed by Nick Whitten, Head of UK Living Research at JLL.

Our lives revolve around our homes more than at any point in the past 250 years.

Our lives revolve around our homes more than at any point in the past 250 years. In our &lsquo;Home is for&hellip;Everything&rsquo; report, we looked to the future of UK house price and rental value forecasts for the next five years, the effect of the Covid-19 and the role technology would play in satisfying our needs and wants in our home. In our Spring 2021 Forecasts, we offer valuable insight into the next five years and predict strong house price growth.

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Spring Budget 2021: Stamp Duty Holiday Extension 

Stamp Duty holiday 2021 extension as detailed by Nick Whitten, Head of UK Living Research at JLL.

The housing market has got the extended holiday many were hoping for so buyers purchasing a home can take advantage of a reduced Stamp Duty charge. 

The housing market has got the extended holiday many were hoping for and the clock is now effectively ticking for new buyers who haven&rsquo;t yet started the process of purchasing a home to take advantage of a reduced Stamp Duty charge.

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It seems hard to imagine that the changes in how we have lived and worked through the largest global pandemic in 100 years won&rsquo;t have any lasting impact on how we live going forward.
The benefits of remote working have now been fully tried and tested &ndash; and for many individuals and businesses alike those benefits are clear to see. But will we now see a mass exodus from London to the countryside as people seek more space to spend more of each week working from home?
That was the key question I tackled alongside London&rsquo;s Deputy Mayor for Housing, Tom Copley, at a recent London First panel debate. 
A snapshot survey undertaken by JLL and London First in advance of the debate revealed that 1 in 4 of the 150-plus respondents now intend to move away from central urban areas in the next two years. And there have been numerous other surveys which have arrived at similar findings in recent months.
But is there any evidence of people leaving London en masse? 
A closer look at London&rsquo;s historic population statistics show that there has long been a net outward migration of people at mid-life stages, who after having a family, typically leave the city in search of more affordable larger family homes. 
The coronavirus pandemic has very likely accelerated the decision-making process for these people who were highly likely to leave the Capital anyway in the next few years.
London&rsquo;s growth from a 1 million-plus city in 1800 to its current circa 9 million has been driven by younger age groups and overseas workers. 
And to question whether these groups will continue to seek a life in London is to question the future success of London itself. The UK Capital is a global leader in so many areas &ndash; finance, professional services, technology and the arts, to name a few.
As Covid begins to abate and life returns to some semblance of normality London&rsquo;s employment hubs will thrive once again and young workers from both the UK and overseas will continue to flock to the Capital.
Indeed, rather than predicting a population decline, the latest forecasts from Oxford Economics as of the end of January 2021 show London&rsquo;s population rising to 9.5m by 2030, albeit this would represent a slowing of the rate of growth seen over the past few decades. 
<h2>Urban-rural mismatch</h2>
Meanwhile, the homes needed to accommodate a mass exodus to rural areas simply do not exist.
Since 1991, the proportion of people who live in rural areas has fallen from 22% to 16%, while virtually all population growth has been accommodated in urban areas.
In order to return to that peak rural population of 1991, we&rsquo;d need to build about 1.8 million homes in rural areas, which basically isn&rsquo;t going to happen.
Instead of a major population decline, Covid is more likely to spark a suburban revival and drive a dispersal of activity across London, as well as its wider commuter belt, as people split their week in half between working from home and going to central employment and leisure hubs.
In the past there have been great changes in how we use space on the back of significant advances in the mass movement of people on a daily basis through the advent of rail and roads.
It is hard to see how such a monumental event such as Covid-19 and the advancements it has triggered around remote working and digital technology will be entirely reversed.
The great change this time might be in how we simply move less people as a collective mass on a daily basis. It could become more evenly spread across a typical week. And this could trigger environmental and social benefits with less crowded and more efficient transport and services distributed more evenly across the city across the week &ndash; the creation of move liveable cities.
However, this will not be without its management challenges. And the onus is on business communities, transport operators and local authorities to co-ordinate strategies for a truly liveable 21st Century city.
<h2>London First&rsquo;s and JLL&rsquo;s Post-Covid Living Priorities Survey</h2>
Key Findings:
*24% of respondents had never worked from home pre-Covid
*40% would now like to work from home 1-2 days every week
*46% would like to work from home 3-4 days every week
*Broadband speed, personal outdoor space and private workspace are now ranked the most important features of the home
*68% say proximity to public green space is now very important, compared with 31% pre-pandemic

Will Covid-19 cause London’s population to literally run for the hills?

