{"id":34578,"date":"2016-11-16T18:18:26","date_gmt":"2016-11-16T11:18:26","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=34578"},"modified":"2016-11-16T15:28:43","modified_gmt":"2016-11-16T08:28:43","slug":"londons-top-boroughs-see-prices-plummet-most-in-five-years","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/londons-top-boroughs-see-prices-plummet-most-in-five-years\/","title":{"rendered":"London's top boroughs see prices plummet most in five years"},"content":{"rendered":"


\nLand values in central London’s best districts fell 10.3 per cent in the year through September, the biggest fall in at least five years, as higher taxes and the Brexit vote cause luxury home prices to fall.Banks are less willing to lend for site acquisitions and construction, fuelling the decline in values, the broker Knight Frank said in a report on Wednesday. Developers also need to raise their profit margins as a buffer against any further falls in home prices, the broker said.”With the current level of political uncertainty, increased risk has been placed on house builders, causing them to look for greater margins,” said Justin Gaze, the joint head of residential development at Knight Frank. Outside of central London “demand for new homes is strong”.The number of unsold central-London homes under construction will reach a record high this year, increasing the risk that developers’ bets on rising demand for luxury properties will go sour. Shares of property developers with large projects in the UK capital’s best districts have lagged competitors since the referendum after they began to write down the value of their holdings on falling sales prices.Capital & Counties Properties wrote down the value of its land holdings in the Earls Court district by 14 per cent in July and they may fall a further 10 per cent this year, said Peel Hunt analysts including James Carswell. St Modwen Properties said the value of its stake in a project in the Nine Elms district fell by 17 per cent after home-value forecasts fell by almost 4 per cent.Ireland’s National Asset Management Agency has appointed receivers to a company that owns a luxury-home project in London’s St John’s Wood district after the development stalled under its current management. The project was previously offered for sale through Jones Lang LaSalle and the receivers are now considering a new strategy to dispose of the site.Land values in London’s best districts such as Westminster and Knightsbridge began to surge from 2012 as developers from China to Malaysia bet that the market for luxury homes would remain strong. Instead, increases in taxes and rising values dampened demand, and home prices there are now almost 11 per cent below their 2014 peak, according to broker Savills.Home prices in the capital may decline as much as 30 per cent as the UK economy weakens following the vote to leave the European Union and companies move staff overseas, said Soci\u00e9t\u00e9 G\u00e9n\u00e9rale analysts including Marc Mozzi. The number of homes under construction in London’s best districts will hit almost 11,000 this year, according to data compiled by Molior London. * Bloombergbusiness@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…London’s top boroughs see prices plummet most in five years<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Land values in central London’s best districts fell 10.3 per cent in the year through...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-34578","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-8ZI","jetpack-related-posts":[{"id":21879,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/prime-central-london-house-prices-tumble-by-most-in-seven-years-and-values-face-major-shock\/","url_meta":{"origin":34578,"position":0},"title":"Prime central London house prices tumble by most in seven years and values face 'major shock'","date":"August 3, 2016","format":false,"excerpt":"\r BloombergHome prices in London's Knightsbridge district dropped 7.3 per cent in the 12 months through July, the biggest annual decline in almost seven years, as Britain's vote to leave the European Union accelerated price drops caused by rising taxes.Values fell 1.5 per cent across central London's best districts, with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43391,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/house-prices-tumble-in-londons-most-expensive-neighbourhoods\/","url_meta":{"origin":34578,"position":1},"title":"House prices tumble in London's most expensive neighbourhoods","date":"February 8, 2017","format":false,"excerpt":"\r Home values in the Bayswater district fell 14 per cent in the 12 months through January, the biggest drop in central London's best neighborhoods, as sellers cut their asking prices in the wake of the Brexit vote.Values dropped by an average of 6.7 per cent across the capital's best\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33388,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/house-prices-rise-across-uk-except-in-prime-central-london\/","url_meta":{"origin":34578,"position":2},"title":"House prices rise across UK – except in prime central London","date":"November 8, 2016","format":false,"excerpt":"\r The price of central London's most expensive homes fell again in October, while those in the rest of the United Kingdom rose, new reports said on Monday.In the latest sign that the capital's high-end property market is cooling since Britons voted to leave the European Union, Knight Frank said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33508,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-central-london-homes-fail-to-find-buyers-as-luxury-market-slumps\/","url_meta":{"origin":34578,"position":3},"title":"New central London homes fail to find buyers as luxury market slumps","date":"November 8, 2016","format":false,"excerpt":"\r The number of unsold central-London homes under construction will reach a record high this year, increasing the risk that developers' bets on rising demand for luxury properties will go sour.Homes being built without a buyer secured will reach 10,829, a 24 per cent rise from the end of last\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36696,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-flats-in-brutalist-style-on-oxford-street\/","url_meta":{"origin":34578,"position":4},"title":"Luxury flats in brutalist style on Oxford Street","date":"December 1, 2016","format":false,"excerpt":"\r The skyscraper that became a byword for London's housing crisis in the 1970s is now being marketed to the super rich in the UAE as exclusive residences. Centre Point, a 33-storey tower at the east end of London's Oxford Street, became a symbol of homelessness after property tycoon Harry\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":49825,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/london-luxury-homeowners-turn-to-airbnb-as-sales-slow\/","url_meta":{"origin":34578,"position":5},"title":"London luxury homeowners turn to Airbnb as sales slow","date":"March 27, 2017","format":false,"excerpt":"\r Luxury-home owners in London's best districts, of whom 41 per cent are from overseas, are turning to companies such as Airbnb and property brokers to secure income as their properties languish on the market. Others are trying to boost leasing income with shorter contracts after long-term rents in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/34578"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=34578"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/34578\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=34578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=34578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=34578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}