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LONDON RESIDENTIAL DEVELOPMENT H2 2019
RESEARCH
2 RESEARCH KNIGHT FRANK
Almost 42,000 units were granted consent in the year to Q2, the most since Q1
2015, though construction starts in projects of 20+ private units continue
to slow.
Super-prime new homes sales are outperforming existing homes, and now
account 34% of total £10 million-plus sales
in London.
Investment-grade PRS accounted for 28% of
construction starts in the first half of 2019, with
demand growing among international institutions for
100+ unit projects.
95% of Help to Buy Equity loans in London have been granted to first-time-buyers
since the scheme’s inception through March
2019, indicating London will largely be unaffected by the scheme’s restriction in 2021.
KEY TAKEAWAYS
Despite this, developers of all types have
continued to seek opportunities, and a lack
of sites available to purchase has halted the
decline in land values in central London.
Demand has been supported by a variety
of factors; housebuilders in outer London
have continued to see positive sales
volumes, aided by Help to Buy, demand
for institutional-grade PRS continues to
surge among an increasingly international
group of investors, and resilience at the
top end of the central London market points
to a shortage of super-prime new homes
in years to come, which is explored
further overleaf.
Brexit continues to weigh on sentiment,
however. Sales volumes including existing
homes were down 8% year-on-year in the
12 months to March, though there is
variation among price bands, with volumes
between £500,000 and £1m proving more
resilient (fig 1).
The suppressed activity has weighed on
house prices, which dipped 1.4% in the year
to July. Pressure on pricing remains greatest
in prime central London, where Knight Frank
data indicates prices declined 4.4% during
the year to August, though the rate of decline
across the capital is slowing.
The number of new prospective buyers
registering with Knight Frank rose 29% in
prime central London in the year to July 2019.
Meanwhile, the number of new listings above
£1 million declined by 25% over the same
Developers in London continued to operate in an uncertain environment during the second half of 2019, with Britain’s future relationship with the EU still unresolved, a new Prime Minister, and a challenging planning environment.
MARKET SNAPSHOT
Please see the important notice on back page.
3
LONDON RESIDENTIAL DEVELOPMENT H2 2019
KNIGHT FRANK RESEARCH
Source: Knight Frank Research, Land Registry
period. It is this imbalance has contributed to a moderation in annual price declines.
Underpinning wider sentiment is the London jobs market, which has continued to outperform expectations, particularly in the technology sector (fig 2). Continued ultra-low borrowing costs are also supporting demand – five year fixed rate mortgages are available below 1.7% on a 60% loan-to-value basis, and a current ten-year fix of 2.4% is among the lowest the market has ever seen.
The medium-term future of housing activity in London will continue to depend on the planning environment, and what happens politically between now and October 31st, when the UK is scheduled to leave the EU, but the data suggests developers of all types are planning for the long-term.
FIGURE 1 Greater London transactions, new and existing homes, split by price bands Annual rate of change %, three month rolling average
Source: ONS
FIGURE 2 Jobs growth in Greater London (000s)
300
350
400
450
500
550
Mar 19 (p)Dec 18 (r)Sep 18Jun 18 Mar 18 Dec 17 Sep 17 Jun 17 Mar 17 Dec 16 Sep 16Jun 16Mar 16Dec 15Sep 15Jun 15 Mar 15 Dec 14 Sep 14 Jun 14 Mar 14
Tech (LHS) Finance (LHS) All jobs (RHS)
Mar
19 (p
)
Dec 1
8 (r)
Sep
18
Jun
18
Mar
18
Dec 1
7
Sep
17
Jun
17
Mar
17
Dec 1
6
Sep
16
Jun
16
Mar
16
Dec 1
5
Sep
15
Jun
15
Mar
15
Dec 1
4
Sep
14
Jun
14
Mar
14
5,000
5,300
5,600
5,900
6,200
6,500
-100%
-50%
0%
50%
100%
150%
200%
2019
£2m plus£1m - £2m£500k - £1m Under £500k
201820172016201520142013201220112010200920082007
SLDT on £2m+ homesrasied to 7%
Stamp Duty Reform – abolition of slab structure, new rates introduced
Additional 3% SDLT introduced
4 RESEARCH KNIGHT FRANK
Source: RCA Source: Knight Frank * Please see disclaimer on back page
FIGURE 3 Cross-border investment into London PRS, projects of 100+ private units Annual rolling total, volume (£)
The market for purpose-built rental stock
in London took off from a standing start a
decade ago, driven by seismic demographic
changes and demand from investors from
North America for stabilised blocks. At the
end of Q2 2019, purpose-built rental blocks
of more than 100 private units accounted
for more than a quarter of all private
construction starts in Greater London, up
from 21% in 2015.
