Chestertons dedicated Research department compiles regular reports on national and international property trends. As well as providing information and guidance on property legislation, for all those involved in buying, letting, renting or investing in property.
There are encouraging signs that the prime sales market in London is recovering some of its loss in terms of activity, although this is not apparent in all locations and may not be sustained in the traditionally quieter final quarter of the year.
Over the past few years Canary Wharf has become one of the capital’s most sought-after places to live, read our latest area review to find out why property prices have soared since 2007.
Recent research from Moneyfacts reveals that many mortgage providers have yet to pass on the reduction in Bank Rate to their customers. Annual house price growth in London has continued to slow. However rental growth across London accelerated slightly to 4% over the past three months
After the relative frenzy of activity in the first three months of the year, driven by the rush to beat the 3% stamp duty surcharge introduced in April, the prime London sales market quietened in the second quarter.
Recently, the Bank of England cut interest rates from 0.5% to an all-time low of 0.25%, the first time the rate has changed since 2009.
The average price of a property in London is £472,163, showing annual growth of 13.6%. Annual prices rose slightly more quickly than in April (13.4%). The equivalent for the UK as a whole in May was £211,230, the new HNI data show
The prime residential property market across London continues to struggle. Changes to Stamp Duty have had a negative impact on sales of high-value homes, with buyers seeking price cuts to offset the increased tax.
Kew has become popular with people looking for generously proportioned period properties in a relaxed family-friendly environment with upmarket restaurants and shops, plenty of open spaces, parks and excellent schools.