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. 
Read More

Successful completion against all odds

We are delighted to report on the recent completion of the sale of two seven bedroom houses in North London. This particular transaction has been in the making for the past 20 months.

Hyde Park Residential was instructed to coordinate the sale of the properties in mid 2017 on behalf of the former owners. Within a few weeks we identified a buyer and secured a price that was reasonably above asking.

Thereafter a number of unforeseen issues cropped up that could have derailed the transaction. With a good dose of patience and diplomacy we managed to resolve them all to the relief of all stakeholders. The new owners have now submitted planning applications to redevelop the properties into 14 apartments. A good ending for both parties and a big thank you from HPR to all involved.

Read More

Brexit – could political strategies be about to change?

The results of the EU elections could become a turning point in the ongoing Brexit debate, with the six-week old Brexit Party securing 31.6% of the vote. The Conservatives and Labour have both haemorrhaged support whilst the pro EU Liberal Democrats made substantial gains. Support for the collective ‘anti’ and ‘pro’ Brexit parties, was around 40% and 35% respectively.

These results will no doubt impact the arithmetics in Westminster. So far Parliament has been unable to find common ground on any Brexit option, other than the rejection of a no deal-but this may be about to change.

Until very recently, Labour was non-committal on a second referendum and appeared to prefer an early general election, whilst the Conservative Party was split between ‘remainers’ and ‘brexiteers’.

A new perceived ‘threat’ in the form of the Brexit Party potentially replicating its success in a general election, may force both parties to abandon the middle ground in favour of a clearer and more decisive stance. This would avoid an early general election and the possible embarrassment that could follow, and hopefully provide some much needed clarity to the market.

Read More

Green light for 42 – storey ‘Paddington Cucumber’

 
Earlier this week Westminster planners voted to grant planning consent to the revised proposals for the canal side site in Paddington.
Outline permission was initially granted several years ago for a 42-storey tower by Robin Partington & Partners (now Apt), then nicknamed “the Cucumber”, along with three other blocks.
The main tower will now be joined by another smaller tower of 21 storeys, delivering a combined total of 426 units, with the latter housing 67 affordable units. There will also be some retail and leisure floorspace, and the main block will have a two-storey “sky bar” on the top two floors.
Read More

Easter break : some Brexit factors to keep an eye on

1. Germany’s growth forecast announcements. Germany already lowered the 2019 growth forecast to 0.5% down from the 1% previously forecast.

2. Currency movements. The Euro is expected to strengthen against the pound on the back of better than forecast Chinese economic data and a lack of Brexit related activity. A turnaround in China is expected to boost trade internationally and possibly help end Germany’s export slump.

3. Surveys. A poll amongst economists carried out by Reuters shows that Brexit is more likely to be cancelled than there being a no-deal. Most economists polled said that the most likely outcome was a free trade deal. The survey was taken between the 12 and 17th April.

4.Irish boarder solutions. A Home Office report leaked to the media indicated that a technology solution at the Irish boarder could take 10 years to be implemented.

5. 2nd May local elections. 248 English local councils are contesting with a total of 8,773 councillors due to be elected. A poor performance for the Conservatives will accelerate calls for the PM to make way for a new leader.

6. European parliament elections. A YouGov poll shows that Nigel Farage’s Brexit Party is in the lead on 27%, ahead of  Labour (22%) and the Conservatives (15%). European parliamentary elections are scheduled for the 23-26th May.

7.Labour’s position on Final Say vote. As negotiations carry on between the government and Labour, Jeremy Corbyn is under increasing pressure to ensure that a Final Say vote is included in any deal with the Prime Minister.

8.Bored of Brexit. Property investment activity is increasing. This is in part seasonal but some is being attributed to pent up demand converting into transactions.

Read More