Demand is particularly strong, and growing,
among international institutions. The early
North American investors have now been
joined by those from Asia, the Netherlands,
Israel, the Middle East and Australia,
according to Knight Frank research. More
than £800 million of cross border funds
were invested in purpose-built rental
accommodation blocks of more than 100
INVESTMENT-GRADE PRSunits in Greater London during the year to July 2019, according to RCA (Fig 3).
Analysis of planning data suggests that delivery of large PRS projects is likely to increase over the medium-term. Some 6,816 units were approved in schemes of at least 100 units during the first six months of 2019, an increase of more than 20% year-on-year.
Yield Guide
£0bn201920182017201620152014201320122011
£0.2bn
£0.4bn
£0.6bn
£0.8bn
£1bn
£1.2bn
United States Canada China Israel Qatar Other
Zone 2 Prime (NIY)
3.50% - 3.75%
Greater London Prime (NIY)
4.00%
Zones 3-4 Prime (NIY)
3.75%
Source: Knight Frank Research, Molior
Growth in investment-grade PRS Projects of 100+ private units accounted for 28% of total construction starts in H1 2019
H1 201928%
201521%
The market for PRS took off from a standing start a decade ago... demand is particularly strong, and growing, among international institutions for blocks of more than 100 units.
“
5
LONDON RESIDENTIAL DEVELOPMENT H2 2019
KNIGHT FRANK RESEARCH
Prime apartments offer a seamless move away from transient hotel living for the new generation of global wealth now driving the top end of the London marketRupert des Forges, Head of Prime Central London Developments
“
Source: Knight Frank Research
FIGURE 4 Super-prime new homes grab larger share of market LHS is annual rolling total
2015 2016 2017 2018 2019
0
10
20
30
40
50
60
70
New home sales above £10m+
Uni
ts
% o
f sal
es
New homes share of £10m+ market
0
5
10
15
20
25
30
35
Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
Source: Knight Frank Research, Molior – data applies to projects of 20+ private units
FIGURE 5 Kensington & Chelsea, Westminster planning pipeline Annual rolling total
2009 2011 2012 2013 2014 2015 2016 2017 2018 2019
New applications New permissions
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Uni
ts
PRIME CENTRAL LONDONSuper-prime new homes sales in London
have remained resilient despite a wider
slowdown in the central London market.
Approximately 30 to 35 new homes are
sold for more than £10 million every twelve
months, a figure that has remained steady
for almost two years (Fig 4). As sales of
existing super-prime homes have slowed
this year, new home sales have gained a
greater market share, from 18% in Q2 2017
to 34% at the end of the second quarter.
This is, in part, because there have been
more units available to buy, following a
2016 peak in completions in Kensington
and Chelsea and Westminster of 1,087,
which dipped slightly to 1,001 in 2017
before almost halving to 540 in 2018.
However, it is also about a shift in
buyer tastes, according to Rupert des
Forges, head of Prime Central London Developments at Knight Frank.
“Prime buyers are increasingly focussed on securing a London residence in a new scheme and typically they prioritise a high level of security and extensive amenities,” he said. “Prime apartments offer a seamless move away from transient hotel living for the new generation of global wealth now driving the top end of the London market.”
Several high-profile schemes have sold out in recent months, and the current planning pipeline points to constrained supply on the horizon. The number of units given consent across Westminster City Council and The Royal Borough of Kensington and Chelsea fell to its lowest level in a decade during the 12 months to Q2 2019, according to data from Molior (Fig 5).