It seems hard to imagine that the changes in how we have lived and worked through the largest global pandemic in 100 years won&rsquo;t have any lasting impact on how we live going forward. But will we now see a mass exodus from London to the countryside as people seek more space to spend more of each week working from home?

Will Covid-19 see a mass exodus of from London to the countryside as people seek more space to spend more of each week working from home? Our latest article explores this.

It seems hard to imagine that the changes in how we have lived and worked through the largest global pandemic in 100 years won&rsquo;t have any lasting impact on how we live going forward. But will we now see a mass exodus from London to the countryside as people seek more space to spend more of each week working from home?

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In the&nbsp;final series of our stamp duty spotlight, we&rsquo;re exploring Manchester, the third largest city in the UK and a truly fantastic place to live. Our property experts give their opinion on the area's cultural highlights, the types of properties you can buy and how you can still capitalise on the Stamp Duty holiday.Manchester: a city famous for football, music and media, to name just a few leisure pursuits that draw a vast range of residents including students, young professionals and families to the city. With luxury high-rise apartments, warehouse conversions and canal side apartments, Manchester offers buyers a range of unique and interesting homes to call your own or add to your property portfolio.<h2>Looking to buy in Manchester? </h2>The city of Manchester is ever evolving with regeneration projects transforming both the inner city and out towards the suburbs. Today, Manchester is known as a cosmopolitan and chic city which makes for an exciting place to live and invest in. From the music venues of The Bridgewater Hall and Manchester Arena to the shopping haven of the Arndale Centre and Barton Arcade whatever your cultural interests, Manchester has it all. With a high student population for most of the year, Manchester caters for those looking to wind down after work with a plethora of late-night entertainment venues and restaurants with cuisine from around the world. The development of MediaCity UK in Salford has attracted large corporations to relocate their headquarters from London to this northern hub. The whole Salford Quays area has undergone extensive regeneration to accommodate the new influx of workers, not only residentially but also culturally. The area is home to luxurious, waterside apartments, bars, restaurants and the Imperial War Museum Manchester.&ldquo;Manchester was always the &ldquo;second city&rdquo; but right now, it&rsquo;s really giving London a run for its money. The city centre has something for everyone. Homeowners can enjoy the history of Castlefield, the diversity of the Northern Quarter and the resurgence of Ancoats Urban Village. Residents can find exactly what they are looking for, whether that&rsquo;s a periodic conversion with a wealth of original features or a modern skyscraper with a range&nbsp;of on-site&nbsp;amenities&nbsp;such as gyms, swimming pools and residents' lounges. Equally, investors know that Manchester can offer much higher yields than most major UK cities and with more tenants moving than before, still see the city as a solid investment.&rdquo;Oliver Dolan, Head of Sales Manchester&nbsp; &nbsp;Discover the properties we have for sale below and find out how much you can save on the new stamp duty savings by using our stamp duty calculator <a href="https://residential.jll.co.uk/stamp-duty-calculator">here</a>.&nbsp; <a href="https://residential.jll.co.uk/search/stamp-duty-2020-manchester"><img src="https://dev-cms-resi.eu.jll.com/images/default-source/default-album/manchester-(1).jpg?sfvrsn=fc298fbe_0" style="top:915.903px;" title="Manchester (1)" height="138" data-displaymode="Original" alt="Manchester (1)" width="396" /></a> <a href="mailto:residential.marketing@eu.jll.com "><button class="Button primary">Contact us</button></a>

Stamp Duty Spotlight: Manchester

Manchester, stamp duty homes available to buy from JLL Residential.

Looking to move to Manchester? Explore our portfolio of homes, the local area and find out how much you can save with the new stamp duty rates.

