UK Annual House Price Growth Increases to 11.5%
Data released by HM Land Registry showed a 2.9% monthly growth for September 2021 raising the annual growth rate to 11.5%. The North West saw the largest growth with a monthly move of 5.3% which saw the annual growth rate increase to a staggering 16.8%! London experienced a monthly fall of 2.9% indicating that it’s a good time to buy given the increase in activity since October. Only the East of England at 9.3% and London at 2.8% experienced growth below double digits for the year.
Posted by: Kelvin Tayfield, Sat, Nov 20th 2021
Foreign Ownership of UK Properties Triples in a Decade
Recent figures released by the UK Centre for Public Data have revealed that since 2010 foreign ownership of homes in the UK has risen from just 88,000 to 247,000. The highest concentration is in the Central London borough of Westminster which is seeing previously government owned buildings such as the Metropolitan Police Headquarters redeveloped into luxury apartment towers targeting foreign buyers. The highest growth in was seen in Liverpool which saw a fourfold increase over the period as foreigners piled into the buy-to-let market.
Posted by: Kelvin Tayfield, Sat, Nov 13th 2021
Cityscape Global 2021 at Expo 2020 This Week
After Covid forced a break in 2020, Cityscape Global returns to Dubai and this time it’s at the amazing Expo 2020 site which should see huge numbers of visitors over the three days from 9-11 November. Developers from around the world will be displaying both luxury and investment properties with a number from the UK attending. Downtown International are proud to partner X1 Developments and will be showcasing projects in Manchester and Kent with exclusive incentives for Cityscape Global attendees.
Posted by: Kelvin Tayfield, Sat, Nov 6th 2021
Prime Central London Property Expected to Grow By 8% in 2022
Whilst PCL property is having a subdued 2021 compared to the rest of England, prices have not collapsed as most owners have held on to their properties and major developers have not been under pressure to sell. Now that travel restrictions have been eased activity has picked up dramatically prompting Savills to predict a huge 8% growth in this segment in 2022 on top of 2% for this year. A good indicator supporting this is the number of visits by High Net Worth Individuals in private jets using airports such as Farnborough which saw a 62% year on year surge in activity in September.
Posted by: Kelvin Tayfield, Sat, Oct 30th 2021
Prime Central London Property Shortage Looming
With new taxes on developers, complicated and restrictive planning regulations as well as a shortage of available land, industry experts are seeing that new developments in Central London will be very limited in the future. This is against a back drop of increasing demand with luxury sales for the first nine months of 2021 exceeding those of 2019 and 2020 full year sales largely driven by the domestic market. Moreover, since travel restrictions have been relaxed agents are seeing increased activity from GCC buyers who usually account for a substantial percentage of transactions and are likely to influence a strong forth quarter.
Posted by: Kelvin Tayfield, Sat, Oct 23rd 2021