5
LONDON RESIDENTIAL DEVELOPMENT H2 2019
KNIGHT FRANK RESEARCH
6 RESEARCH KNIGHT FRANK
HELP TO BUY
Source: Knight Frank Research, MHCLG
Top Help to Buy boroughs since launch Number of homes purchased
Barnet 1,395Tower Hamlets 1,250Greenwich 1,127Croydon 1,113Lewisham 995
PROPORTION OF HELP TO BUY EQUITY LOANS TAKEN OUT BY FIRST-TIME BUYERS,
ENGLAND
81%
HACKNEY
TOWERHAMLETS
WALTHAMFOREST
NEWHAM
REDBRIDGE
ENFIELD
HARINGEY
BARNET
HARROW
HILLINGDON
EALING
BRENT
WANDSWORTH
SOU
THW
ARK
LAMB
ETH
HF
KC
CW
BARKING &DAGENHAM
HAVERING
HOUNSLOW
RICHMOND-UPON-THAMES
MERTON
SUTTON CROYDON
BROMLEY
BEXLEY
GREENWICH
LEWISHAM
KINGSTON-UPON-THAMES
CAMDEN
ISLING
TON
CL
HF
KC
CW
CL
Hammersmith & Fulham
Kensington & Chelsea
City of Westminster
City of London
up to 5051-250251-400401-600601-750751-1000more than 1001
HACKNEY
TOWERHAMLETS
WALTHAMFOREST
NEWHAM
REDBRIDGE
ENFIELD
HARINGEY
BARNET
HARROW
HILLINGDON
EALING
BRENT
WANDSWORTH
SOU
THW
ARK
LAMB
ETH
HF
KC
CW
BARKING &DAGENHAM
HAVERING
HOUNSLOW
RICHMOND-UPON-THAMES
MERTON
SUTTON CROYDON
BROMLEY
BEXLEY
GREENWICH
LEWISHAM
KINGSTON-UPON-THAMES
CAMDEN
ISLING
TON
CL
Number of Help to Buy equity loans Q2 2013 - Q1 2019
HF
KC
CW
CL
Hammersmith & Fulham
Kensington & Chelsea
City of Westminster
City of London
3,000+
2,000-3,000
1,500-2,000
1,000-1,500
500-1,000
100-500
HACKNEY
TOWERHAMLETS
WALTHAMFOREST
NEWHAM
REDBRIDGE
ENFIELD
HARINGEY
BARNET
HARROW
HILLINGDON
EALING
BRENT
WANDSWORTH
SOU
THW
ARK
LAMB
ETH
HF
KC
CW
BARKING &DAGENHAM
HAVERING
HOUNSLOW
RICHMOND-UPON-THAMES
MERTON
SUTTON CROYDON
BROMLEY
BEXLEY
GREENWICH
LEWISHAM
KINGSTON-UPON-THAMES
CAMDEN
ISLING
TON
CL
FIGURE 6 Help to Buy by borough
HACKNEY
TOWERHAMLETS
WALTHAMFOREST
NEWHAM
REDBRIDGE
ENFIELD
HARINGEY
BARNET
HARROW
HILLINGDON
EALING
BRENT
WANDSWORTH
SOU
THW
ARK
LAMB
ETH
HF
KC
CW
BARKING &DAGENHAM
HAVERING
HOUNSLOW
RICHMOND-UPON-THAMES
MERTON
SUTTON CROYDON
BROMLEY
BEXLEY
GREENWICH
LEWISHAM
KINGSTON-UPON-THAMES
CAMDENISLIN
GTO
N
CL
HF
KC
CW
CL
Hammersmith & Fulham
Kensington & Chelsea
City of Westminster
City of London
up to 5051-250251-400401-600601-750751-1000more than 1001
HACKNEY
TOWERHAMLETS
WALTHAMFOREST
NEWHAM
REDBRIDGE
ENFIELD
HARINGEY
BARNET
HARROW
HILLINGDON
EALING
BRENT
WANDSWORTH
SOU
THW
ARK
LAMB
ETH
HF
KC
CW
BARKING &DAGENHAM
HAVERING
HOUNSLOW
RICHMOND-UPON-THAMES
MERTON
SUTTON CROYDON
BROMLEY
BEXLEY
GREENWICH
LEWISHAM
KINGSTON-UPON-THAMES
CAMDENISLIN
GTO
N
CL
PROPORTION OF HELP TO BUY EQUITY LOANS TAKEN OUT BY FIRST-TIME BUYERS,
GREATER LONDON
95%
7KNIGHT FRANK RESEARCH
Source: Knight Frank Research, Molior
FIGURE 7 Planning consents, Greater London (schemes of 20+ private units) Annual rolling total
FIGURE 8 London private housing starts (schemes of 20+ private units) Annual rolling total
Inner London Outer London Total
Q42009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q20
10,000
20,000
30,000
40,000
50,000
60,000
10,000
20,000
30,000
40,000
50,000
60,000
Inner London Outer London Total
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H1 20190
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
LONDON RESIDENTIAL DEVELOPMENT H2 2019
Some 6,115 homes were purchased under the
Help to Buy Equity Loan Scheme in London
during the year to March 2019, up 30% on
the same period a year earlier. There were
1,558 sales during the first quarter, beating the
previous year’s quarterly average of 1,412.
