Lettings & Sales Update London

Overview of London

• Average rent June 2017 £1,524
• Average rent May 2017 £1,502 Monthly variance 1.5% Average rent June 2016 £1,564 Annual variance -2.6%

Still the place to rent?

• • In June 2017, average rental values in London (£1,524) were 67.8% higher than the UK
• When London is excluded the average rent in the UK was £757 in June, average rents in London (£1,524) were 101.3% higher than the rest of the UK

Borough's with the highest average rent

• Westminster £2,041 Camden, City of London £1,905 Lambeth £1,885 Chelsea, Fulham, Hammersmith and Kensington £1,881 Tower Hamlets £1,651

Borough's with the lowest average rent

• Croydon £1,074 Barking, Dagenham £1,174 Redbridge and Waltham Forest £1,218 Bexley and Greenwich £1,254 Kingston upon Thames, Merton and Sutton £1,328

Borough's with the highest annual variance

• Brent 7.4% Chelsea, Fulham, Hammersmith and Kensington 4.3% Barnet 1.2% Barking, Dagenham, Hav 1.2% Hounslow/ Richmond upon Thames 0.4%

Borough's with the lowest annual variance

• Haringey and Islington -11.2% Kingston upon Thames, Merton and Sutton -10.0% Lambeth -9.9% Hackney and Newham -9.4% Westminster -8.3%

Questions?

Sales Data

• London Property Market Slowing Down.
• 35.3% Properties had a price reduction since being listed (July).
• 29.7% in Feb
• Common Knowledge in Agency world 60% of all properties get sold by second agent (usually over priced first time just to get listing)

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Slow Down continued

• Buyers being more cautious and viewing multiple properties
• Buyers wanting to stick to prices in 2016 . Brexit/Post election.

Some Price rises in Inner London

• The price of property coming to market is up by 1.1% (+£7,017) this month
• Rise driven by 2.6% uplift in Inner London, more than offsetting 0.4% fall in Outer London

Assessment

• Annual rate remains muted at +0.9%, with more expensive £700k+ boroughs being the main drag on London’s year-on-year price performance

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Data

• HomeLet Rental Index
• Rightmove Quarterly Index Report - sales and rental data.

Contact

• neil.mangan@homexpertsuk.com
• neil_mangan@hotmail.co.uk
• 07896775525

Another networking meeting !

• August 10th, K + K Hotel, Earls Court.
• Meet Up ; The Kensington & Chelsea Property Business Group.
• Modular Homes- Nhouse, Nick Fulford
• Deal of the Month