Uncertainty persists but not for everyone

As talk of a ‘no deal’ Brexit (and now a general election) continue, and the trade dispute between China and the US carries on, it comes as no surprise that global financial markets are uneasy. Recent announcements of GDP contraction in the UK and Germany do not help either.

Despite this backdrop some investors are carrying on with business. Earlier this month builders Berkeley Group unveiled plans for a 1,800-home ‘King’s Road Park’ scheme in Fulham, and the Battersea Power Station Chief Executive was quoted saying that sales are now “running at £10m a month” . Similar activity is being registered in the commercial sector. Earlier today it was announced that Mayfair Capital completed on its £113m acquisition of the Bonhill Building in Shoreditch from Legal and General.

Notwithstanding the current uncertainty, London is managing to retains its place as a key investment destination and the weakness of the pound is making it more attractive.


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Market performance update

Land registry (UK HPI)
 
June Av. price
 

Monthly change

12 month

England£246,728+0.7%+0.7%
London£466,824+0.7%-2.7%
Kensington and Chelsea£1,254,725-1.2%-4.0%
City of Westminster£965,019-0.8%-0.4%
  • England house prices grew by 0.7% in the year to June 2019, unchanged from May 2019.
  • Across England, all houses showed an increase in average price in June 2019 when compared with the same month in the previous year. 
  • In London, average house prices fell by 2.7% in the year to June 2019, up from a fall of 3.1% in May 2019.
  • The average property price in Islington is now £615,783 representing an annual drop of 6%.
  • In June 2019, the most expensive area to purchase a house was Kensington and Chelsea, where the average cost of a house was £1.25 million. In contrast, the cheapest area to purchase a house was Burnley, where the average cost of a house was £89,000. 
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