Almost 20,000 homes have been purchased
with the program since its inception in 2013,
mostly in outer boroughs, according to official
figures (Fig 6).
The government in November announced
it would restrict the scheme to first-time
buyers and add regional price caps, while
keeping London’s price cap at £600,000. A
greater proportion of first-time buyers use the
scheme in London, at 95%, compared to the
wider country, at 81%, giving developers the
confidence to continue investing in land.
Uncertainty over whether there will be a
replacement for the program, whether
public or private sector led, is creeping into sentiment in the land market, and is likely to become a dominant issue in the coming quarters.
In London, the maximum equity loan was increased from 20% to 40% from February 2016. Since then there were 14,074 completions in London, of which 12,106 were made with an equity loan of more than 20%.
PLANNINGThe number of units given consent ticked up at the turn of the year, to almost 42,000 units during the 12 months to Q2 (Fig 7).
The data for consents in Inner London is flattered by a remarkable Q1, where 5,673 units were granted consent – more than the total in Inner London during the previous two quarters – largely due to a handful of large projects in Wandsworth and Tower Hamlets. Consents dropped back to 1,290 in the second quarter, reflecting the prevailing uncertainty and challenging planning environment.
Consents in outer London continued to climb, underpinned by robust demand in affordable locations and Help to Buy. Almost 30,000 units were given consent during the year to Q2, the most since Q3 2017.
Even so, a little more than 9,000 units were started during the first half of 2019. If that is repeated during the rest of the year, developers will commence fewer than two thirds of the units started during the 2015 peak.
London’s planning environment is challenging, with many new faces on planning committees and radical approaches being taken by City Hall and local authorities. For the time being, the pipeline indicates delivery is likely to continue to fall short of GLA targets. Stuart Baillie, Head of Planning
“
Important Notice
© Knight Frank LLP 2019 – This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank LLP for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank LLP to the form and content within which it appears. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names.
Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide including developers, investors, funding organisations, corporate institutions and the public sector. All our clients recognise the need for expert independent advice customised to their specific needs.
* Based on rack rented properties and disregards bond type transactions. NIY - Where reported we have assumed an
appropriate discount for operating costs. This yield guide is for indicative purposes only and was prepared on 19 June 2019.
*Our PCL yield is based on tenanted blocks with a minimum of 6 units, covering locations such as Mayfair, Knightsbridge,
Kensington etc, situated within Knight Frank’s definition of Prime Central London. Yields in the PCL and Zone 1 Prime
categories are reported gross in line with market practice and no allowance has been made for operating costs within this
yield guide. Yields in the London and South East categories are reflective of income-focused transactions of institutional
assets. Regional locations: We have provided an indication of yields in respect of a number of example locations, illustrating
the spread of yields in this classification. These yields are reported in respect of institutional quality, stabilised assets.
Knight Frank Research Reports are available at KnightFrank.com/Research
If you’re thinking of buying or selling, or would just like some property advice, please do get in touch.