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In the second series of our Stamp Duty&nbsp;spotlight we&rsquo;ve dived into two vibrant and popular neighbourhoods south of the river: Deptford and Greenwich. Our property experts give their opinion on the area's cultural highlights, the types of properties you can buy and how to capitalise on the Stamp Duty holiday.
From the Royal Greenwich Park to Deptford Market Yard, South East London is a popular destination for those searching for their perfect home. From the surplus of historical attractions to the vast open green space, it&rsquo;s clear why the South East&nbsp;postcode is attractive to young professionals, families and those looking to add to their property portfolio.
<h2>Looking to buy in Deptford?&nbsp; </h2>
Deptford is home to first-time buyers, families and students alike. As one of South East London's arty quarters, whilst being conveniently connected for commuters, it is an enviable place to call home for young buyers and families looking for their new home in Zone 2. Deptford station (National Rail), Deptford Bridge (Docklands Light Railway) and New Cross (Overground) provide perfect links to the City and beyond to discover more of London&rsquo;s history, art and cultural hotspots.
 Join locals in a host of pubs and restaurants throughout this South East&nbsp;London neighbourhood, from late-night cocktails at Stockton to a selection of craft beers at The Dog and Bell. Rich in industrial history, it's easy to see how the area as influenced new homes in name and architect, such as the <a href="https://residential.jll.co.uk/sale-development/london-se8-5hz-a0O1I000001JvfkUAC">Deptford Foundry</a>&nbsp;What&rsquo;s more, the Grade II listed railway carriage ramp forms as part of the vibrant Deptford Market Yard.
The wealth of green spaces is another reason to add Deptford to your London property search. Enjoy riverside walks or a post walk run along Deptford Creek and Charlotte Turner Gardens.
&ldquo;Deptford is a place where people from all walks of life converge and form a community that takes immense pride in its slice of South East London. Whether it&rsquo;s exploring the galleries and markets or just taking a stroll around the many parks and green spaces.&nbsp; New build development in Deptford boasts an affordable London price point and many developments feature Help to Buy. If you are quick the recent Government Stamp Duty relief will apply until 31st March 2021.&rdquo;&nbsp;&nbsp;
Holly Stock &ndash; Director, Help to Buy
<h2 style="text-align: left;">Looking&nbsp;to buy&nbsp;in&nbsp;Greenwich?&nbsp;</h2>

The Royal Borough of Greenwich is an exciting place to live. Greenwich itself is a UNESCO World Heritage site with a rich naval history which attracts a plethora of tourists throughout the year. From the Cutty Sark, the National Maritime Museum and the Old Royal Naval College you can easily explore London&rsquo;s past and ties to the sea. 
Greenwich is a perfect place to call home for those who crave access to nature, something which has proved vital during lockdown. From the deer enclosure inside the Royal Greenwich Park to mudlarking alongside the banks of the River Thames. The Greenwich Foot Tunnel provides residents with an environmentally friendly route to work, along with the Docklands Light Railway and National Rail stations for a quicker commute. 
Traditionally Greenwich is viewed as a place for families with plenty of Georgian and Victorian townhouses which dot the roads adjacent to the park and throughout the town centre. However, the recent surge in modern-riverside apartmedints has attracted young professionals into the area at the iconic O2 Arena (formally the Millennium Dome) and within Greenwich town centre. The riverside is now home to a variety of restaurants and bars which has accelerated price growth within the area.
&ldquo;Greenwich truly is an outstanding and unique place to call home as it has something for every preference and every price band. The fascinating history of the area not only attracts tourists but also Hollywood directors as blockbusters are often filmed at the Old Royal Naval College which means rubbing shoulders with celebrities over Sunday Lunch is a frequent occurrence. The Royal Observatory at the top of Greenwich Park allows you step onto the Meridian line, where time is measured from. Where else in the world can you do that?
 We have seen a surplus of homes coming to the market with buyers taking advantage of the Stamp Duty&nbsp;saving. The area also has a wealth of homes available on the Help to Buy scheme which helps to get locals and young professionals onto the property ladder quicker than before.&rdquo;&nbsp;
Graham Lawes Greenwich Sales Director 
Discover the properties we have for sale below and find out how much you can save on the new Stamp Duty&nbsp;savings by using our Stamp Duty calculator <a href="https://residential.jll.co.uk/stamp-duty-calculator" style="text-align: left;">here</a>.
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Stamp Duty Spotlight: Deptford and Greenwich

South East London, Deptford and Greenwich, stamp duty homes available to buy from JLL Residential.

With the new changes to the Stamp Duty and Land Tax we look at why these two areas in South East London are a great place to live and invest in.

Looking to buy in South East London? Read our Spotlight on Deptford and Greenwich here.

Looking to move to South East London? Explore our portfolio of homes, the local area and find out how much you can save with the new Stamp Duty rates.

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