JLL Residential Forecasts 2024-2028

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Residential Roundup

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<div><div>There are few who would question the need to deliver more homes. Research from Centre for Cities suggests Britain has a 4.3 million home deficit compared with the average European country. Meaning we would need to build almost 450,000 homes per annum over the next 25 years to satisfy future demand and address the historic deficit. At present we struggle to hit 200,000.</div><br /></div>

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Residential Roundup - 1 September

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The Residential Roundup - July

<p>Annual inflation figures for July and
August are expected to bring better news for the UK economy as the impact of
higher energy costs recedes. But higher than forecast rates reported so far
this year and rising core inflation measures are leading forecasters to
speculate that base rates will need to increase further and stay higher for
longer.<o:p></o:p></p>

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<p><strong>Buying Process</strong></p><p><strong>Buying process of resale property is very much similar to that of a new-built property.</strong></p><p><strong>The payment schedule is very straight forward, with a 5 to 10% down payment upon exchange of contract and the balance payment will be upon delivery of property. The whole transaction in general will take around 2 to 3 months.</strong></p><p>&nbsp;</p><p><strong>Documentations</strong></p><p>For the documentation process, the buyer needs to prepare an Affidavit/Declaration before the exchange of contract, as a proof of identity and for registration of ownership purposes.</p><p><a href="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1605765572/olmwebcontents/ip/prod/hkvchkmzgttb7nhafz4c.jpg" target="_blank"><img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1605068896/olmwebcontents/ip/prod/z13lmwshmkzmqx0trq5b.png" /></a></p><p><strong>Costs</strong></p><p>The estimated costs upon purchase amount to 5 to 8% of property price, inclusive of agency fee and related taxation.</p><p><a href="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1605765656/olmwebcontents/ip/prod/ufbyr6lkfiawettmsebi.jpg" target="_blank"><img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1605068914/olmwebcontents/ip/prod/osngmih1aocixawiwq8t.png" /></a></p><p><img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1605068815/olmwebcontents/ip/prod/k6f2gs0mvzrjwnjj8bzq.jpg" /></p><p>&nbsp;</p><p><strong>Selling Process</strong></p><p><strong>To list the property on the resale market, the owner needs to exchange a brokerage agreement with an appointed agent after deciding the desired selling price.</strong></p><p><strong>Once a potential buyer has made an offer and after the buying conditions and schedule are confirmed, the contract will then be exchanged with a 5-10% down payment. To save on remittance costs, all payments from the buyer are usually kept by agent first.</strong></p><p><strong>After receiving all the payments and deducting the necessary costs, the agent will remit the net income to the seller.</strong></p><p>&nbsp;</p><p><strong>Documentations</strong></p><p>The owner shall prepare Affidavit/Declaration before the exchange of contract to prove identity. Also, the title deed of the property needs to be submitted before the delivery of the property.</p><p>If you have bought a property through JLL, the title deed would have been delivered to you after the handover. If you have problems locating the title deed, please contact your respective salesperson and we will be able to assist.</p><p><a href="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1605765706/olmwebcontents/ip/prod/fjvmtqob0lycvrzslhjs.jpg" target="_blank"><img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1605068922/olmwebcontents/ip/prod/wxljqiqnnmpjw2cfwb3e.png" /></a></p><p><strong>Cost</strong></p><p>Estimated cost for selling property can amount to 4 to 5% and exclusive of Capital Gain Tax as it can vary case by case. Capital Gain tax is imposed on the net profit that the seller makes from the transaction. The taxation rate is either 30.63% on properties
    held for less than 5 years, or 15.315% on properties held over 5 years. Please note, that the holding period starts from January 1 of the new year. Eg. If the handover of the property is September 2020, 15.315% rate will apply from January 1, 2026.</p><p><a href="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1605765734/olmwebcontents/ip/prod/nsprfch2yryt5w00uj5f.jpg" target="_blank"><img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1605068930/olmwebcontents/ip/prod/xtroajo6ao7vza9mqom5.png" /></a></p><p>For more details, kindly contact us at:</p><p>Shu Ling (REN 06614)<br />M: +6011 3301 1394 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />E:&nbsp;<a href="mailto:shuling.chong@jll.com" data-linkindex="2">shuling.chong@jll.com</a><br /></p><p>Luqman (REN 55922)<br />M: +6019 612 8330<br />E:&nbsp;<a href="mailto:luqman.kamaruzaman@jll.com" data-linkindex="3">luqman.kamaruzaman@jll.com</a><br /></p><p>Shahmer (REN 64871)<br />M: +6019 2170067<br />E:&nbsp;<a href="mailto:shahmer.izzat@jll.com" data-linkindex="4">shahmer.izzat@jll.com</a></p><p></p>

