<p>No.1 Palace Street, The St. Regis Residences is located opposite Buckingham Palace, Westminster and adjacent to St James's Park - one of London's most sought-after neighbourhoods. This palatial development is an exceptional collection of 72 private apartments, across an island site comprising five different architectural styles. </p>

<p>Conceived by Northacre and SHUAA Capital, No.1 Palace Street, The St. Regis Residences embodies all of the hallmarks of a world-class residential development. Parts of the building offer ceiling heights from 2.6 to 3.0 metres, with some as high as 5.0 metres.</p>

<p>Now complete, No.1 Palace Street, The St. Regis Residences offers all residents a new standard of luxury lifestyle, with amenities including valet parking, private residents' garden, library, cinema, meeting room, spa/wellness centre including 20 metre swimming pool and gym.</p>

<p>The location of No. 1 Palace Street, The St. Regis Residences is as unique as its architecture. Set in a unique location, directly opposite Buckingham Palace, the prestigious building has a long-standing affiliation with British Royalty. Built in 1861, the Grade II listed wing of the building, Buckingham Gate, was once the major landmark ‘The Palace Hotel’. It hosted distinguished guests of Queen Victoria, before the third wing of Buckingham Palace was built.</p>

<p>Merely a stone’s throw from the history and tradition of St James’s, the finest restaurants and shopping of Mayfair and Knightsbridge, and only a short walk from the serenity of the Royal Parks, residents will be placed within easy reach of the best that London has to offer.</p>

*Images are CGI and are indicative only.

No.1 Palace Street, The St. Regis Residences

</b>Our brand new marketing suite on Kensington High Street is now open for viewings. </b>

Introducing a unique collection of exquisite apartments in an exclusive new Kensington landmark. This exceptional residential opportunity in London's Royal Borough presents 100 Kensington, featuring 276 apartments elegantly distributed across four distinguished buildings. The first release, The Oria, is a striking 29-storey tower offering an exclusive collection comprising 129 studios, one, two and three bedroom apartments available to purchase off-plan. The Oria will be the tallest residential building in the Royal Borough of Kensington & Chelsea, offering unparalleled views of this storied neighbourhood and the city beyond.

<b>World Class Amenities</b>
The podium level features three floors above ground with an impressive double-height atrium and dedicated concierge service available 12 hours daily, 7 days a week. Residents can enjoy a sophisticated residents' lounge for relaxation and socialising, beautifully landscaped gardens showcasing sculptural art by acclaimed artist David Harbour, and a private cinema with versatile multi-use games and event spaces. The ground level offers comprehensive wellness facilities including a tranquil 20-metre swimming pool, state-of-the-art fully equipped gym, and a dedicated fitness studio for classes and personal training.

<b>Prime Location & Connectivity</b>
100 Kensington enjoys an enviable position adjacent to the Cromwell Road, providing direct access to central London with Buckingham Palace to the East and Heathrow Airport to the West. The development is surrounded by multiple Tube stations including West Kensington, High Street Kensington, Kensington Olympia and Earls Court, all within a short walking distance. For luxury shopping enthusiasts, 100 Kensington is ideally situated near High Street Kensington, Westfield London, and Knightsbridge. Families will appreciate the proximity to some of the UK's highest-rated private and state schools and colleges.

<b>Enquire now to schedule your private viewing. <b>





Service Charge: circa £6.50 per sq. ft per annum
Ground Rent: Peppercorn 
Tenure: 255 years, with ability to extend to 985 years on purchase

100 Kensington

<b>The HiLight | Elevated Riverside Living. -</b> Rising 24 storeys above the River Thames, The HiLight is Battersea’s most exciting new address — offering 113 beautifully designed residences with uninterrupted river views, a rooftop sanctuary, and world-class amenities.

<b>Mortgage Event at The HiLight: Wednesday 8th October 5-7.30pm | Developer Mortgage Contributions Available</b>
 
Apartments available from:

One beds from £645,000
Two beds from £955,000
Three beds from £1,930,000
 
Brought to life by renowned architects Squire & Partners, with interiors by Bowler James Brindley and developed by award-winning European developer Ghelamco, The HiLight is a celebration of modern luxury, wellness, and refined riverside living.

