Residential Roundup - 1 September

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The Residential Roundup - July

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>

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 <h2>Q2 2023 Sales Index </h2>
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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; 
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).

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%). 
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. 
<h2>Q2 2023 Lettings Index</h2>
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. 
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.
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. 
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.
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. 
<h2>All Source: JLL/ LonRes</h2>
Our JLL Prime Central London Index is based on a &lsquo;basket&rsquo; of properties, valued by JLL at the end of each quarter. 
Director of UK Residential Research at JLL, Marcus Dixon, explains: 
&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. 
&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.
&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;

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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2022 was a record-breaking year for Prime Central London (PCL). Buyers spent almost &pound;5.2 billion on homes last year, 9% higher than in 2021, already a strong year, and the highest amount spent for more than ten years. Even in 2014, when sales reached
 &pound;4.94 billion, 5% less was spent than in 2022.<a href="https://res.cloudinary.com/drt5ol8ck/image/upload/v1673866400/videos/APAC%20Articles/JLL_PCL_Report_Q4_2022.pdf" target="_blank">
 <button class="Button primary">Download report</button></a>

Prime Central London Report - Q4 2022

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<a href="https://storymaps.arcgis.com/stories/5c2aeccd86c64c6abe619f4e73b8b183" target="_blank"><button class="Button primary">View the full report</button></a> The JLL Big Six Residential Report compares activity, prices, and rents across six UK cities outside London:
 Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester. This report incorporates data from the JLL UK
 Cities index, comparing changes in prices and rents across mainstream and prime developments in each
 city.In the last ten years UK cities have recorded some of the highest increases in new residents. Figures from the 2021 census show that across England &amp; Wales more than 33.6 million people, over 56% of the population, lived in cities, 2 million more
 than in 2011.With the pandemic accelerating the adoption of hybrid working some questioned the future of urban living. But the influx of new residents heading for our regional cities proves there is more to city living than just the attraction of a short commute.Demand for homes has risen across our Big Six cities this year. Back in 2020 and early 2021 we saw an acceleration in the number of households looking to leave urban areas and escape to the country. Yet 2022 has firmly signalled the return to the city.
 Students and young professionals are returning in their droves. Rents have risen this year across all our Big Six cities and the new homes market, both build-to-sell and build-to-rent has seen activity increase too.Help to Buy has been a key source of demand for city centre new build over the last ten years. Across the four English cities, over 13,200 equity loans have been issued on Help to Buy homes since the beginning of the scheme. &nbsp;But with 31 October
 marking the end of Help to Buy registrations nationally we were already anticipating interest from first-time buyers would fall in 2023. Combine this with recent rate rises and we expect the number of first-time buyers could fall further.&nbsp;But
 with fewer households buying homes we anticipate demand for rental properties will increase.Almost 100,000 homes have been completed in the city centres of the Big Six in the last ten years.Demand for homes has meant prices achieved in the last three years have risen by an average of 14.6%. The JLL Cities index, which values new flats in each city shows prices have risen by between 4.9% and 17.6%.Demand for rental properties has increased too. With rents rising by an average of 15.4% across the Big Six. Leeds recorded the highest annual increase in rents, with scarcity of stock pushing average rents for new homes in the city up by more than 20%
 in summer 2022 compared with the same period a year earlier. <a href="https://storymaps.arcgis.com/stories/5c2aeccd86c64c6abe619f4e73b8b183" target="_blank"><button class="Button primary">View the full report</button></a>

Big Six Residential Development Report

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The JLL Big Six Residential Report compares activity, prices, and rents across six UK cities outside London: Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester.

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JLL UK House Price Forecasts - Housing set for a correction, not a crash

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Housing set for a correction, not a crash

