{"id":52870,"date":"2017-04-25T22:58:00","date_gmt":"2017-04-25T15:58:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=52870"},"modified":"2017-04-25T21:22:32","modified_gmt":"2017-04-25T14:22:32","slug":"recovery-in-prime-london-property-expected-to-overcome-hard-brexit-fears","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/recovery-in-prime-london-property-expected-to-overcome-hard-brexit-fears\/","title":{"rendered":"Recovery in prime London property expected to overcome 'hard Brexit' fears"},"content":{"rendered":"


\nDespite fears of a “hard Brexit” and Theresa May’s decision to call a snap general election in the UK, property experts predict that house prices for prime central London property will start to rise again next year.At the Middle East Real Estate Forum in Abu Dhabi yesterday, Cluttons said that after a dip of 3.5 per cent in 2016, it expected average house prices in prime central London to fall by another 1.5 per cent this year before starting to level out in 2018.
\nThe property broker said that even in the event of a “hard Brexit” with the UK giving up all access to the single market, it expects cumulative growth for the five years from 2017 to 2022 to stand at about 9 per cent.”We’re expecting that because we’ve started the clock ticking on the two-year exit process, so hopefully by then we’ll have some clarity on what post-Brexit Britain will look like and we think investors will be more confident and will return to the market in greater numbers,” Faisal Durrani, head of research at Cluttons, told delegates.
\n“People invest in London because it offers safety and security, it has a proven track record in delivering returns and we do not expect that to change any time soon.”Sir Edward Lister, a former deputy mayor of London and chairman of the Homes & Communities Agency, said that there was demand for between 250,000 and 300,000 homes a year to be built in the UK, while housebuilders were currently building between 95,000 and 170,000 each year.
\n“The run rate is far lower than the demand rate,” he said. “Hence prices will continue to rise, hence housing will remain one of the most difficult political issues in the UK. That’s why if you looked at the last general election it was the No 1 political issue and, if you cut Brexit out and assume it all goes perfectly, housing will again be the No 1 political issue.”Last month the Royal Institution of Chartered Surveyors reported that house prices across the UK remained stable in February but continued a year-long fall in London.
\nOverall, Britain’s housing market has been holding up stronger than expected since last June’s Brexit vote. But in London the high-end market in particular has been under pressure from concerns about Brexit and higher purchase taxes.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Recovery in prime London property expected to overcome ‘hard Brexit’ fears<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite fears of a “hard Brexit” and Theresa May’s decision to call a snap general...<\/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-52870","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-dKK","jetpack-related-posts":[{"id":23189,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/prime-central-london-homes-at-bargain-basement-prices-post-brexit\/","url_meta":{"origin":52870,"position":0},"title":"Prime central London homes at bargain-basement prices post-Brexit","date":"August 17, 2016","format":false,"excerpt":"\r Price cuts of nearly 20 per cent and a drop in the value of the pound have created \"Brexit discount\" bargains on some of the most expensive homes in central London - if you have millions to spare.The UK property market was one of the first sectors hit by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26738,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-set-to-gain-as-prime-london-home-values-slide\/","url_meta":{"origin":52870,"position":1},"title":"Dubai set to gain as prime London home values slide","date":"September 21, 2016","format":false,"excerpt":"\r Post-UK referendum uncertainty has compounded the impact of successive tax rises on values in London's prime housing market and will delay the sector's return to growth while boosting the Dubai market, according to a report by the international property adviser Savills.The report says there have been signs of regional\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35200,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/here-be-dragons-as-uk-property-sector-enters-uncharted-territory-after-brexit-vote\/","url_meta":{"origin":52870,"position":2},"title":"Here Be Dragons as UK property sector enters uncharted territory after Brexit vote","date":"November 20, 2016","format":false,"excerpt":"\r Confidence in the UK housing market is now at a three-year low, according to the Halifax building society's monthly survey. This is the time of year when property experts scratch their heads and try very hard to forecast what will happen in the next 12 months.But JLL and Savills,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28099,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/doom-mongers-brexit-property-price-crash-forecasts-appear-unfounded\/","url_meta":{"origin":52870,"position":3},"title":"Doom mongers' Brexit property price crash forecasts appear unfounded","date":"October 1, 2016","format":false,"excerpt":"\r Fears that Brexit would lead to a UK house price crash are looking to have been overblown, property brokers claim.UK exhibitors at the Cityscape property exhibition in Dubai last month say that they are seeing little evidence that dire predictions by former chancellor George Osborne that house prices in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21975,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/weak-pound-creates-bargain-london-property-deals-for-gulf-buyers\/","url_meta":{"origin":52870,"position":4},"title":"Weak pound creates bargain London property deals for Gulf buyers","date":"August 4, 2016","format":false,"excerpt":"\r Arabian Gulf property investors have begun bargain hunting among London's most exclusive addresses as prices tumble.House prices in some of the parts of London most popular with GCC investors have suffered their biggest annual falls in nearly seven years.Average prices in the London district of Knightsbridge fell 7.3 per\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31330,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gulf-investors-know-london-is-fashionable-in-every-season\/","url_meta":{"origin":52870,"position":5},"title":"Gulf investors know London is fashionable in every season","date":"October 23, 2016","format":false,"excerpt":"\r LONDON \/\/ It is fitting that the Dubai developer Damac Properties chose Knightsbridge in which to build its London show apartment. The display unit, just opposite Harrods department store, is a replica of a Versace-furnished flat at the planned Aykon London One development, Damac's first outside the Middle East.\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\/52870"}],"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=52870"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/52870\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=52870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=52870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=52870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}