Each residence features floor-to-ceiling glazing, private balconies, and seamless smart home integration. Amenities include a state-of-the-art fitness and wellness centre, private cinema, co-working spaces, and the crown jewel — a residents’ wellness rooftop, offering a never-before-seen offering with spectacular sunset views across London.

Just moments from Chelsea and Battersea Park, and with excellent connections to the West End and the City, The HiLight offers riverside tranquillity with urban convenience — setting a new benchmark for luxury living in South West London.

The HiLight

<b>NEWLY LAUNCHED - Book your appointment at the Opus Sales Gallery</b>

Discover exceptional urban living an iconic riverside masterpiece at London’s most desirable, new residential address- Opus at Bankside Yards.

Something quite remarkable is taking place on the South Bank of London’s River Thames – a pioneering fossil fuel-free destination is taking shape. Bankside Yards, developed by Native Land, will consist of eight new buildings, including Opus, peaking at 50 storeys tall, innovative workspaces, independent retail and London’s newest, 5* luxury hotel, Mandarin Oriental Bankside Yards. 

Sitting above 14 reinvigorated grand Victorian railway arches, the development will complete the celebrated cultural walkway from the Royal Festival Hall to the Tate Modern. As the first residential building to complete at Bankside Yards, Opus will offer a unique opportunity to be one of the first residents to live in this spectacular central London location. 

Consisting of studio to 3-bedroom lateral apartments and a collection of exclusive, 4-bedroom duplex penthouses, Opus will offer state-of-the-art amenities and command unparalleled views over London’s skyline. Opus will be a symbol of refined living, seamlessly integrated into the vibrant public realm of Bankside Yards, the new global, mixed-use destination for London, perfectly located for London’s cultural and financial centres. 

<b>Set for completion in early 2027 - Enquire today for an exclusive viewing</b>




Service Charge: circa £9.10 per sq. ft per annum
Ground Rent: not applicable 
Tenure: 999 years

Opus - Bankside Yards

<b>SEVEN presents the final opportunity to own a home in one of London’s most iconic locations,</b> and is the final building, and Jewel in the Crown, of the globally renowned Southbank Place development.

Southbank Place is one of the most prominent and prestigious riverside developments in Prime Central London. A joint venture between Canary Wharf Group and Qatari Diar, this stunning Thames-side location neighbours the London Eye, sitting opposite Big Ben and Houses of Parliament. Within this standout development sits SEVEN as its masterpiece. The last in a quartet of extraordinary residences, SEVEN is a rare opportunity to own a home in this iconic riverside destination.

Consisting of 1-, 2- and 3-bedroom apartments, almost all offering outside space, plus a stunning collection of Penthouses. Each residence features timeless, considered design by renowned architectural firm Stanton Williams, with interiors by Albion Nord showcasing a luxurious palette of oak, granite, and limestone. Each home is designed as a private sanctuary in harmony with the city beyond. Vast floor-to-ceiling windows frame spectacular views of the Thames and London's most celebrated landmarks including Big Ben, The Palace of Westminster, and the London Eye. Light floods every home throughout the day, while sculpted balconies extend the living space outward, offering a seamless connection to the skyline.

SEVEN features an exceptional Health Club and Spa offering a tranquil environment across 17,000 sq ft. Residents enjoy a 25m infinity pool surrounded by marble walls, sauna and steam rooms, and dedicated treatment rooms. The fully equipped state-of-the-art TechnoGym facility includes yoga and spin studios, providing the ultimate wellness experience. Set within 5.25 acres of landscaped public realm, Southbank Place offers every modern convenience, from boutique shopping to riverside dining. The development features its own purpose-built entrance to Waterloo Station, providing residents with quick and easy access to the Jubilee, Bakerloo, Northern and Waterloo & City Lines for effortless travel into Central London and beyond.

Serene yet deeply connected, SEVEN is London living from a new perspective, where history, culture, and contemporary elegance converge.