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<h3>An oversea buyer&rsquo;s guide to investing in Prime properties in London, UK</h3>Luxury properties in Prime Central London (PCL) present a solid investment opportunity for overseas buyers.The financial and political stability that London affords means that, with the right advice and preparation, investing in London property could result in a springboard for your investment portfolio, a secure pension, or a route to setting your family
 up for the future. Whatever your investment goals, this expert guide is designed to help. Explore the potential opportunity when investing in Prime Central London real estate, the attractions
 that make PCL such a desirable place to buy, and the mechanics of buying a UK property as an overseas investor or non-UK citizen.&nbsp;<h3>What is the size of the opportunity in Prime London properties for an investor?</h3>Prime Central London real estate &ndash; sales growthAccording to the <a href="https://residential.jll.co.uk/insights/news/prime-central-london-q1-2022">JLL Prime Central London Sales Index</a> &ndash; our quarterly study into how the PCL market is performing, there was a 3.3% annual
 increase in achieved prices in Q1 2022, with prices up 0.6% on Q4 2021. Achieved prices for Q1 2022 came in at 4.7% higher than pre-pandemic (Q1 2020).The same study showed a 7% annual increase in sales, making Q1 2022 the busiest Q1 for five years. Activity was predominantly driven by properties listed at between &pound;2million and &pound;5million, with sales up by a quarter (25%) on Q1 2021.Post-pandemic, Londoners continue to make the return to the office, on a full time or flexible working basis, which in turn is driving demand for Prime Central London flats.
 Between January and March 2022, we saw a rise of 13% in the number of PCL flats sold, compared to Q1 2021.With Prime Collection properties commanding strong prices, there continues to be opportunity for overseas investors who are looking to own and occupy or buy to let.Prime Central London real estate &ndash; lettings growth Now is a good time to invest in the buy to let Prime Central London real estate market. Our <a href="https://residential.jll.co.uk/insights/news/prime-central-london-q1-2022">JLL PCL Rental Index</a> recorded a 15% increase in
 rents achieved &ndash; the highest annual rise in more than 10 years. This 15% annual increase in achieved rents also put Q1 2022 3.1% higher than Q1 2020, pre pandemic, proving that the rise wasn&rsquo;t the result of a pandemic dip. As always, there is movement out of and within Central London, with renters negotiating a competitive market. In 2021, some PCL tenants were in a strong position to negotiate significant rent reductions. In 2022, we are seeing many tenants appreciate
 how competitive the Prime Central London rental market is and therefore paying more to stay in exclusive locations. JLL research shows an 18% annual increase in the number of rent renewals across Prime Central London in Q1 2022, compared with Q1 2021, during the pandemic.&nbsp;Attractions in Prime Central London that make this area a unique investment opportunity London&rsquo;s mix of the historic and the modern makes the city a truly unique place to explore, invest in and live. There is an overview of the local area and property types in Knightsbridge, Kensington &amp; Chelsea, Mayfair, Marylebone, Belgravia,
 and Westminster in: <a href="https://residential.jll.co.uk/insights/research/guide-to-investing-in-prime-properties-london-uk-jll">&lsquo;Are luxury properties in Prime Central London a good investment?&rsquo;</a>.
 Prime Central London covers the following six areas:<ol><li>Knightsbridge </li><li>Kensington &amp; Chelsea</li><li>Mayfair</li><li>Marylebone</li><li>Belgravia</li><li>Westminster </li></ol> To make sure you find the right property, in the right area, at the right price, it is critical to work with trusted experts who have in-depth knowledge of the Prime Central London real estate market.&nbsp;The mechanics of buying Prime properties in London as an overseas investor According to research published in Showhouse1, overseas investment in Prime Collection properties collectively brought an estimated &pound;1,188million to
 the Prime Central London market in 2020. Of Prime transactions in 2020, 11% came from French nationals, 9.2% came from Hong Kong and the USA, 8.3% from China, and 7.3% from India. Here, we answer some frequently asked questions from overseas buyers: -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Can a foreigner invest in UK property? Yes. In 2020, more than 40% of investment in Prime Central London&rsquo;s luxury properties came from overseas investors. Residential estate agents like <a href="https://residential.jll.co.uk/">JLL</a> are well versed in guiding
 overseas buyers through the UK buying process. -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What do overseas buyers need to know about the UK buying process? The estate agency you partner with (i.e. JLL) and the conveyancing solicitor you appoint are both critical to this process. Once you&rsquo;re ready to buy, the amount you are offering to pay (your &lsquo;offer&rsquo;) is presented to
 the seller by the estate agent. You will need to be able to prove how you will fund your offer, how quickly you are looking to &lsquo;exchange&rsquo; and &lsquo;complete&rsquo; (more on these below), and who your solicitors are. If your offer is accepted by the seller, your solicitor will carry out the conveyancing process on your behalf. This is complex, but, in brief, your solicitor will carry out &lsquo;searches&rsquo; of the Land Registry and Local Authority
 records to examine the planning history and to look for any potential developments surrounding the property. You will also need to instruct a property surveyor to check the structural strength of the property &ndash; this is known as getting a &lsquo;survey&rsquo;.
 &nbsp;
 Next, the seller&rsquo;s lawyers draft a sale agreement (also known as a &lsquo;contract&rsquo;), which, once agreed by both parties, is signed by you and them. The signed sale agreements or contracts are then exchanged between your lawyers
 and theirs. This is known as &lsquo;exchange&rsquo; and means you are legally bound to proceed with the purchase and pay a deposit. The next step is to &lsquo;complete&rsquo; on the purchase, at which point you pay the balance of the purchase price and formal documents will be signed and dated, transferring the property from the seller to you. Your proof of ownership, known as &lsquo;title deeds&rsquo;,
 can then be found on the public register at the Land Registry. It is important to be aware that there are different types of ownership in the UK. Freehold means you own it completely, and leasehold means there is a time limit on the number of years you will own it for. However, many
 leaseholds are very long (up to 999 years) and freeholds can also be purchased if the freeholder is open to selling it. Once you have completed on a property and you become the legal owner of the property, you will be liable for Stamp Duty land tax, which is payable to the Land Registry within 30 days of completion. <a href="https://residential.jll.co.uk/#contactus">Get in touch</a> if you are considering buying in the UK for the first time and would like our experts to guide you through this process over the phone. -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest, or own and occupy? UK property tax laws can be complex, which makes it crucial to work with estate agents and conveyancing solicitors who can direct you through the process efficiently. Depending on whether you decide to invest in UK property to live in (own and occupy) or as an investment (buy to let), the tax implications will be different. Since 1st April 2021, UK non-residents purchasing residential property in England and Northern Ireland are required to pay a 2% Stamp Duty surcharge. This is in addition to: <ul><li>The 3% Stamp Duty surcharge on purchases of &lsquo;additional&rsquo; dwellings. This could be property you are buying as a second home or as a buy to let property;</li><li>The 15% Stamp Duty rate on property purchases more than &pound;500,000 by companies; and</li><li>The Stamp Duty rate for UK home buyers. -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Do you need UK residency to invest in London prime property? </li></ul> No, you don&rsquo;t need to be a UK resident to&nbsp;buy Prime properties in London, or anywhere else in the UK. Our experts can talk you through the buying process,
 tax implications, expected rental yields for buy to let investors, and much more.&nbsp;<a href="https://residential.jll.co.uk/#contactus">Get in touch</a>.Share your investment goals with us and our Prime Central London property experts can help match you to the right type, value and location of property for your needs.
&nbsp;<hr />1&nbsp;<a href="https://www.showhouse.co.uk/news/foreign-buyers-make-up-over-40-of-londons-prime-property-market/">https://www.showhouse.co.uk/news/foreign-buyers-make-up-over-40-of-londons-prime-property-market/</a> <a data-sf-ec-immutable="">&nbsp;</a>

Guide to investing in Prime properties London, UK | JLL

An oversea buyer&rsquo;s guide to investing in Prime properties in London, UK

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JLL Residential Research Report | August 2022

