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.
The increase of new builds coming onto the market has affected the price of the Mayfair market. The older portered blocks have become more difficult to sell. Foreign buyers are benefitting from the weakness of the pound.
With 41% of home owners selling in the UK in the past 5 years have had to settle for price cuts on their original valuation. Average property prices across London has risen resulting in 26% of people hoping to buy their first home opt to live with their parents in order to help them save a deposit.
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.
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