<b>Enquire now to schedule your private viewing.</b>




Service Charge: circa £11.98 per sq. ft per annum
Ground Rent: Studios £400 per annum; 1 beds £600 per annum; 2 Beds £800 per annum; 3 Beds £1000 per annum; 4 Beds / Penthouses £1200 per annum
Tenure: 999 years

SEVEN, Southbank Place

<p>Hosted at the prestigious Four Seasons, the event connected new and existing clients with our cross-border residential investment specialists who provided expert guidance on this high-demand London opportunity.<br /></p><p>These bespoke events are instrumental to our clients' investment success. Through private consultations and comprehensive presentation materials, our property experts delivered in-depth insights into The HiLight's distinctive features and benefits, while
    facilitating valuable direct relationships between investors and the developer.<br /></p><p>Our Associate Director of Residential Development and Investments Joseph Brown told &ldquo;Our recent event in Riyadh reaffirmed the strength of demand for UK property across the Gulf. It&rsquo;s always a privilege to connect with such engaged, forward-thinking
    investors, and to demonstrate how JLL continues to lead in cross-border residential advisory throughout the region.&rdquo;<br /></p><p>Given the strong and consistent interest from Riyadh's investment community, we look forward to returning soon with more exclusive opportunities.<br /></p><p>To know more about this exclusive investment opportunity, please register your interest below.&nbsp;</p><a href="https://residential.jll.ae/insights/news/the-hilight#contact-us"><button class="Button primary">Find out more</button></a>
<p>&nbsp;</p><p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/f_auto,q_auto/v1752527801/resi/MENA%20-%20UAE/Insights/The-HiLight-1.jpg" /></p><p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/f_auto,q_auto/v1752527801/resi/MENA%20-%20UAE/Insights/The-HiLight-2.jpg" /></p><p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/f_auto,q_auto/v1752527801/resi/MENA%20-%20UAE/Insights/The-HiLight-3.jpg" /></p><p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/f_auto,q_auto/v1752527801/resi/MENA%20-%20UAE/Insights/The-HiLight-4.jpg" /></p>

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Last month, our team proudly presented Ghelamco's exciting new London development, The HiLight, to discerning investors in Riyadh.

<p>Last month, our team proudly presented Ghelamco's exciting new London development, The HiLight, to discerning investors in Riyadh.</p>