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<h3>Are luxury properties in Prime Central London a good investment?
</h3>Property prices in Prime Central London (PCL) grew 8.1% in the year to February 20221, compared to Hong Kong, where residential property prices declined by 2.9%, to their lowest since January 20212. Hong Kong was also ranked as the
 least affordable housing market
 3 by Demographia, which assesses house prices in relation to income across 92 major housing markets in eight world nations4.Prime Central London outperforms many major international marketsWhile house price growth in the UK in the year to February 2022 was strongest in Wales - with growth of 14.2%, <a href="https://residential.jll.co.uk/insights/news/prime-central-london-q1-2022">London property prices</a> continued
 to increase at a strong rate (8.1%) and England&rsquo;s capital city still boasts unrivalled attractions across the six Prime Central London locations.As well as boasting strong post-pandemic growth, Prime Central London real estate has proven to be a less volatile investment than Hong Kong&rsquo;s, for example, during
 periods of financial crisis. According to a recent article, quoting house price drops during the 2008 credit crunch, London property prices dropped 11%, compared to 50% in Hong Kong and 77% in Singapore5.PCL property prices are strong and growing compared to previous yearsOur quarterly research shows that residential property prices in Prime Central London were up 0.6% in Q1 2022, compared to Q4 2021, and achieving prices that are 4.7% more than in Q1 2020. Luxury London properties listed for between &pound;2milion and &pound;5million saw particularly strength growth, with sales up 25% year on year.The figures speak for themselves, but what are the non-financial benefits of investing in London?The benefits of buying Prime Central London: A quick area overviewWhen it comes to investing in luxury London property, are you looking to own and occupy or buy to let? Your investment intentions will inform the best area to buy in and the right type of property for you.Here&rsquo;s a quick area overview of the six Prime Central London locations.KnightsbridgePossibly the most iconic of the six Prime Central London locations, Knightsbridge is home to a selection of high-end townhouses, unique mews properties, and luxury flats, all within touching distance of the luxury, opulence, and history of landmarks like
 Harrods, the V&amp;A, and the London Oratory.Kensington &amp; ChelseaA designer shopper&rsquo;s paradise, the London Borough of Kensington and Chelsea boasts stunning detached family homes and spacious terraces, all on the doorstep of the high-end boutiques and designer flagship stores lining the Kings Road and Sloane
 Square.
Luxury dining at the Borough&rsquo;s Michelin-starred restaurants (Bibendum, Elystan Street, and Kitchen W8) means you&rsquo;re spoilt for choice when it comes to fine dining. Properties in this area are also walking distance to the Saatchi Gallery, Chelsea
 Physic Garden, and Chelsea Embankment Gardens. Luxury properties in Kensington and Chelsea offer a feeling of space, opulence, and community within Prime Central London.MayfairFeaturing high ceilings and a true feeling of space, Mayfair&rsquo;s luxury flats often sit within stunning period properties that have been sympathetically converted to the highest specifications.New build developments in Mayfair also put you close to some of London&rsquo;s most famous streets, sights, and shopping. From the designer flagship stores along Bond Street and the quintessentially British tailoring on Savile Row, to outdoor living at
 Hyde Park, and fine dining at Claridge&rsquo;s and Browns, owning a property in Mayfair will give you the very best of city London.MaryleboneLondon is a collection of distinctive areas, each one boasting a unique character. Marylebone has built up a real village-like feel right at the heart of the action. Its streets are lined with al-fresco dining spots and independent retailers, and with
 fascinating art on show at the Wallace Collection, a Marylebone property is one for food lovers, those in search of unique boutique spots, and art collectors alike.The area is perfect if you&rsquo;re looking to invest in the best of London period property, updated to the very highest standards for modern living.BelgraviaLuxury flats and terraced houses on quiet squares, Belgravia&rsquo;s beautiful residential north to south streets connect Hyde Park to Chelsea Embankment, while its east to west properties join up Chelsea and Westminster.Home to perhaps Peggy Porschen Cakes &ndash; perhaps the London food scene&rsquo;s most Instagrammable exterior, as well as to a whole host of other beautiful, independent boutiques and eateries, Belgravia feels typically London and is popular among working
 professionals with second properties outside of the capital.WestminsterWestminster is all about incredible views of iconic landmarks. Home to stunning penthouse apartments close to Westminster Abbey, the Houses of Parliament, Buckingham Palace, and St James&rsquo; Park, Westminster offers riverside views and London living
 at its best.London is the home of luxury living with properties right at the heart of the action. Prime Central London offers the perfect mix of leafy green parks, river views, iconic landmarks, and opulent retail, dining, and cultural experiences, for the discerning
 buyer.
Discuss your property portfolio objectives with our Prime Central London experts and we will uncover the right luxury property for you. &nbsp;<hr />1&nbsp;<a href="https://www.gov.uk/government/news/uk-house-price-index-for-february-2022">https://www.gov.uk/government/news/uk-house-price-index-for-february-2022</a> 2&nbsp;<a href="https://www.reuters.com/world/asia-pacific/goldman-sachs-expects-hong-kong-home-prices-fall-20-by-end-2025-2022-03-30/">https://www.reuters.com/world/asia-pacific/goldman-sachs-expects-hong-kong-home-prices-fall-20-by-end-2025-2022-03-30/</a> 3&nbsp;<a href="http://www.demographia.com/dhi.pdf">http://www.demographia.com/dhi.pdf</a>4The study assesses house prices in relation to income in 92 major housing markets across eight nations &ndash; 1. Australia 2. Canada 3. China 4. Ireland 5. New Zealand 6. Singapore 7. The United Kingdom 8. The United States. <a href="http://www.demographia.com/dhi.pdf">http://www.demographia.com/dhi.pdf</a>5&nbsp;
<a href="https://www.habitatinvestments.co.uk/prime-central-london-remains-one-of-the-best-global-real-estate-investments-it-is-claimed/">https://www.habitatinvestments.co.uk/prime-central-london-remains-one-of-the-best-global-real-estate-investments-it-is-claimed/</a>
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Investing in Prime properties London | JLL

Are luxury properties in Prime Central London a good investment?

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Restrictions lift but rising rates could temper demand amongst some potential buyers 
The Bank of England continues to walk a challenging tightrope, one which some say it stepped onto too late. Global economies continue to struggle with rising inflation, a combination of demand returning following the lifting of covid restrictions alongside
 the implications on food and fuel costs following the war in Ukraine. The Bank of England alongside many global banks is responding by increasing rates in an attempt to counter inflation. &nbsp;
For borrowers, the first week of August provided mixed news. On the first the Bank scrapped the requirement for lenders to impose additional affordability tests on borrowers, announced back in June. But days later, the Bank followed this with further
 increases in the base rate. It has to be said this wasn&rsquo;t a complete surprise, as those in the market were preparing themselves for the prospect of further rises this summer.&nbsp;
On 4th August the Bank announced the first half point rise in 27 years.&nbsp; MPC members voted 8-1 in favour of increasing the base rate to 1.75%<img src="https://olmresi-my-prod.jll.com/images/default-source/agency/microsoftteams-image-(2).png?Status=Master&amp;sfvrsn=8b3f4186_1" sf-size="100" alt="" />
Of course, in the longer term the intention of this rate rise is to curb inflation, but in the short-term households are facing significant increases in the cost of living driven by food and fuel alongside wage rises which in many cases are not keeping
 pace with household expenditure. &nbsp;
For mortgaged owner occupiers the proliferation of fixed rates loans will add some comfort. In Q1 2022 82% of outstanding mortgage debt was on fixed rates, up from less than a third a decade earlier. But for those looking to buy or re-mortgage recent
 rate rises will mean they pay more. Prior to the August interest rate rise the effective mortgage rate hit 2.15% at the end of June. Up from a low of 1.50% at the end of November 2021 and back to levels last seen in November 2016.&nbsp;
But there hasn&rsquo;t been a seismic shift for many borrowers coming out of longer-term fixed rates, who would not have benefited from the record low rates in 2021. Effective rates for those coming out of a five-year fix in June 2022 (2.15%) only marginally
 higher than in June 2017 (2.05%). Albeit those exiting fixed rates in the coming months will experience a wider gap following the 4th August announcement.<img src="https://olmresi-my-prod.jll.com/images/default-source/agency/microsoftteams-image-(1).png?Status=Master&amp;sfvrsn=d71d87ba_1" sf-size="100" alt="" />
 