Guide to Buying and Selling Property in Japan: Costs, Documentations and Taxes

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<div class="row">
    <h2><strong style="background-color:initial;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">Q2 2023 Sales Index</strong><br /></h2>
</div>
<p><strong></strong>The JLL Prime Central London Index saw prices fall for the third consecutive quarter.&nbsp; The Q2 2023 index recorded a quarterly fall of 2.1%, with prices 5.9% down compared with the same period in 2022. Prices are now 6.8% lower than
    they were when prices peaked in the third quarter last year.&nbsp; </p>
<p>The upper echelons of London&rsquo;s prime market are proving more resilient. With prices down 0.8% in the 12 months to June 2023 compared with a 6.7% fall in homes priced at under &pound;2 million (likely to be most impacted by changes in interest rates).
</p>
<p>Despite sentiment impacting prices we saw deals agreed (exchanges) increase in an admittedly slow Q1 this quarter, with a 28% increase in sales in Q2 2023.&nbsp; With volumes on par with Q2 2022 (down -1.2%). </p>
<p>Stock levels rose in Q2, with 8.3% more properties on the market than in Q2 2022 and 9.7% more than at the end of the first quarter this year. Stock on the market is now at the highest level since the end of Q2 2020. </p>
<h2><strong>Q2 2023 Lettings Index</strong></h2>
<p><strong></strong>The uncertainty which is hampering activity in the sales market often has the opposite effect on lettings. With households more likely to stay in rented for longer or choosing to rent when delaying their decision to buy. Just over half
    (51%) of JLL deals agreed in Q2 2023 were renewals, up from 45% a year ago and 24% in Q2 2021. This was the highest rate of renewal since Q2 2020. </p>
<p>The number of new lets rose this quarter compared with last, up 13%.&nbsp; But the second quarter is usually more active than the first. Comparing new lets agreed (excluding renewals) in the second quarter this year with Q2 last year showing there were
    18% fewer deals agreed, with the number agreed down 35% compared with the Q2 five-year average.</p>
<p>This quarter the JLL Prime Central London Index saw rents rise by 1.9%, with rents 5.4% higher than they were at the same point a year ago. Small flats (1 and 2 beds) saw this highest annual increase in rents at 6.7% whereas more expensive properties
    (&pound;3,000 per week or more) saw a more modest 2.9% annual increase. </p>
<p>Rents are now 26% higher for one-bedroom flats (which have seen the highest growth) than they were three years ago at the end of Q2 2020. With the JLL Prime Central London Rental Index 19.2% higher overall over the last three years.</p>
<p>For prospective tenants having to contend with low stock levels there appears to be some respite as we move into the summer. Stock levels are starting to increase, albeit off a low base. With the number of rental properties listed to let at the end of
    Q2 2023 up 13.8% on the same point in 2022. But volumes remain 55% down on levels we were seeing pre-pandemic in Q2 2019. </p>
<h2>All Source: JLL/ LonRes</h2>
<p><strong>Our JLL Prime Central London Index is based on a &lsquo;basket&rsquo; of properties, valued by JLL at the end of each quarter. </strong></p>
<p><strong>Director of UK Residential Research at JLL, Marcus Dixon, explains: </strong></p>
<p><em>&ldquo;The implications of stubborn inflation on the UK mortgage market are hampering activity in prime central London. While fewer buyers are heavily indebted - almost half buy cash - uncertainty surrounding the short-term outlook is impacting prices. </em><em></em></p>
<p><em>&ldquo;The lettings market remains competitive, stock levels have improved on their 2022 lows but there are still more prospective tenants than there are properties. This has resulted in further rent increases this quarter, with rents almost 20% higher than they were in 2020.</em><em></em></p>
<p><em>&ldquo;The lower end of the rental market continues to see a steady stream of (formerly) prospective buyers moving across into lettings. With smaller properties, mainly one- and two-bedroom flats, recording the highest annual increase in rents, while prices for similar properties are seeing more significant falls than homes in more expensive price bands.&rdquo;</em></p>