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<p>Zoopla is reporting sales agreed in the four weeks to mid-June are up 6 per cent annually, but stock levels continue to rise more quickly than demand, meaning increases in activity are not driving significant price rises.</p>
<p><strong>House prices </strong></p>
<p>Nationwide's house price index shows prices dipped 0.8 per cent in June compared with May, meaning annual growth in prices dropped back from 3.5 per cent in May to 2.1 per cent last month. Expect to see annual averages increase a little in the coming
    months as the market continues to settle.</p>
<p>Zoopla reported asking prices rose 1.4 per cent annually in May, with stock on the market up 14 per cent year-on-year. This outpaced new buyer demand, rising by 7 per cent over the same period. Higher value markets saw the most marked increase in stock
    for sale, with activity at the top end of the market more sluggish than at the lower end. Prices in areas where house prices average under &pound;200k rose 2.7 per cent compared with falls of 0.7 per cent in areas where prices top &pound;500k.</p>
<p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1751631279/resi/gb/Articles/Images/Roundup-July4-Chart1.png" /></p>
<p><strong>Market activity </strong></p>
<p>Mortgage approvals numbers began to recover in May, rising 3.9 per cent month-on-month on a slow April and 3 per cent higher than May 2024. But these numbers point to a steady rise in activity rather than a significant uptick. Average rates paid on new
    loans fell in May to 4.47 per cent with sub-4 per cent rates now available for both two- and five-year fixes for those with higher deposits. Forecasters are still anticipating up to two further rate cuts this year, taking the bank rate to 3.75% by
    the year end, but uncertainty around swap rates means that we are not expecting to see further significant falls in best buy rates in the near term.</p>
<p>Following a slow post-SDLT April, transactions recovered in May. Seasonally adjusted figures show there were 25 per cent more sales in May than April, but volumes remained 12 per cent lower than the May figure a year ago.</p>
<p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1751631279/resi/gb/Articles/Images/Roundup-July4-Chart2.png" /></p>
<p><strong>What does this mean for our outlook? </strong></p>
<p>The time taken to sell a home (from listing to completion) now exceeds 200 days according to research by TwentyEA. This means homeowners listing their homes today would be expected to pick up the keys to their new home in late January 2026.</p>
<p>As well as increasing the likelihood of a sale falling through &ndash; time is often the killer of deals - this means that prices achieved on completion for homes in 2025 will largely reflect offers already accepted by vendors. As a result, even if we
    see a pick-up in activity later in the year, with more competitive mortgage rates and improved buyer confidence increasing activity, this uptick will be reflected in the 2026 rather than 2025 stats.</p>
<p>Our forecasts for this year, made back in November, were for a gradual recovery in prices, aided by more competitive mortgage rates and political certainty following a Labour majority at the General Election. While the benefits of a strong majority have
    been tested in recent weeks and the outlook for the UK economy remains underwhelming, the housing market continues to follow a path of slow but steady recovery.</p>
<p>Despite the stamp duty changes muddying the waters more recently, we are leaving our current forecasts for 3.5 per cent annual growth in UK prices in 2025 unchanged. Similarly, our expectations that higher value markets would lag in 2025 are still evident
    in the latest house price data, meaning we still expect that price growth in London will be more modest, rising by 2.5 per cent in 2025.</p>
<p><strong>A different story in Central London </strong></p>
<p>The only market where we are revising our 2025 forecast is Central London. Ongoing uncertainty around government plans to tax (or not) non-doms on their global assets means fewer prospective buyers at the top end of the market this summer. Here at JLL
    we've seen 8 per cent fewer new applicants registering with our offices in Q2 this year versus last, with LonRes data showing the numbers of sales so far this year at &pound;5million or more are down 14 per cent and &pound;10million plus sales down
    20 per cent.</p>
<p>Sold prices (excluding new homes) fell 3.9 per cent annually across Prime Central London in Q2 2025, meaning our expectations for 3 per cent growth by the year end is increasingly unlikely. Additional tax liabilities for overseas buyers and those buying
    additional properties from April, alongside ongoing uncertainty around the non-dom regime, are all impacting buyer appetite. A U-turn on the exposure of non-doms' global assets to UK inheritance tax could help, but many will be waiting for further
    clarity before making their decision to stay, go or relocate. In the meantime, buyers remain cautious and stock levels in the second-hand market, up 13 per cent annually, are outstripping demand.</p>
<p>Relative scarcity of stock in the new homes market in central London means we are not seeing any notable reduction in prices, but activity remains skewed towards owner-occupiers and needs-based purchasers rather than investors, with sales volumes lower
    than historic norms.</p>
<p>We expect some markets - particularly those neighbourhoods more reliant upon high-net-worth overseas buyers - will see prices end the year lower than they started, but others could see small single digit annual increases this year. This means overall
    we expect prices to be flat in 2025, with growth of 2 per cent forecast in 2026.</p>
<p>The slowdown in rental growth experienced across most UK markets is following the path we forecast in November, so we'll be maintaining our current forecast for growth nationally of 3.0 per cent in 2025.</p>
<p><strong>JLL Research</strong></p>
<p><em>JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare and student housing. </em></p><em></em>
<p><em>Disclaimer: &copy; 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.</em></p>

Residential Roundup - 4 July

Three months on from the March stamp duty deadline and the housing market is gradually emerging from the SDLT fog. Zoopla is reporting sales agreed in the four weeks to mid-June are up 6 per cent annually, but stock levels continue to rise more quickly than demand, meaning increases in activity are not driving significant price rises.

Three months on from the March stamp duty deadline and the housing market is gradually emerging from the SDLT fog. 

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Prime Central London Report - Q1 2025

The JLL Q1 2025 Prime Central London Report tracks activity across the central London housing market. The report incorporates the results of our quarterly JLL Prime Central London Index.

