The housing market across prime London continues to record rising prices (up 4.2% over the last year) and robust transactions (11.6% higher than prior to the pandemic. However, there are growing concerns about the challenges facing the wider economy and the broader housing market. While these may not immediately affect the prime London market, it is something that we will of course be keeping an eye on as we head into the winter months
Prime central London sales activity remained strong in Q2 with 208 transactions recorded by Lonres. This is 11% up on Q1 2022's level of activity.
The prime London sales market has continued to record robust levels of activity and price growth in the first half of 2022. Meanwhile, the rental market has rebounded from last year’s lows and rents have risen above pre-pandemic levels amidst a lack of homes available to rent.
Average house price growth at +8.4% Average house prices were broadly unchanged in May, rising by just 0.1%. This is the lowest rate of monthly price growth since December 2019. Growth on a quarterly basis, at 1.4%, is the slowest rate of in 15 months.
The official name is ‘Leasehold Reform (Ground Rent) Act 2022’ and comes into effect from 30th June 2022 for all residential leases in England and Wales. Retirement properties will not come under the legislation until 1st April 2023. The legislation states that the ground rent for all new residential leases created from 30th June must only be a peppercorn amount, in other words ‘zero’. Where an existing lease is extended as part of an agreement or voluntary renewal then any ground rent can continue for the remainder of the lease.
Page 7 of 9
This website uses cookies to ensure you get the best experience on our website. More info
