A report from international real estate company Knight Frank shows prices are set to rise by just 1% this year across the UK - and are actually falling in London. However, next year they'll pick up again, the report claims, and the UK can expect rises of 14% by 2022 as economic and supply factors are addressed.
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Despite analysts' predictions, the UK's second largest property company reported a lower drop in net asset value per share than expected, prompting a statement from their chief executive claiming the outlook is just fine. Chris Grigg says despite the financial turmoil caused by Brexit, buyers are "getting on with it."
Insiders are hopeful about post-Brexit property with the news that property in the UK reached an all time high of £313,655 in April, a 1.1% rise since March. Transaction numbers are also rising, with numbers higher than they've been since before the financial crisis. First time buyers are helping to push prices up in this sector. The general election might negatively impact prices, but analysts hope current strong prices will help balance this out.
London property price growth has slowed, with a year-on-year increase of just 3.7 percent growth. And it's a local phenomenon, with wider UK experiencing growth of 6.3 percent last year. Investors and lifestyle buyers are wondering what this means: is it a temporary blip which will ease following Brexit, or is this an overall trend which will allow greater possibilities for home ownership in the future?
British PM Theresa May triggered Article 50 this week, leaving British citizens wondering what exactly will happen to UK economy, society and politics. Among the people waiting on the edge of their seats are property investors. It's not known what impact leaving the EU will have on UK property, but what we do know is that the upcoming negotiations will be critical in setting the tone for future investment.
Worried about London property prices heading south? A report from Hometrack might allay your fears: the housing market research group has crunched some numbers and say London will be insulated from the worst of a crash due to the high capital needed to buy expensive homes, as well as the difficulties in obtaining mortgages for such homes for all but the wealthiest buyers.
Property prices rose by 0.4 percent last month, an encouraging sign after two months of decline. Price rises are due to a resurgence of interest in London's most expensive properties, tax changes and performance in England's east, Merseyside and Birmingham. However, projections for the next few years show an overall slowdown in price rises.
Foreign buyers are set to cash in on Brexit uncertainty and a weak pound. Political and economic factors mean there are hefty discounts to be found in desirable London, where property buyers from the Middle East are finding property discounts of up to 10 percent by buying in foreign currency.
London's most prestigious properties are set to be targeted by overseas buyers, who are enjoying discounts of up to 10% on prime real estate in the UK's capital city. A new report shows investors will be able to take advantage of a devalued pound as well as a Brexit property slump.