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<p><strong>The housing market remains more resilient than many had anticipated. The latest results from the RICS Survey show market conditions remain challenging, with agents still expecting prices to fall in the coming months in response to higher borrowing costs and uncertain market sentiment. But the outlook for the next 12 months remained more positive. </strong></p>
<p><strong>Over the longer term there is a clear commitment from both Labour and the Conservatives to support home ownership. But until we see rates top out, we expect the market to continue to tread water. This means lower levels of activity, but prices will, we expect, remain more resilient as a lack of distress and high levels of equity act as a buffer to more challenging economic conditions. </strong></p>
<h2>The economy</h2>
<p>The outlook for the UK economy is improving, with the IMF upgrading their 2023 UK forecast. Echoing recent announcements from the Bank of England the IMF no longer expects the UK will fall into recession this year, with their latest forecasts expecting
    GDP will rise in 2023. Growth is expected to be modest at +0.4% but reflects a welcome venture into positive territory following the previous -0.3% forecast in April. This improved outlook means the UK no longer sits at the bottom of the list of G7
    economies for 2023, now moving ahead of Germany.</p>
<p>But inflation is still proving stickier than many had hoped. Rates have fallen, with single digit annual increases for the first time since August 2022. It was always anticipated that rates would drop back this month, with the impact of rising energy
    costs priced into rates a year ago, but the 8.7% annual increase remained higher than the Bank of England and many forecasters had anticipated.</p>
<p>Further falls in energy costs in the coming months will help to bring inflation down further, but annual food price inflation remains at 19.1% according to the latest ONS figures.</p>
<p>Core inflation (calculating the rise in costs when energy and food, alcohol and tobacco are stripped out) rose by 6.8% in the year to April, up from 6.2% in March. With the recent increase in five-year swap rates and stubbornly high inflation meaning
    a further rise in Bank Rate at the June MPC appears more likely.</p>
<h2>New development</h2>
<p>Activity in the new homes market remains muted. While schemes on site continue to deliver homes, levels of new starts have dropped and activity in the sector has been more subdued in Q1. The National House Building Council (NHBC) reported new build completions
    fell 7% annually in Q1 2023 but the number of new homes registered to be built fell 40% to less than 28,000. This follows news that new applications in 2022 fell 14% on 2021 levels, now at their lowest level since 2006, according to figures from the
    DLUHC. In London, Molior reports constructions starts down 43% on Q1 2022.</p>
<h2>House prices</h2>
<p>Considering the considerable change that has been thrust upon the UK housing market this year it remains remarkably robust. Activity has dropped back, but we are starting to see the reaction to the initial interest rate and sentiment shock following the
    mini budget recede, as prospective buyers re- enter the market. With time on the market and mortgage approvals all starting to recover from the lows of late 2022 and early 23.</p>
<p>Low levels of unemployment, wage growth (albeit mostly below inflation), and more equity within the market all mean forced sales are less prevalent. But for those who are looking to transact in this market there does need to be some realism about prices
    and additional cost facing purchasers.</p>
<p>The latest Land Registry figures show all regions saw a monthly fall in prices in March, with prices UK wide 1.2% lower than in February, the fourth consecutive monthly fall. Prices are now 2.4% below their November peak but remain 4.1% higher than they
    were a year ago.</p>
<p>After seven consecutive monthly falls the Nationwide reported house prices rose 0.5% in April, but prices dropped back marginally in the latest May figures, down 0.1% month-on-month with prices falling annually by -3.4%, now -4% lower than they were at
    the peak last summer. The Halifax reported at -0.3% fall in April, following a rise of 0.8% the previous month, with prices on par (+0.1%) with April 2022. First time buyer activity is proving more resilient than expected, with a competitive rental
    market driving those who can to buy instead.</p>
<p>Falls in achieved prices show higher rates and rising costs are impacting the housing market, although both activity and prices appear more resilient than many had expected. The latest figures from Rightmove show asking prices rose in May, up 1.8%, higher
    than the usual 1.0% May figure.</p>
<p>Uncertainty over rates appears to have put the brakes on the recovery in mortgage approvals posted in March. Seasonally adjusted figures from the Bank of England showing the number of mortgages approved for house purchase fell by 5%, from 51,500 in March
    to 48,700 in April. The average rate on new mortgages rose to 4.46% in April, up 5 basis points on March figures. Overall borrowers repaid &pound;1.4bn more than was lent in April 2023, which aside from the pandemic was the biggest net repayment on
    record.
</p>
<h2>Rents</h2>
<p>The rental market continues to record near double digit growth in rents on new lets. The Homelet Rental Index showing annual rental growth remains strong at 9.9% across the UK in April 2023, with a current average rent of &pound;1,199, 1.3% higher than
    the March figure. London saw rents rise annually by 11.0%, with average rents on new lets exceeding &pound;2,000 per month. Scotland saw the highest annual increase, with rents on new lets rising 12.1%.</p>
<h2>Global view</h2>
<p>In the US, the Federal Reserve increased its key interest rate by 25 basis points, pushing its benchmark rate to between 5% and 5.25%. This is the tenth time rates have increased since March 2022. Rates could be topping out though with the Fed hinting
    at a pause on further rate rises when they next meet in June.</p>
<p>Singapore has announced a doubling of its Additional Buyer Stamp Duty. Overseas buyers purchasing a property in Singapore will now pay 60% tax on their purchase, with those buying using a trust will pay 65%. Permanent residents buying second homes in
    the city will also pay more.</p>
<h2>What&rsquo;s new from JLL</h2>
<p>Our latest Prime Central London report shows rents rose again in Q1 2023, but prices have dropped 4.3% compared with Q1 2022. Read more <a href="https://residential.jll.co.uk/insights/research/prime-central-london-q1-2023">here </a></p>
<h2>JLL Research | May 2023</h2>
<p>JLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000. With over 7,000 employees and 15 offices
    in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory, leasing,
    building management and sales.</p>
<p>JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare
    and student housing.</p>
<p><sup>Disclaimer: <sup>&copy;</sup>2023 Jones Lang LaSalle IP, Inc. All rights reserved.Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or
    warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any
    form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves
    the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.</sup>
</p>

