<img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1565341854/olmwebcontents/ip/prod/uwiromnvtdxau6juptfi.jpg" /><p><span style="text-decoration:underline;">Featured Projects</span></p><p>&nbsp;</p><p><strong><span style="text-decoration:underline;">XT Phayathai</span></strong></p><img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1565342029/olmwebcontents/ip/prod/ilcx2ldf8f8ejsc7esfh.jpg" /><p><strong>XT Phayathai</strong>&nbsp;is the perfect condominium for those that love city living and are searching for their own comfort zone. A place that truly understands the millenial lifestyle that embraces hectic urban routines and gives them a tranquil
    space to wind down, especially created to suit their own style. XT Phayathai is a residential building which comprises of two towers (Tower A and Tower B) and which have 1,435 units. Located near the heart of the city and connecting you to every transportation
    route, residents will find themselves in close proximity out to many office areas, educational institutions and shopping malls. The development is scheduled to be completed by 2023.</p><p>&nbsp;</p><p><strong><span style="text-decoration:underline;">XT Ekkamai</span></strong></p><img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1565342039/olmwebcontents/ip/prod/tvsauchq0vuzyeend18e.jpg" /><p><strong>XT Ekkamai&nbsp;</strong>is a residential building located on Ekkamai Road and which comprises of 38 stories and 537 units.<strong>&nbsp;</strong>With a location surrounded by the most desired lifestyle destinations, whether your greatest wish
    is to eat, drink, party or have the freedom to move about effortlessly, the easiest journey to all your desires begins at XT Ekkamai.&nbsp;<strong>The development is scheduled to be completed by 2020.</strong></p><p>&nbsp;</p><p><strong><span style="text-decoration:underline;">Kawa Haus</span></strong></p><img alt="" src="https://jll-global-gdim-res.cloudinary.com/image/upload/t_ip-image-optimization/v1565342055/olmwebcontents/ip/prod/z21w1fv0pazvbcqigfti.jpg" /><p>Kawa Haus is located at Sukhumvit 77 (On-Nut) road and comprises of three residential buildings (546 units) and one clubhouse. For those who are seeking a sanctuary close to nature, Kawa Haus is only two minutes away from the expressway and 5 minutes
    away from BTS On-Nut. T77 community offers a convenient lifestyle with facilities such as Habito Mall and Bangkok Prep International School. The development is scheduled to be completed in 2020.</p><p>&nbsp;</p><p>For further information contact JLL International Residential directly at +603 2260 0700 or&nbsp;<a href="mailto:wong.christine@ap.jll.com">wong.christine@ap.jll.com</a></p>