 
 
Lifting restrictions
Earlier in the same week, on 1st August, the Bank removed the requirement for lenders to impose an affordability test, which required lenders to assess whether potential borrowers would be able to afford an interest rate hike equivalent to 3%. Which as
 interest rates rise would have meant much tighter affordability criteria for borrowers.
The Loan to Income (LTI) threshold, the more meaningful measure for most borrowers remains.&nbsp; With lenders limited on the number of loans they can issue at more than 4.5X income.&nbsp;
What will this mean for the housing market?
In recent months the UK housing market has continued to defy gravity. Significant increases in energy costs and rising inflation have been with us for some time now, yet house prices have so far appeared immune to rising costs elsewhere in the economy.&nbsp;
 The latest figures from the Nationwide Index show prices nationally rose 11% in June 2022, with regional growth of between 6.0% in London and 14.7% in South West. There are some signs that levels of demand are slowing, but few are reporting price
 falls and agents continue to see demand outstripping supply.
It would be na&iuml;ve to assume rising interest rates will not have some impact on the market. But in the short term it is possible that we will not see as significant an impact as one might expect.&nbsp;
Not all households are being impacted equally.&nbsp; Research by the Institute of Fiscal Studies suggested the poorest 10% of households experienced CPI inflation three percentage points higher than the richest 10%, due in part to these households spending
 a higher proportion of their income on energy and food. It is likely that those households where rising living costs bite the hardest are either renting their homes or are not in a position to move.&nbsp;
Indeed, this could mean we see prices rise further as more affluent households with a larger financial buffer, who usually buy more expensive properties, make up a higher proportion of transacting households.&nbsp;
Where we could see rising costs (living and debt financing) impact most significantly is on transaction volumes. But this too is far from certain, with some households potentially looking to purchase now, anticipating further rate rises or looking to
 take advantage of schemes like Help to Buy. It is also important to remember that 30% of purchases nationally were cash.
Looking ahead
Over the next six months we expect the sustained double-digit growth in prices we&rsquo;ve experienced so far in 2022 will recede as the market settles. But it is important to state that this is expected to be a slowing of growth not a fall in prices.&nbsp;
While some households will be deterred from moving due to higher rates, others will be keen to lock in at current (albeit higher) rates rather than risk further rate rises in the months to come.&nbsp; The ending of the government backed Help to Buy scheme
 in March 2023 also means that we could see a flurry of deals from first time buyers keen to take advantage of the scheme before it closes.&nbsp;
In the longer-term higher interest rates will of course be a barrier to some households. This combined with the end of Help to Buy will undoubtedly impact on first time buyer&rsquo;s ability to enter the market.&nbsp; With higher borrowing costs, rises
 in the cost of living and recent house price appreciation all acting as barriers.&nbsp; Conversely, we expect existing owner occupiers, particularly those buying with cash will increase as a proportion of sales.
Marcus Dixon &ndash; Director of Residential Research at JLL comments:
&ldquo;The UK is not alone in experiencing high rates of inflation, with the Bank of England reacting in the same way as many global banks in imposing multiple rate rises. For households this comes at a difficult time as the cost-of-living squeeze erodes households disposable incomes and adds a layer of uncertainty on future outgoings.&nbsp;
&ldquo;For the housing market the removal of the affordability stress test will add some wriggle room for purchasers and lenders alike, but we expect rate rises alongside and imbalance between wage rises and living costs will combine to deter activity amongst first time buyers and more financially exposed home movers.&rdquo;&nbsp;
 
&nbsp;
 
 
 
 
 
 
About JLL | August 2022
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.&nbsp;
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.&nbsp;
 
Disclaimer: &copy; 2022 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.

JLL – Interest rates, mortgages, and the impact on house prices

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JLL&rsquo;s latest Living Priorities Survey.
What we want from our homes is constantly evolving. Both the pandemic and rising energy costs means households are again re-evaluating their priorities. 
To better understand what buyers want in today&rsquo;s market, and how this might change in the future, we contacted potential buyers registered with JLL to hear their thoughts. 
Electric cars &ndash; a lesson for the housing market? 
Within a short space of time, we have seen a rapid shift in motorists&rsquo; willingness to adopt electric vehicles in a bid to lower their environmental impact. Could we see this positive approach to environmental sustainability feed through into our homes? <img src="https://olmresi-my-prod.jll.com/images/default-source/agency/graphical-image-1-insights.png?Status=Master&amp;sfvrsn=47d153a5_1" sf-size="100" alt="" />
New JLL research from our latest Living Priorities survey, explores the change in the proportion of people who expect to be driving an electric or hybrid vehicle in the future. At present, just 8% of respondents drive an electric or hybrid car, versus
 43% petrol or diesel. However, when asked about their next vehicle the survey results show a greater appetite for electric vehicles, with almost 70% expecting to drive an electric or hybrid car in the future, versus just 9% for petrol or diesel.
What&rsquo;s driving the push towards more energy efficiency homes?
For most, our homes will be the largest investment we make in our lives. Our survey has found that a larger number of people are now placing even more importance on the environmental impact of their home. Undeniably, reducing the running costs of a home
 is the key motivator for most, however many people are also increasingly aware that there is a desire to become more socially responsible. Almost two thirds of our respondents said that achieving a lower carbon footprint was important to them.<img src="https://olmresi-my-prod.jll.com/images/default-source/agency/grpahical-image-2-insights.png?Status=Master&amp;sfvrsn=36e05bc6_1" sf-size="100" alt="" />
70% of respondents viewed the energy efficiency and running costs of their home as more important now versus pre-pandemic. Back in April, we explored <a href="https://residential.jll.co.uk/insights/news/jll-could-new-home-demand-rise-as-energy-prices-soar"></a>
 <a href="https://residential.jll.co.uk/insights/news/jll-could-new-home-demand-rise-as-energy-prices-soar">what the rising energy costs meant for UK homes</a>. JLL research found that the lifting of the energy price cap could result in the average band G home experiencing an increase in bills of over &pound;1,700 per annum, an extra &pound;3,246 more per
 annum than the average home in bands A-C. It is therefore unsurprising perhaps, that 82% of respondents voted a &lsquo;saving on energy bills&rsquo; as the reason why the environmental sustainability of their home is important to them.
Are purchasers willing to pay more?
Over half of respondents (57%) would be prepared to pay a premium for a more environmentally friendly home. Of those who said &lsquo;yes&rsquo;, half would pay just up to 5%. In total, 83% of those who would pay a premium, would be prepared to pay up
 to 10% more for an environmentally friendly home.&nbsp;<img src="https://olmresi-my-prod.jll.com/images/default-source/agency/grpahical-image-3-insights.png?Status=Master&amp;sfvrsn=fc72dafe_1" sf-size="100" alt="" />
So, what does this mean for our homes in the future, particularly the new homes sector?
Rising energy costs have undoubtedly pushed energy efficiency up the list of importance for homeowners. But whether they are driven purely by costs, social responsibility or likely a combination of both, what is clear is that buyers will be taking energy
 consumption into consideration more, when looking for homes in the future. 
80% of our respondents said that the environmental impact of their home will be either crucial or important in their next move, with the number of people willing to purchase a new home, if it meant improved environmental efficiency, rising from 51% from
 their last move, to 78% going forward. 
With purchasers becoming more environmentally aware and the potential for more sustainable homes to command a premium, the new homes market should be well placed to benefit.&nbsp; Analysis of EPC ratings for UK homes shows 83% of new build properties
 boast an EPC rating of A or B, versus just 3% for existing stock.
The JLL Living Priority Survey 2022 was conducted in May 2022 with a total of 104 respondents. 
Disclaimer: &copy; 2022 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.
&nbsp;