JLL Residential Market Update – May 2023

<strong>The housing market remains more resilient than many had anticipated. The latest results from the RICS Survey show market conditions remain challenging, with agents still expecting prices to fall in the coming months in response to higher borrowing costs and uncertain market sentiment.</strong>

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The KSA Real Estate Market – Q1 2023

A structural shift in Saudi Arabia's residential market sees demand for apartments outpace villas

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The KSA Real Estate Market - A Year in Review 2022

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Robust demand and limited office space strengthens landlords&rsquo; negotiating position in the capital: JLL

Robust demand and limited office space strengthens landlords’ negotiating position in the capital: JLL

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London Build-to-rent

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Investment of &pound;15bn has seen London&rsquo;s BTR market grow to 40,000 homes in 2022.

Investment of £15bn has seen London’s BTR market grow to 40,000 homes in 2022.

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Global Real Estate Perspective May 2023

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JLL&amp;'s regular view on global real estate dynamics, covering: investment, office, logistics, retail, hotels and living, as well as CRE market trends.

JLL&'s regular view on global real estate dynamics, covering: investment, office, logistics, retail, hotels and living, as well as CRE market trends.

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The UAE Real Estate Market – Q1 2023

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<div><p>Dubai welcomed over 1.47 million tourists in January, setting a positive pace of growth for the hospitality industry in 2023</p></div>

Dubai welcomed over 1.47 million tourists in January, setting a positive pace of growth for the hospitality industry in 2023

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The UAE Real Estate Market - A Year in Review 2022

<div><p>UAE's real estate sector to remain resilient in 2023, with growth prospects ahead</p></div>

UAE's real estate sector to remain resilient in 2023, with growth prospects ahead