JLL – Prime Central London (PCL) Index – Q2 2023

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The recent rise in interest rates does not impact all sectors of the housing market equally.

Prime Central London (PCL) Index – Q2 2023

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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

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.

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.

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Spotlight on Cambridge

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Affordable and attractive London hotspots for First Time Buyers

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House prices have risen significantly nationally over the last three years, and it feels as if the first step onto the housing ladder has become more challenging. Despite this, the dream of owning their first home for many is not dwindling.

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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?

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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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<p><strong>Recently news of a rate rise at a Monetary Policy Committee meeting has become almost a foregone conclusion, with rates increasing ten times since December 2021 and the last meeting in February. But views on the outcome of the March meeting were mixed. On one hand, the uncertainty surrounding the collapse of the Silicon Valley Bank and the takeover of Credit Suisse by UBS, alongside more encouraging news on the outlook for inflation from the OBR suggested the committee may stick. But unexpected double digit inflation figures, showing an annual uptick in CPI of 10.4% in February increased the odds of a rate rise. &nbsp;</strong></p><p><strong>Despite the announced 25 basis point rise, taking base rates to 4.25%, we still expect this signals a topping out (or near topping out) of rates. This remains in line with the base rate expectations in our November forecast, with JLL expecting house prices will fall by 6% nationally in 2023, with the market starting to see annual growth return in the latter part of 2024.</strong></p><p><strong>Updated Office for Budget Responsibility (OBR) forecasts following the Spring Budget show the UK economy is not now expected to enter a technical recession in 2023. However, forecasts suggest a small contraction of 0.2%. At present the UK inflation rate remains stubbornly high, however the OBR has forecast inflation will fall to 2.9% by year end. Despite economic uncertainty, the labour market continues to rally. Although job vacancies have fallen vacancies remain 300,000 above levels recorded pre-pandemic. &nbsp;</strong></p><p><strong>Despite expectations the UK will avoid recession, the outlook for growth is more muted. The OBR have forecast GDP growth of 1.8% in 2024, followed by 2.5% in 2025, 2.1% in 2026 and 1.9% in 2027.</strong><br /></p><p><strong>The Spring Budget</strong></p><p>The Budget was light on specific housing policies and initiatives to boost the supply of new housing in the UK. The costs of living crisis has exacerbated issues surrounding housing affordability and the need for greater innovation on supply side policy.</p><p>The news on the energy price cap remaining at &pound;2,500 per annum will, however, be well received by households across the UK. The cap will remain in place until the end of June, by which time the government is hopeful that falling energy prices and more balmy weather will negate the need for further support.</p><p>There appear to have been a handful of small steps made to improve the UK&rsquo;s renewable energy sources. The Department for Energy Security and Net Zero was one of four new departments created in February. In addition, the Chancellor has announced that the government is launching Great British Nuclear (GBN) to address constraints in the nuclear market.</p><p><strong>The Housing Sales Market</strong></p><p>The latest set of responses from the RICS survey saw the majority of agents reporting a continued fall in house prices and new buyer enquiries in February. A net balance of 29% professionals reported a fall in new buyer enquiries, an improvement on the 45% recorded in January. The story is similar across London with a net balance of 44% of professionals reporting a fall in house prices.