Are buyers waking up to the benefits of a more environmentally friendly home?

A first glance at JLL&rsquo;s latest Living Priorities Survey

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UK Residential Forecast 2022 – 2026

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Tokyo Demographic Movement & Residential Market Report – September 2021

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Real estate in the United Kingdom (UK) has always been a hit for Malaysian property investors. Besides being viewed as a highly-favoured study destination, UK real estate had always boasted strong capital growth and steady rental yield.However, with the noise on UK&rsquo;s withdrawal from the European Union (Brexit), coupled with the upcoming challenging winter season and rise in Covid-19 cases which Prime Minister Boris Johnson has labelled a second wave of virus, will the UK retain its appeal as a property investment hotspot?<img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1601366574/olmwebcontents/ip/prod/utbt8syv2n6ulzxgyy4n.png" />&nbsp;It is noteworthy that UK house prices soared to record highs last month since 2016 August despite the Covid-19 crisis, with market observers attributing this to the stamp duty cut and pent up demand.Whether this trend is a flash in the pan is anyone&rsquo;s guess.Slight recovery in 2022Property consultancy firm JLL Research head of UK Living Research Nick Whitten points out that UK is the sixth largest economy in the world, with London being the capital city. Other notable cities include Birmingham, Manchester, Glasgow, Liverpool, Bristol and Edinburgh.&nbsp;<img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1601366547/olmwebcontents/ip/prod/k6jhwdocvsaviqdti6ei.jpg" />&nbsp;Whitten is more conservative about the market. The lockdown period severely affected transaction volume and he expects average house prices to drop about 8% this year, remaining flat in 2021 before recovering to 3% in 2022 and 5% in 2023 and 2024.For Greater London and prime Central London, he sees prices rising as high as 6% and 7% respectively, in 2022.<img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1601366595/olmwebcontents/ip/prod/orvmdddzhvif1erbtcnj.jpg" /><img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1601366627/olmwebcontents/ip/prod/qntemf2vwklwbbrzgrli.jpg" /><img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1601366650/olmwebcontents/ip/prod/f7qewnp2iorbdi0rkqor.jpg" />What investors should note are areas marked for regeneration. The infrastructure in these areas is being upgraded by public initiatives and new homes built by private enterprises.&ldquo;Notable hotspots include Whitechapel with the upcoming Crossrail station that connects East and West London on high speed rail. In 2016, JLL produced a research report which reviewed all the 42 Crossrail stations. This document researched aspects like price growth, rental demand, lifestyle and the general impact on the area. Whitechapel was in the top spot for price growth out of all 42 stations,&rdquo; says Whitten.Whitechapel is located two minutes away from the City of London and three minutes from Canary Wharf, one of the three core Financial and Business Services (F&amp;BS) employment locations in London in large part responsible for the capital&rsquo;s emergence as Europe&rsquo;s premier financial centre.Will London remain a good property investment choice? JLL Property Services Malaysia Lead of International Residential Christine Wong believes so, thanks to its undervalued currency, relatively cheaper stamp duty compared to other major cities and strong economic fundamentals.&ldquo;The 2020 UK Budget has announced a 2% rise in stamp duty for foreign buyers effective April 2021 &mdash; completed purchases before that date will pay the same as domestic investors. The Sterling Pound is also undervalued with the pound to dollar exchange rate at US$1.40 as compared to May this year at US$1.23 and pre-Brexit in 2016 at US$1.48,&rdquo; says Wong.Contributed by NATALIE KHOO / EDGEPROP.MYPublished on September 25, 2020