Get in touch
Residential Capital MarketsNick Pleydell-Bouverie +44 20 7861 5256 [email protected]
Land and ConsultancyCharlie Hart +44 20 7718 5222 [email protected]
Justin Gaze +44 20 7861 5407 [email protected]
Senior LivingTom Scaife +44 20 7861 5429 [email protected]
Debt AdvisoryLisa Attenborough +44 20 3909 6846 [email protected]
Prime London Sales Index – July 2019
RESIDENTIAL RESEARCH
PRIME LONDON SALES INDEX
JULY 2019
PRIME CENTRAL LONDON
PRIME OUTER LONDON
Prime central London index | 5,562.5
Prime outer London index | 267.5 Annual change | -3.7%
Annual change | -4.8%
Monthly change | -0.1%
Monthly change | -0.2%Quarterly change | -0.7%
Quarterly change | -0.3%
Figure 1 Boris Johnson has raised the prospect of a stamp duty cut to stimulate economic activity. Any impact on property prices is difficult to assess given the lack of detail and the potentially distortive effect on supply and demand. However, higher stamp duty and political uncertainty have curbed activity above £1m over the last four years.
Figure 2 The impact of higher stamp duty was initially more marked above £2m. However, prices have adjusted more quickly in higher price brackets, where trading volumes are typically lower, and the annual decline in volumes above £2m is now more modest than above £1 million.
Figure 3 Despite this overall trend, transactions in Q2 2019 increased year-on-year. This was due to the relative strength of the higher-value market - the number of £10 million-plus transactions in Q2 was the highest in four years. Activity was also boosted by the postponing of the Brexit deadline from March to October.
Figure 4 The number of prospective buyers in London has risen strongly over the last year and their total spending power increased to £51.5 billion in Q2 2019. Demand has built after stamp duty-related price adjustments, though some hesitancy remains due to political uncertainty.
The prime London sales indices are based on repeat valuations of second-hand stock and do not include new-build property, although units from completed developments are included over time.
FIGURE 4
Firepower surges in London PCL and POL, total budget of active applicants
Source: Knight Frank Research
FIGURE 2
High-value sales breakdown by borough Year-on-year % change
Source: Knight Frank Research
FIGURE 1
£1 million-plus sales decline in London Year-on-year % change
Source: Knight Frank Research
FIGURE 3
Sales volumes pick up in Q2 Quarterly transaction volumes by price band
Source: Knight Frank Research / LonRes
£1m-plus K&C £1m-plus Westminster
£2m-plus K&C £2m-plus Westminster
£500k to £750k £750k to £1m £1m to £2m
£2m to £5m £5m to £10m £10m-plus
-10%-5%0%5%
10%15%20%25%30%35%40%
2013
2014
2015
2016
2017
2018
Stamp Duty Increase
0
200
400
600
800
1,000
Q1-
17
Q2-
17
Q3-
17
Q4-
17
Q1-
18
Q2-
18
Q3-
18
Q4-
18
Q1-
19
Q2-
19
-40%-30%-20%-10%
0%10%20%30%40%50%
2013
2014
2015
2016
2017
2018
Stamp Duty Increase
£40bn
£42bn
£44bn
£46bn
£48bn
£50bn
£52bn
Q2-
14
Q4-
14
Q2-
15
Q4-
15
Q2-
16
Q4-
16
Q2-
17
Q4-
17
Q2-
18
Q4-
18
Q2-
19
The London Review Q3 2019
THE EBB AND FLOW OF BREXIT BUYER FIREPOWER SURGES THE RISE OF FILM INDUSTRY SHORT LETS
LONDON RESIDENTIAL REVIEWQ3 2019
RESIDENTIAL RESEARCH
The London Office Market Report – Q2 2019
Eastern Opportunities – 2019
REPORT
EASTERN OPPORTUNITIES 2019
RECENT MARKET-LEADING RESEARCH PUBLICATIONSRESIDENTIAL RESEARCH
RESIDENTIAL DEVELOPMENT LAND INDEX
Values in Prime Central London, which have declined 21% since the peak in Q3 2015, remained flat in Q2 amid a dearth of sites for sale. Vendors in many cases are choosing to wait for political clarity before marketing sites as developers seek to plan beyond the current political upheaval by investing in land.
