Residential Property Review – February 2020

Posted on 26 February, 2020

London sees surge in luxury property prices Prices

For prime London property surged in the final quarter of 2019, the latest Coutts London Prime Property Index found. On average, prices increased by 5.3% in 2019 – with 4.8% of this coming from Q4 alone. With 10.1% more properties sold in Q4 2019 than the same period in 2018, buyer demand is certainly climbing. Despite this, the number of prime London properties put up for sale decreased by 11.8% year-on-year, with the final quarter accounting for 8.9% of the drop…..

Government fails to meet house building targets

The government is not on track to meet its target of one million new homes by 2025, with just 157,550 new build dwelling starts in the year to September 2019 – a 7% decrease compared to the same period the previous year, new government figures have shown. More positively, new build completions rose to 177,980 (a 9% increase on the same period last year); however, the increase was not significant enough to hit targets. A lack of available land and unnecessary red tape have been cited as barriers to the successful delivery of high-quality housing. Planners are hoping that answers might be found in a highly anticipated government white paper on ‘Accelerated Planning’, expected to be published in early 2020. It is hoped that this document will deliver radical proposals for a faster and more streamlined planning system.

For the full FREE article download here: Residential Property Market Review – February 2020