Expected price growth for UK properties in 2022

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While London continues to entice property buyers and investors from all over the world, some savvy ones are looking outside the capital where prices tend to be cheaper &ndash; &lsquo;where prices are seen as better value 58% migration into areas like Staines-upon-Thames is from London&rsquo;.Not only are prices lower once you leave the city, but many prefer the quieter suburbs and the slower pace of live living on the outskirts of a major city like London. The suburbs have an abundance of green space, parkland and a wider range of schools and other amenities which have proven more important than ever.Thankfully there a number of leafy areas on the outskirts of London to choose from.One such place is&nbsp;Staines-upon-Thames, a picturesque town nestled on the outskirts of London, on the River Thames yet only a 35 minute train ride from the city centre.This part of the UK enjoys average residential values that are &pound;100,000 (S$180,000) less than in central London.&nbsp;<img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1598940011/olmwebcontents/ip/prod/vjpyql8ourjx5gba23uz.jpg" width="670" />&nbsp;Hidden gemEden Grove&nbsp;is one such development that could tick all the boxes for investors looking for lower prices than the capital, a new-build complex and plenty of perks for residents including a gym, co-working space, private cinema, landscaped gardens and a 24-hour concierge.Launching in September, Lavender House will be the first phase of the Eden Grove development.It will be the tallest residential building in Staines-upon-Thames offering spectacular views of the countryside.It sits in the beautiful Surrey countryside neighbouring historical Ascot and Windsor with Windsor Castle only 14 minutes by car along with the famous Eton College.&nbsp;<img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1598940027/olmwebcontents/ip/prod/smiu8tpmdf1ghaubtfal.png" width="670" />&nbsp;There are also more than 20 independent schools within a six-mile radius while Heathrow Airport is a 10-minute drive away.&ldquo;It is a rarity to find a premium newly built residential opportunity not only just a short walk from the River Thames and in close proximity to the English countryside but also benefiting from exceptional transport links to Central London and Heathrow Airport.&rdquo;&nbsp;&nbsp;Paul Vallone, Executive Chairman St Edward&nbsp;<img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1598940052/olmwebcontents/ip/prod/mkc37t8ubvws0bmehrjf.jpg" width="670" />&nbsp;Growth potentialNot only is it a pleasant residential area but Staines-upon-Thames is the number one growth area in the UK for new companies to set up. including world-class businesses&nbsp;Netflix, Samsung and BP.Given this, Staines-upon-Thames is in the top 10% locations across the UK for economic growth potential.<img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1598940086/olmwebcontents/ip/prod/yjkkjgzc8pvbrqfnhhka.png" width="670" />&nbsp;Another strong point is the growth potential of property prices in Staines-upon-Thames.Property values in the area has grown 22% in the last five years and are forecast to grow by a healthy 7.6% a year from 2020 to 2024. This offers plenty of upside for capital growth while providing decent rental income.&nbsp;&lsquo;&rsquo;We expect history to repeat itself with Greater London and South East locations performing the strongest as we emerge from the COVID-19 crisis, just as they did coming out of the Global Financial Crisis. Once the dust settles house prices and rents will begin to grow again from as soon as 2021 in locations with strong demand fundamentals such as Staines-upon-Thames.&rsquo;&rsquo;&nbsp;&nbsp;Nick Whitten &ndash; UK Head of Residential JLL Research&nbsp;A one-bedroom apartment is expected to earn up to &pound;1,575 a month in rent while a two-bed is estimated to earn around &pound;2,000 a month.The developer of Lavender House is St Edward which is a joint venture company between M&amp;G Investments, owned by Prudential, and property developer Berkley.&nbsp;<img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1598940112/olmwebcontents/ip/prod/utq0geto2rrnx0wstsqt.jpg" width="670" />&nbsp;While London has always attracted global property buyers, a new breed of overseas investor is now looking further afield at the hidden gems that the UK has to offer. These come with an enticing combination of lower prices and greater growth potential.&nbsp;For more details about&nbsp;Eden Grove, you may contact Christine Wong (REN06667) M: +6012 908 6318 E:&nbsp;<a href="mailto:wong.christine@ap.jll.com">wong.christine@ap.jll.com</a>&nbsp;Attend the Malaysia launch on 19-20 September 2020, 10am-6pm<a href="https://internationalresidential.jll.com.my/event-calendar/20/sep/2020/eden-grove">Register here.</a>

Spreading your property wings outside London

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In recent years, London has seen phenomenal growth in property prices which is testimony to its economic stability and attractiveness as a great place to live. This has put it firmly on the radar of property investors, keen to tap into these rising prices while also earning a decent yield from rental income.Foreign buyers particularly like investing in London, and strong overseas demand is helping to keep property prices in the capital edging upwards. Many are drawn to its glitzy and star-studded districts like Chelsea and Kensington.But there are a wide number of areas being regenerated across the city by the UK government which could attract even more buyers to invest.These regeneration projects tend to be in older neighbourhoods in need of fresh capital to help revitalise them and spark economic growth. This provides an excellent opportunity to invest as property prices are generally lower than other parts of the city, but offer greater potential for capital growth.Billions of pounds are being invested across many parts of London including its East End. This money will go towards improvements to infrastructure and amenities in those areas and create increased demand for housing. Developers in the UK are often instructed not just to build residential buildings, but also to create new community hubs for residents to live, work and play as part of the regeneration.TwelveTrees Park&nbsp;is being built in the borough of&nbsp;Newham, in the heart of London&rsquo;s East End where a number of these regeneration projects are happening. It&rsquo;s one of the most highly anticipated large-scale developments in London given its enviable location and connectivity.Newham is already home to a highly-successful regeneration project in the form of Olympic Park which was revitalised for the 2012 Olympic games. More than &pound;1billion is now being spent on developing the park further.&nbsp;Growth potentialNewham&rsquo;s population is expected to grow in the next few years to more than 380,000 making it comparable to many of the UK&rsquo;s smaller cities. This will create a need for more housing in the area, including new builds like TwelveTrees Park.Figures show that house prices in this area have already been growing strongly and should continue to do so as the regeneration projects take shape.Property buyers are likely to be drawn to TwelveTrees Park because of its connectivity to other parts of London and the enviable greenery it offers, along with its growth potential.This new development will be set in 12 acres of open green space that includes landscaped gardens and a WiFi enabled park. In fact, more than half of TwelveTrees Park will be dedicated to green space.The ambitious development will include around 3,800 homes &ndash; a mix of studios, one, two and three-bedroom apartments along with exclusive penthouses &ndash; spread across the vast green space. This offers plenty of price points for property investors for TwelveTrees Park, which will be completed by 2024.&nbsp;<img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1597741112/olmwebcontents/ip/prod/emjiboh41rdcttvcexkm.jpg" />&nbsp;Getting connectedConnectivity is a strong point of TwelveTrees Park, as it&rsquo;s only a one-minute walk from West Ham station, which is linked to five rail and tube lines offering fast and regular links to the city centre and beyond.The location also has quick access to the high-speed Crossrail network, while London City Airport is just 10 minutes away. Investors like to buy properties close to public transport as it makes them much easier to rent out.Those living in the development will have access to a residents&rsquo; gym, business lounge, screening room and 24-hour concierge service. Such features are attractive to tenants and should help achieve higher rental incomes.&nbsp;Sweet spot&ldquo;Twelve Trees Park (TTP) hits the mark on three different distinct criteria &ndash; location, transportation and regeneration. With 5 lines connecting this mixed-use development to the rest of the city, TTP will be known as one of the top connected development in London and a jewel in the rejuvenation of East London.&rdquo; said Christine Wong, Head of International Residential, JLL Malaysia.As TwelveTrees Park enters its early sale period, now is seen as an excellent time to gain a first-mover advantage and invest. The growth potential and location are major attractions likely to spark strong demand.