</p><p>The Nationwide UK House Price Index reported house prices fell 1.1% in the year to February 2023, the first annual decline since June 2020. Higher interest rates and cost of living pressures have been slowly filtering through to the housing market over the past five months or so. Albeit recent reductions in mortgage rates and continued resilience in the labour markets have kept annual falls to a minimum so far. According to Nationwide, the average house price in the UK is &pound;257,406, 19% higher than pre-pandemic levels (February 2023 vs. February 2020).</p><p><strong>The Rental Market</strong></p><p>The Homelet index suggests annual rental growth remains strong at 9.9% across the UK in February 2023, with the current average rent of &pound;1,175 matching the November peak. The latest RICS survey continues to show an imbalance between supply and demand in the both the UK and London rental markets.</p><p>In London, the worsening demand supply story has continued to underpin rents, with annual growth of 12.4% in February 2023. The average rent across London reaching &pound;1,975 per month.</p><p><strong>Forecasts</strong></p><p>Despite some clear challenges, the UK housing market remains in a strong position. Unemployment is still at near record lows, with recent data showing there are over 300,000 more job vacancies now compared to the beginning of the pandemic. JLL are forecasting single digit price falls nationally in 2023 as buyers and vendors adapt to higher mortgage rates and the squeeze in the cost of living. But prices falls will not be universal, we anticipate certain markets, such as central London and high demand city centre locations, will see more modest price falls or marginal price rises this year. &nbsp;</p><p>In the rental market the lack of quality rental stock is an ongoing issue. We also expect to see a higher number of prospective buyers, as well as those who would under normal circumstances have transacted under Help to Buy remain in the rental market for longer, adding further demand in an already constrained market.&nbsp;</p><p>&nbsp;</p><table><thead><tr><th data-role="resizable">Residential Forecasts</th><th data-role="resizable">2023</th><th data-role="resizable">2024</th><th>2025</th><th>2026</th><th>2027</th><th>Total 2023-27</th><th>Average pa</th></tr></thead><tbody><tr><td>UK House Price Change (% pa)&nbsp;</td><td>-6.0&nbsp;</td><td>1.0&nbsp;</td><td>4.0&nbsp;</td><td>5.0&nbsp;</td><td>5.0&nbsp;</td><td>8.9&nbsp;</td><td>1.7&nbsp;</td></tr><tr><td>&nbsp;UK Rental Value Change (% pa)</td><td>4.0&nbsp;</td><td>3.5&nbsp;</td><td>2.5</td><td>2.5&nbsp;</td><td>2.5&nbsp;</td><td>15.9&nbsp;</td><td>3.0&nbsp;</td></tr></tbody></table><p><em>Source: JLL Research</em><strong></strong></p><p><strong>And in case you missed it&hellip;</strong></p><p>JLL released our latest&nbsp;<a href="https://residential.jll.co.uk/insights/research/big-six-residential-development-report-winter-2022-23">Big 6 Residential Development Report</a>, comparing activity, pricing and rents across six UK cities outside of London.&nbsp;<em>Veronica Spanos McGill, Senior Analyst at JLL</em>, speaks to Egi on&nbsp;<a href="https://www.egi.co.uk/news/btr-needs-to-grow-threefold-to-fill-londons-widening-private-rental-gap/">the shortfall of rental stock</a>, with JLL highlighting increasing unaffordability in the housing market will drive demand for an additional 300,000 rental households over the next ten years. And on the story of the rental market,&nbsp;<a href="https://www.jll.co.uk/en/trends-and-insights/research/london-build-to-rent?utm_source=linkedin&amp;utm_medium=orgsoc&amp;utm_term=hootsuite&amp;utm_content=adcb033a-8f34-44da-8ef1-476f9bbc2f3c">investment of &pound;15bn has seen London's BTR market grow to 40,000 homes in 2022</a>.<strong></strong><strong></strong></p><p><strong>JLL Research | March 2023</strong></p><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.&nbsp; 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><h5>DISCLAIMER: &copy; 2023 JONES LANG LASALLE IP, INC. ALL RIGHTS RESERVED.</h5><h5>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</h5>

Residential Market Update March 2023 – Spring Budget Overview

market_update_march_23

JLL Residential Market Update March 2023 &ndash; Spring Budget Overview

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