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  • Property-a-holics

    LCPA - Rest of UK catches London's cold



    Headlines from the LCPA February Report:

    The LCPAca Residential Index for February sees the rest of the UK catching London's cold. Both prices and transactions are falling in every sector – Prime Central London, Greater London and the rest of England & Wales.

    There is little doubt that Brexit uncertainty is derailing homeowners now, not just investors. People’s plans are being put on hold and the economic fall-out of a ‘bad Brexit’ could impact the domestic market for years to come.

    PRIME CENTRAL LONDON (PCL)

    Transactions fall below 66 a week

    • Average annual prices in February (excluding new build) in PCL amount to £1,812,051.
    • Monthly prices fall by 6.2%.
    • Prices in the last quarter fall by 12.7%.
    • Annual transactions remain just above historic lows, standing at 3,405, a fall of 16.5% over the year.
    • New build average prices now stand at £2,268,219, a 61.4% premium over existing stock.
    • Quarterly new build transactions fall by 46.1% to just 73 and prices fall by 29.6%.

    GREATER LONDON

    New build sales fall by over 18%

    • Average prices in Greater London (excluding new build) now stand at £610,708.
    • Monthly prices fall 1.1%.
    • Prices in the last quarter fall 1.9%.
    • Annual transactions fall by 4.8% to just 87,233.
    • New build prices now stand at £661,677, seeing a 20.4% premium over existing stock and an annual increase of 14.9%
    • However, new build transactions continue to suffer with a fall of 18.2%, to the lowest level seen since 2015.

    ENGLAND AND WALES (EXCLUDING GREATER LONDON)

    Price growth at its lowest since 2013

    • Average prices in England and Wales (excluding new build) ended the year at £262,126.
    • Monthly prices rose by 1.3% but fell by 0.7% over Quarter 4.
    • Annual prices for 2018 increased by just 2.8%, the lowest level of growth since 2013.
    • Annual transactions for 2018 fell by 3.7%, the largest drop since 2008 and now stand at 783,913.
    • New build annual transactions now stand at 93,619, a rise of just 3.6%.
    • New build prices stand at £299,617, representing a 14.8% premium over existing stock.**

    Click here to download the full report... 

    SEE ALSO  -        The big bad ass Brexit brief for landlords

    UP NEXT -            Making decisions in challenging times

    DON'T MISS -       Brexit good news for UK holiday lets?

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    [Image: 4995468760_6be86655d4_t.jpg]
    general operations director, site owner and moderator - propertytribes.com

    I find the number of flats in london coming to the market over £1m frankly insane. All have swimming pools, gyms, theatre rooms, service charges to match and were planned pre 2016.

    No idea who will buy them without steep discounts. They are being drip fed onto the market at the moment but if developers are forced by lenders there could be a flood.

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    This report confirms what I believe

    we are going to see low growth for years to come and low interest rates for tens of years to come

    landlords need to look to the future for high yields to make wealth

    capital growth she be seen as cherry on the to of the cake

    and nothing more

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    All the report confirms is that some people think London is the only part of England that matters.

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