London’s regeneration projects spell capital growth

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Tokyo&rsquo;s bay area &lsquo;Shibaura&rsquo; has great investment potential and is expected to see further growth due to multiple redevelopment projects. Learn more by watching the recording from our webinar.<div><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" frameborder="0" height="315" src="https://www.youtube.com/embed/JSMMadg2SIY" width="560"></iframe></div>We were discussing about the impact of redevelopment in Shibaura and introduced Branz Tower Shibaura, one of the latest projects by TOKYU LAND CORPORATION.Branz Tower Shibaura is a high-end residential located in Minato-ku, developed by TOKYU LAND CORPORATION. The freehold development consists of 482 exclusive apartments and is located near Tamachi Station and with JR Yamanote Line still in the pipeline. Situated in the center of Tokyo, the development allows residents to gain easy access to vibrant Shibuya, Ginza Shopping area and Otemachi, Shinbashi Office area.The 32 floors height tower also equipped with fascinated common facilities including crown terrace, crown lounge, fitness studio, guest room etc.

Branz Tower Shibaura Showroom Walkthrough

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<div><div id="block-system-main"><article id="node-657" about="/news/2020/08/12/soho-apartments-make-smart-property-choice" typeof="sioc:Item foaf:Document" data-sf-ec-immutable=""><div><div><div property="content:encoded">Given how unique and trendy they are, Soho apartments are proving popular with buyers. They are ideal for those who want to work from home, along with urbanites who enjoy city living.&nbsp;So what exactly is a Soho apartment?The term stands for Small Office, Home Office (Soho) which highlights perfectly their dual use of being a comfortable place to live in while also providing plenty of space to work in.Feature-wise, Soho apartments tend to have high ceilings similar to loft-style apartments. With this generous vertical space, you can customize your living and working areas according to your needs and likes. Some buyers install platform beds high up and have their office space below.&nbsp;Why are they so attractive?Our working lives are becoming more flexible and many more people now have the opportunity to work from home on a regular basis. This was a trend before Covid-19 and has now accelerated as employees are given the freedom to work more from home.Others who are self-employed or run their own business may choose to work from home permanently, along with freelancers and those working in the gig economy. This means that more and more of us are using our homes as offices.A Soho apartment offers the best of both worlds. Ample working space and the flexibility of being able to live there too. They are also attractive to urbanites &ndash; people who enjoy living in or very close to the city centre as most Soho apartments are built in these areas. Having the city on your doorstep and all its amenities like shopping malls, cinemas, bars and restaurants can be hugely appealing.&nbsp;Why buy one?Soho apartments are considered value for money given their sought-after city locations and combined usage as a comfortable living and working space.Plus, having that vertical space gives you a unique opportunity to get creative. You may want to install full-length wall bookshelves with rolling ladders. Or you could put in wall mounts to hang up your bikes to save floor space. You could even set up a projector screen on one of the high walls for home movies.Another attraction to Soho apartments are the facilities normally included within the development. These range from private meeting rooms and lounges, which makes life even easier for you whether you are working, playing or socialising.Widya Lesta, Head of International Residential, Singapore, said: &ldquo;Soho apartments are really hitting the sweet spot right now given the rising number of people who are using their homes as offices. It is a trend that is likely to be long term as the future of work changes and becomes more flexible.&rdquo;&nbsp;Where are they being built?While Soho apartments and loft living are normally associated with New York&rsquo;s Manhattan district, this popular property type has now popped up in virtually every major city across the globe. In Asia, Soho apartments are proving a big hit with young people, urbanites and those who are part of the gig economy &ndash; working flexible hours and locations.In Japan, we are working with property developer Keihan Real Estate which is building a 12-storey residential development in Osaka&rsquo;s trendy Nishi district. It will include studio apartments, one-bedroom and two-bedroom units and should be completed by early 2021. Osaka is one of the fastest growing cities in Japan but average property prices are about 30% cheaper than in Tokyo.<img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1597223347/olmwebcontents/ip/prod/fm7hv4so8n2ubaysgbps.jpg" />&nbsp;<div><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" frameborder="0" height="315" src="https://www.youtube.com/embed/ljbpuc2DebQ" width="560"></iframe></div>If you want to know more about Soho apartments and buying opportunities, please&nbsp;<a href="https://internationalresidential.jll.com.my/event-calendar/24/aug/2020/high-horie">register&nbsp;</a>for our webinar on 24 August 2020 at 5pm&nbsp;Christine Wong (REN06667) M: +6012 908 6318 E:&nbsp;<a href="mailto:wong.christine@ap.jll.com">wong.christine@ap.jll.com</a><div> </div></div></div></div></article></div></div><div>&nbsp;</div>

Soho apartments make a smart property choice

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International investors are targeting Japan&rsquo;s &lsquo;living&rsquo; sectors - new niches in the residential market which are being driven by demographics and changing lifestyles.In June last year, Aberdeen Standard and Sumitomo Mitsui Trust Real Estate Investment Management announced a joint venture to invest in multifamily, senior housing, student housing and corporate housing in Japan, primarily in Tokyo and Osaka.Multifamily is rapidly becoming an institutional real estate sector in Japan, with vehicles launched by groups such as UBS and Nuveen, however senior living, student accommodation and co-living are establishing their credentials.&ldquo;In terms of yields, these three sectors can offer investors a 50-100 bps premium over the multifamily sector, which ought to draw out more interest in these sectors over the longer term, says Koji Naito, director of JLL Capital Markets, Japan.Japan is famously the world&rsquo;s oldest nation, with 35 million people aged over 65, and its rapid ageing is driving demand for senior housing, primarily in the aged care sector - nursing homes rather than independent living accommodation for retired people.Aged care, especially that catering for the over-75s, is booming, says Nick Wilson, head of Asia Pacific capital markets research at JLL.&ldquo;The government is not rolling out many public sector facilities and instead is providing development incentives to encourage more private facilities. With long wait times in the public sector, demand is rising.&rdquo;<h4>&nbsp;</h4>Foreign student accommodation and co-living spacesJapan is targeting an increase in foreign students in order to promote itself as an international&nbsp;location. It is seeking at least 300,000 foreign students each year and fell only slightly short in 2019, with 298,980 registered.Domestic investors Itochu Corporation and Mizuho Financial Group have launched student housing brands, as has international sector specialist GSA, in partnership with Star Asia Group.&ldquo;In Japan, the current stock of student housing is very old and outdated, which is normally unacceptable for overseas students. Due to the growing number of international students, investors can see a huge opportunity for the sector, to meet the need for high-quality properties,&rdquo; says Naito.Modern specialist student accommodation may also attract Japanese students,&rdquo; says Wilson.&ldquo;Domestic and overseas students may find it difficult to get leases with private landlords, who often require additional insurance or deposits. The upfront costs to get into private rentals is usually around three to five months of rent. Student housing concepts bypass this hefty upfront cost and provide furniture and utilities, making them a turnkey solution.&rdquo;Co-living, where landlords provide shared services and facilities for renters of small residential units, is at its early stages in Japan, which is &ldquo;behind other global markets,&rdquo; says Naito. However, a number of domestic co-living brands have been launched, including Sakura House and Bamboo House, both of which started out providing rental apartments to foreigners, but which have branched out into the new sector.Shared housing is less common in Japan than in other developed nations, but the rise of the sharing economy is likely to encourage new modes of living. Co-living also bypasses the up-front expenses required by private residential landlords.&nbsp;<h4>Finding&nbsp;right&nbsp;resources for new living sectors</h4>A key differentiator for all three living sectors is their operational requirements.Aged care facilities require specialist staff and management, as does student housing. The most successful co-living brands offer the same services over multiple locations. However the operational element of these businesses is not necessarily a negative for real estate investors,&rdquo; says Naito.&ldquo;Many properties in these sectors are owned by the operators, so a relationship with operators is potentially one of the best ways to source product.&rdquo;&nbsp;&ldquo;Student housing and aged care are usually leased on long term agreements. For aged care leases can be more than 20 years, so there are additional benefits from a long-term investment standpoint,&rdquo; says Wilson.&nbsp;For more information about Japan investment opportunities, you may contact JLL International Residential at +603 2260 0700 or&nbsp;<a href="mailto:wong.christine@ap.jll.com">wong.christine@ap.jll.com</a>.

