One in every 30 London residents is a millionaire.
Nick Barnes, Head of Research
London annual house price growth slows in June – but remains strong at 16.4%
One in every 30 London residents is a millionaire
The number of first time buyers in the first half of 2014 reached a seven year high
Increase in the net balance of Londoners who think that it would be a good time to sell their property within the next 12 months
Land Registry data for June reveal a slight slowing in the pace of annual house price inflation to a nonetheless steamy 16.4%. At borough level, Lambeth (+26%) is seeing the fastest price growth and even the slowest market – Hounslow – recorded annual growth of 8% in June.
Further evidence that London's housing market is slowing comes from the RICS July market survey which reported that buyer enquiries are falling at their fastest rate since 2008. Stricter mortgage lending rules, deposit requirements and uncertainty about the sustainability of recent price growth are all contributing to the slowdown.
New research from WealthInsight, together with wealth management magazine SPEAR's, concludes that London has the sixth highest percentage of millionaires of any global city with over one in every 30 residents being a millionaire. This means there is a total of 281,000 millionaires based in the capital. The report suggests that millionaires particularly appreciate London's political stability and heritage.
The Canary Wharf Group has won outline planning for the huge 4.9 million sq ft Wood Wharf extension to its London Docklands estate. The scheme will provide 3,100 new homes, 1.9 m sq ft of offices focussed on the creative media, technology and telecommunications sector, more than 100 shops, restaurants and cafes, a primary school, an NHS medical centre, a community centre, a hotel and a network of parks and public squares. Completion of the first phase is due to coincide with the arrival of Crossrail in 2018.
The Lloyds Bank June Spending Power Report national measure of consumer confidence dipped for the first time in 2014. London continues to be the most positive region, edging towards a positive balance at -2%, a 12 percentage point improvement from the previous month. London's sentiment towards future saving was also the most positive at 26%.
The latest Halifax Housing market Confidence Tracker reveals an increase in the net balance of Londoners who think that it would be a good time to sell their property within the next 12 months – from 28 in Q1 to 44 in Q2. In contrast, the net balance for those who think it would be a bad time to buy within the next 12 months was negative (-19) reflecting a considerable worsening from Q1 (+4).
The latest Homelet Rental Index reveals that average London rental values rose by 9.4% in the 12 months to July, taking the average monthly rent up to £1,429. South West London recorded the highest sub-regional level annual growth (+14.2%) while West London had the highest monthly rents (£1,803). The lowest rents were in Dartford (£876 pcm) and Enfield recorded the slowest annual growth (1.2%).