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<p><a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1683722906/resi/gb/Articles/PDFs/PCL_Report_Q1_2023_-_V8.pdf" target="_blank"><button class="Button primary" style="text-align:center;">Download full report</button></a></p>
<p>A higher proportion of homes bought with cash and a sustained lack of stock in the most sought-after locations means Prime Central London (PCL) is less tied to fluctuations in UK mortgage rates.<strong> </strong>However, the central London market is not
    immune to changes in economic conditions, with sentiment rather than interest rates often having a greater impact on activity and pricing. And while Prime Central London is less reliant on debt the discretionary nature of many purchasers buying decisions
    means PCL is often more reactive to changes in sentiment and economic headwinds than mainstream, both when prices fall and when they increase.</p>
<p>&nbsp;For the rental market, uncertainty often increases demand with prospective purchasers holding off on their decision to purchase and renting or remaining in rented instead. We continue to see demand outstripping supply for prime homes, but there
    is more balance in the market this year than we have seen over the last 12 months. Stock levels, while still significantly lower than the pre-pandemic norms have improved, and rental growth recorded in the Q1 2023 JLL Prime Central London Index has
    returned to single rather than double digit annual growth.</p>
<p><a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1683722906/resi/gb/Articles/PDFs/PCL_Report_Q1_2023_-_V8.pdf" target="_blank"><button class="Button primary" style="text-align:center;">Download full report</button></a></p>


Prime Central London – Q1 2023

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How has the Prime Central London (PCL) housing market performed so far this year, and how much of an impact will the ongoing economic headwinds have on the sector?

<p><strong>How has the Prime Central London (PCL) housing market performed so far this year, and how much of an impact will the ongoing economic headwinds have on the sector?</strong></p>