Foreign investors spot opportunity in Japan’s ‘living’ sector

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Unchecked climate change is one of the most disruptive socioeconomic forces threatening to upturn the way we live our lives.Real estate is transforming to meet upcoming challenges, and this presents an opportunity for forward-looking investors to future proof their portfolio.JLL is a global leader in real estate management and consultancy services and a long-running proponent of investing in sustainable buildings. It hosted a webinar on April 9 to shed more light on investing in green, sustainable homes.&nbsp;Energy efficiency standards for homesAccording to&nbsp;Kimberley Markiewicz, senior analyst at JLL&rsquo;s UK Living Research team,&nbsp;energy demand from households in the UK account for 30% of the country&rsquo;s total energy use.&ldquo;Due to the environmental impact of homes, and considering climate change and our finite resources, many governments around the world have passed legislation to mitigate the impact of climate change going forward,&rdquo;&nbsp;she says.&nbsp;In the UK, this comes from the government&rsquo;s commitment to ambitious energy efficiency standards for all residential homes, as well as net zero standards within the next 30 years.&nbsp;A net zero building is one that produces an equal amount of energy that it consumes over the course of a period.&ldquo;In order to meet this target, all new residential buildings must operate at net zero by 2030, and the government is pushing to ensure that all existing homes become net zero by 2050 in the country,&rdquo;&nbsp;says Markiewicz. She adds that rental laws will also be gradually tightened so that only the most energy efficient homes will be allowed to be rented out.&nbsp;Reaping the benefits todayFor investors, the benefits of capitalising on green homes don&rsquo;t have to be reaped in 30 years, but instead can be realised in the short-term due to changing demands from tenants.According to Markiewicz,&nbsp;about 63% of surveyed would-be home buyers want to purchase a more environmentally friendly home, and 82% of this group say that they are willing to pay more to own one.&lsquo;&rsquo;The resale value of green homes is also higher than conventionally constructed ones. Real estate studies in Texas in the USA found that homes built to the state&rsquo;s Leadership in Energy and Environmental Design standards were worth up to 8% more than the resale price of an average home in the state&rsquo;&rsquo;,&nbsp;says Markiewicz.She also says that tenant retention is higher in sustainably built homes compared to those not built to such standards.&nbsp;An increasing number of tenants prioritise factors such as air quality, ample daylight, thermal comfort, sustainable materials, and other health and wellness factors when they make purchase or renting decisions.&ldquo;Studies show that houses which do not exhibit these factors tend to see their values drop by up to 15% in the UK, since more than half of new home buyers and renters consider air quality when deciding where to live,&rdquo; she says.&nbsp;Future proof your investmentsInvesting in green homes can be one way to future proof property investments.Among new residential projects, buyers are more willing to pay more for access to a home with more natural light, clean air, and green spaces, says Markiewicz.&ldquo;It is the differentiator in the market for newer properties, as older properties would often need extensive redesign to incorporate many sustainable key elements, such as biophilic design &ndash; including the use of natural materials in the build, and amenities such as green roofs,&rdquo;&nbsp;she says.As sustainable technologies become the norm in the residential sector, it will become easier to incorporate newer technologies into purpose built green homes, resulting in lower costs in the long run.&ldquo;Buying a home now that is already built with future energy efficiency targets in mind will save a lot of expensive investment in the future,&rdquo;&nbsp;says Markiewicz.&nbsp;King&rsquo;s Road Park by St William, Berkeley GroupIn London, the newest residential project that incorporates the latest sustainability features is King&rsquo;s Road Park, a prime residential development by St William part of the Berkeley Group.The last part and of the Fulham Riverside Regeneration Area&nbsp;in south-west London, the residential development in Zone 2 is in a highly sought-after address, just 60m from the King&rsquo;s Road well connected to business and leisure spots in London.&nbsp;&nbsp;Some of the sustainability features that have been incorporated into the project include&nbsp;green roofs&nbsp;to increase biodiversity across the rejuvenated scheme,&nbsp;photo-voltaic window panels&nbsp;to reduce the levels of electricity demand, and&nbsp;rainwater harvesting&nbsp;to recycle water for use in irrigating the landscaping around the homes.In addition, the development will offer parking to those homes that qualify as well as offering electric vehicle charging lots in anticipation for the rising numbers of electric car vehicles in the city, and future proofing the development for investors and owners.The project launched last summer in August 2019 with more than 140 homes sold so far with a balanced even mix of owner-occupiers and investors who have bought their apartments off-plan.Contact JLL Residential to organise your private virtual viewing with St William part of the Berkeley Group (<a href="https://internationalresidential.jll.com.my/contact-us?return_to=news/2020/04/16/uks-green-homes-future-housing">click here to contact JLL</a>)

UK’s Green Homes: The Future of Housing

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