London Property News

2007

Looking towards 2008

2008 looks to be challenging for the city, economy and for customers following higher interest rates. The consequences for Central London residential sales and rental markets could clearly be considerable but it is most likely that stability, but not buoyancy, will be restored and that 2008 will see a marked slowdown from early 2007 but nothing more sinister.

Central London sale prices increased by 2.3% in the three months to 1st September 2007 and are now 19.9% higher than a year ago.

Strong rental value growth in Central London hit a new high of 15.1% in the year to 1st September 2007 following an improvement in quarterly growth to 3.3% in 2007Q3.

cluttons quarterly update September 2007

Market Slows

House price growth scraped into positive figures at just 0.1% in July Land Registry figures have shown in the latest report out on 29th August. This brings the rate of growth to 8.8% which is the lowestr rate since June 2006.

Rental market strong but yields falling

Demand for rental accommodation is outstripping supply at the fastest rate for six years as fears grow that further increases in interest rates may trigger a property price crash.

Central London markets still motoring

Central London house prices have appreciated by 20.9% in the year to 2007Q1, their highest annual growth since 2000. Significantly, prices have already risen by 6.8% in the first quarter of the year. The Central London lettings market is also strong with rental values 13.8% higher than a year ago. the highest growth for at least 20 years.

Cluttons Quarterly property market update - May 2007