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<p>The Bank of England Monetary Policy Committee will next meet on 2nd February, with expectation that rates could rise again. Yet reports on the economic outlook for the UK have been marginally more positive of late. Despite remaining in double digits annual
    growth, inflation fell back again in December to 10.5% (from 10.7% in November and 11.1% in October). Inflation is now thought to have peaked in 2022 with forecasters anticipating a gradual fall in the rate of inflation throughout 2023. Albeit remaining
    higher than the Banks 2% target. Three of the key drivers of inflation globally, commodities, energy and shipping costs, are all falling. With lower gas prices meaning the governments costs to cap energy bills may well be lower than anticipated, helping
    to lower the rate of inflation in the coming months. But challenges remain, with households still feeling the cost-of-living squeeze as prices of other household goods including food continue to rise. The employment market too, while still robust
    is seeing vacancies fall as positions are withdrawn in certain sectors.</p><div><img alt="" src="https://residential.jll.ae/images/uaelibraries/default-album/residential-market-update-jan-2023-falling-inflation-175679a44f4c9-3cbe-4075-8e4d-641a06be18fc.jpg?Status=Master&amp;sfvrsn=3695d91c_1" sf-size="100" /><p>&nbsp;</p><h2>The Mortgage Market</h2><p>A more competitive mortgage market is beginning to emerge in the UK. Several lenders have introduced more competitive fixed rate offers. One lender having released a new two-year fixed deal at 4.84%, one of the most competitive rates on the market.
        New analysis by wealth fund Quilter, has also shown that a fall in house prices coupled with a fall in mortgage rates to around 4%, could see buyers mortgage repayments reduce by as much as 25% by the end of 2023.</p><p>The number of mortgage approvals in November 2022 fell to 47,279, the lowest levels since May 2020. However, as we see more competitive deals enter the market, it is likely we will begin to see a gradual uptick in the number of deals approved. It
        is also worth noting that a proportion of the fall in activity can be linked to the end of the Help to Buy scheme in October, skewing first -time buyer activity.</p><h2>The Sales Market</h2><p>The latest set of responses from the RICS survey saw the majority of agents reporting a drop in house prices and new buyer enquiries in December. The story is similar across London with a net balance of 32% of professionals reporting a fall in house
        prices. The fall in new buyer enquiries is also impacting the time properties spend on the market, with the number of days taken to sell a home rising to 52 days in December, seven days longer than in November. Albeit it is not unusual to see
        an increase in December.</p><p>More challenging market conditions are yet to impact Land Registry house price data, with annual growth still in double digits in November 2022, due to the time lag between offer and completion. But monthly rates of growth are slowing as rising mortgage
        rates and a squeeze on household budgets are beginning to filter through to the market. The Nationwide House Price Index reports annual growth in December of 2.8%, representing a fourth monthly decline. Across the UK house prices rose 10.3% in
        November 2022, compared with November 2021, with prices 27% higher than they were in 2019 (November 2022 vs. November 2019). Regionally annual price growth ranged from 6.3% in Greater London to 13.5% in the North West.&nbsp;</p><h2>The Rental Market</h2><p>The Homelet index suggests annual rental growth remains strong at 10.8% across the UK, although the monthly change in rents remained flat in December. The latest RICS survey continues to show an imbalance between supply and demand in the both the
        UK and London rental markets. The impact of higher interest rates also means tenants are staying in the rental sector for longer as affordability is squeezed, and potential buyers wait to see where the market is heading before committing to purchase.<br /></p><h2>Forecasts</h2><p>Lessons learnt from the global financial crisis mean the UK housing market is in a stronger position, with households more equity rich and stress tested for higher rates. JLL forecasts that transaction volumes will fall 30% next year but for house
        prices we will see a correction rather than a crash.</p><p>&nbsp;In Central London, there are a larger proportion of both overseas and cash buyers, less reliant on mortgages, and subsequently effected by rate rises. Coupled with lack of stock coming onto the market, we expect this to underpin values in Central
        London over the next year of 2.5%.</p><p>Outside of Central London a combination of higher rates, poorer market sentiment and the cost-of-living squeeze will mean prices and activity levels fall across the UK housing market in 2023. Prices are expected to fall UK wide by 6% in 2023 before
        recovering in late 2024, as interest rates fall back and inflation is contained.&nbsp;</p><p>&nbsp;</p><style>td,
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<div style="overflow-x:auto;" align="center"><table cellspacing="0" cellpadding="0" border="1" align="center"><tbody><tr class="red"><th scope="col" data-role="resizable">Residential Forecasts</th><th scope="col">2023</th><th scope="col">2024</th><th scope="col">2025</th><th scope="col">2026</th><th scope="col">2027</th><th scope="col" align="center">Total<br />2023-27</th><th scope="col" align="center">Average<br />pa</th></tr><tr><td>UK House Price Change<br />(% pa)</td><td>-6.0</td><td>1.0</td><td>4.0</td><td>5.0</td><td>5.0</td><td>8.9</td><td>1.7</td></tr><tr><td>UK Rental Value Change<br />(% pa)</td><td>4.0</td><td>3.5</td><td>2.5</td><td>2.5</td><td>2.5</td><td>15.9</td><td>3.0</td></tr></tbody></table></div><p><em>Source: JLL Research</em></p><p><em>And in case you missed it&hellip;.</em><br /></p><p>2022 was a record-breaking year for Prime Central London. The latest JLL analysis shows&nbsp;<a href="https://residential.jll.co.uk/insights/article/prime-central-london-q4-2022">buyers spent &pound;5.2bn on home last year.</a>&nbsp;Looking
 forward, the cost of living squeeze is expected to put energy efficiency and value for money at the top of the checklist for many renters in 2023.&nbsp;<a href="https://residential.jll.co.uk/insights/news/uk-rental-market-update-2023">In a UK rental market update</a>,&nbsp;
 we highlight how 85% of renters from our tenant survey said the environmental efficiency of their home was important to them. And finally,&nbsp;<em>Emma Rosser, Living Capital Markets Research Associate at JLL</em>, on how&nbsp;<a href="https://www.egi.co.uk/news/btr-attracts-6-4bn-investment-in-another-record-year/">investment in UK BTR hit a record &pound;6.3bn in 2022, despite a downbeat Q4.</a></p><h2>Marcus Dixon</h2><p>Director of UK Residential Research<br />+44 (0)7563 380165<br />marcus.dixon@eu.jll.com</p><p>&nbsp;</p><p>&nbsp;</p></div><div data-mediatype="1"></div>

Residential Market Update Jan 2023 – Falling Inflation

residential-market-update-jan-2023-falling-inflation-17567

The Bank of England Monetary Policy Committee will next meet on 2nd February, with expectation that rates could rise again. Yet reports on t

residential-market-update-jan-2023-falling-inflation-17567-488x195

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