Thailand – Southeast Asia’s 2nd Largest Economy in 35 Years

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<p>But as the removal vans manoeuvre into No. 10, many in the industry will be thinking about the housing market and what the incoming Labour government will bring. Of course, housing was high on the agenda in the run up to the election, but the vagaries
    of the manifesto will now need to make way for greater clarity. <strong></strong></p>
<p>The new Prime Minister had previously committed to turbocharging the housing market from &ldquo;day one&rdquo;. Realistically, we might be waiting a few days longer to find out Sir Keir&rsquo;s plans. But those close to the top have signalled an announcement
    could be a matter of a few weeks rather than a few months away. </p>
<p>They&rsquo;ll need to pull their socks up as building 1.5 million homes over the next parliament will be a Herculean task. The main plans touted so far have been a recruitment drive for planners, with the intention to recruit 300 additional planning officers
    to ease bottlenecks and get Britain building. Undoubtedly a recognition of the challenges in the planning process, in practice this is the equivalent of less than one planner per planning authority and may not be the game changer we really need (a
    step in the right direction though). </p>
<p>The term grey belt is also likely to enter the vernacular as Labour attempt to make developing on the greenbelt more palatable (their landslide victory and corresponding majority will help here).</p>
<p>Plans are afoot, too, for encouraging first-time buyer activity through further promotion of a mortgage guarantee scheme. However, the temporary increase in the first-time buyers stamp duty threshold (from &pound;300k to &pound;425k) won&rsquo;t be extended
    under Labour &ndash; although this mostly affects higher value markets.&nbsp; </p>
<p>Before we delve too deeply into what-ifs we&rsquo;ll need to wait and see what emerges in the coming weeks. Until then, let&rsquo;s look at what the new government are inheriting:</p>
<h2><strong>The economy</strong></h2>
<p>Whisper it quietly, but things might not be quite as bad as we thought. The new Labour government aren&rsquo;t inheriting an economy in rude health, but quarterly GDP growth for Q1 was revised up in June to 0.7% (from 0.6%), putting GDP 0.3% higher than
    it was a year earlier in Q1. </p>
<p>With growth revised up, expectations of economic growth at sub 1% in 2024 may be looking conservative. Oxford Economics expect 0.9% and consensus forecasters 0.5% this year, but we could well see these figures creep up as we move through the summer. </p>
<p>Despite CPI hitting the 2% target rate, stubborn services inflation has thrown some cold water on the prospect of multiple rate cuts this year.&nbsp; But we still expect the bank rate will be cut before the year end, meaning more favourable mortgage rates,
    which are already starting to creep into the market, continue to emerge in the second half of the year.</p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1720173441/resi/gb/Articles/Images/JLL-house-prices-labour.png" />
<h2><strong>House prices</strong></h2>
<p>House prices edged up in June, 0.2% higher month-on-month and 1.5% higher than they were at the same point a year ago. The latest figures from Nationwide show London was the only region in southern England where prices have risen in the last 12 months,
    up 1.6%. East Anglia saw the most significant annual fall at -1.8% with the North West and Northern Ireland both recording annual increases of 4.1% in Q2 2024. </p>
<p>House prices have risen 59% since Labour were last in power back in 2010. They are up 68% since they last won an election back in 2005 and up 353% since the last won an election in opposition back in 1997. In 14 years under the Conservatives (2010 to
    2024) prices have risen by 57%, versus 191% in the 13 years under Labour (1997-2010)<br /></p>
<h2><strong>Activity</strong></h2>
<p>Mortgage approvals for house purchase continue to hover around the 60,000 mark, around 10,000 (or 19%) higher than they were a year ago. Despite rising off a low base, activity remains around 15% down on long-run norms. </p>
<p>The number of transactions has risen too so far this year.&nbsp; The latest May figures show an estimated 91,660 sales, 24% (or almost 18,000) higher than volumes in May last year and just 2% shy of the 2015 to 2019 average.</p>
<p>The latest S&amp;P Global Construction Purchasing Managers&rsquo; Index (PMI) was released the day we went to the polls. The UK construction sector remained in growth territory for the fourth consecutive month in June, albeit dipping slightly month-on-month.
    Growth was led by the commercial sector, with housing, which had moved into positive territory for the first time in 19 months in May, dropping back in June.</p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1720173441/resi/gb/Articles/Images/JLL-rental-growth-price-growth.png" />
<h2><strong>Rents</strong></h2>
<p>As we enter the busy summer market for lettings, prices achieved on new lets, according to the latest June figures from Homelet, were up 6.9% nationally. London and the South West were the only regions where rents fell month-on-month but were still 4.9%
    and 3.4% higher annually. </p>
<p>Rental growth rates in London have finally dropped below wage growth, meaning the rent to affordability ratio dropped from 40% in January to 38.9% in May, but it remains 10 percentage points higher than it was a decade ago. </p>
<p>Results for the latest JLL Buyer and Tenant Survey highlight the challenge facing tenants, with half of the tenants surveyed spending more than 50% of their take home pay on rent each month, up from 45% in 2022.&nbsp; To read more from the latest JLL
    Buyer and Tenant Survey <a href="https://residential.jll.co.uk/insights/research/buyers-and-tenants-survey-2024">click here.</a></p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1720173440/resi/gb/Articles/Images/JLL-rent-to-income-ratio.png" />

Residential Roundup 5 July

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The Labour Party have won more than 400 seats, giving them a comfortable majority in the 2024 general election.

<strong>The Labour Party have won more than 400 seats, giving them a comfortable majority in the 2024 general election.</strong>

Residential-Roundup-5-July2[1]

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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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<p>Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.</p>
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<p>PRIVACY NOTICE</p><p>Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.</p><p>Generally the personal information we collect from you are for the purposes of dealing with your enquiry.</p><p>We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our&nbsp;<a href="https://www.jll.co.uk/en/privacy-statement" target="_blank">privacy statement</a>.</p>

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