“We may have seen values dip further if it hadn’t been for the current lack of supply of well-priced, suitable land across all markets,” said Justin Gaze, head of residential development land at Knight Frank.
Average Greenfield land values declined 0.4% during the quarter, taking the annual decline to -3.1%.
Though uncertainty and moderating house price growth continue to weigh on values, housebuilders have seen encouraging sales activity in recent months and are increasingly competing for well-priced sites in optimal locations after pulling back from buying land in the months following the 2016 vote to leave the EU.
Sales of new homes have been particularly resilient where properties are eligible for the Help to Buy Equity Loan scheme, which accounted for more than 50,000 sales across England during 2018, according to official figures. The government will introduce
regional prices caps and restrict the loans to first time buyers from 2021, and intend to end the scheme in 2023.
Uncertainty over whether there will be a replacement for the program, whether public or private sector led, is creeping into sentiment in the land market, and is likely to become a dominant issue in the coming quarters.
Urban Brownfield land values dipped 0.8% in Q2, taking the annual decline to -1.3%. Values were largely flat across regional cities, and declined moderately in zones 3 to 6 in London, where the planning environment continues to be challenging and sentiment among home purchasers is most susceptible to Brexit.
However, some sentiment surveys point to a possible pick-up in sales volumes and house prices in the months ahead.
Estate agents reported a modest rise in appetite from potential purchasers to acquire property in June, according to the RICS UK Residential Market Survey. Meanwhile the IHS Markit House Price Sentiment Index, a measure of homeowner sentiment, also ticked up. The survey, where a net balance of higher than 50 indicates that homeowners expect house prices to rise in future, reached +60 in July.
CONSTRAINED SUPPLY UNDERPINS LAND VALUESA lack of sites for sale stemmed or halted declines in average land prices across markets in England during the second quarter as developers who scaled back investing in land in the months following the EU referendum sought to replenish their supply of sites.
Key Facts Q2 2019 Average greenfield development land prices declined 0.4% during Q2, taking the annual decline to -3.1%
Urban Brownfield land values declined 0.8% during the quarter, taking the annual decline to -1.3%
Prime Central London development land values were unchanged during Q2, moderating the annual decline to -6.1%
-12.5%
-10.0%
-7.5%
-5.0%
-2.5%
0.0%
2.5%
5.0%
7.5%
10.0%
Q2Q1Q4Q3Q2Q1Q4Q3Q2Q120192017 2018
Prime Central London English Greenfield
Urban Brownfield
Source: Knight Frank Research
FIGURE 2
Annual change in average land values
Source: Knight Frank Research
FIGURE 1
Residential development land prices Rebased 100 = Sep 2011 (Urban Brownfield = Dec 2014)
90
100
110
120
130
140
150
201920182017201620152014201320122011
Inde
x
Prime Central London English Greenfield
Urban Brownfield
PATRICK GOWER Associate, UK Residential Research
“ Housebuilders are increasingly competing for well-priced sites in optimal locations after pulling back from buying land in the months following the 2016 vote to leave the EU.”
@patrickgower
UK Res Dev Land Index – Q2 2019
Residential Investment Report – 2019
RESIDENTIAL INVESTMENT REPORT 2019
Sectors Analysed | Growth Forecasts | New Investor Survey
The London Report – 2019
TH
E L
ON
DO
N R
EP
OR
T 2
01
9
Senior Living Survey – 2019
SENIOR LIVING SURVEY
SENIOR LIVING RESEARCH
Sector Update | Tenant Survey Results | Investor Survey
“ THE FUTURE OF HOUSING ACTIVITY IN LONDON DEPENDS TO A LARGE EXTEND ON WHAT HAPPENS POLITICALLY IN THE COMING WEEKS, THOUGH THE DATA SUGGESTS DEVELOPERS ARE PLANNING FOR THE LONG-TERM.”
Patrick Gower, Residential [email protected]
If you would like further insight into residential markets please get in touch.
