<p>With the October Budget behind us, the outlook for both prices and rents remains positive. The government is forging ahead with its plan to deliver more homes, but it will take some time before we see any real impact on overall supply. Increased government
    borrowing means the latest inflation forecasts from the Office for Budget Responsibility have come in higher than expected, which could throw some cold water on more bullish forecasts for mortgage rates.&nbsp; But the direction of travel appears to
    be the same, even if it may take a little longer to get there. </p>
<p>Lack of supply and more competitive mortgage rates are expected to underpin growth in prices over the next five years. Rental growth is expected to exceed inflation and wages over the five-year forecast period, but an increase in activity in the sales
    market means rental growth is expected to lag price growth, with rents forecast to be 17% higher by the end of 2029. </p>
<h2><strong>2024 outlook</strong></h2>
<p>Back in May we forecast house prices nationally would rise by 2% in 2024. This was underpinned by a continued resilience and lack of distress in the sales market, with prices holding firm despite the challenge of higher rates and uncertainties in the
    run up to the election (which at that point we were thinking would take place in the autumn). An early election was seen as a positive for the market, but Budget jitters meant much of that hoped for momentum was lost (or at least delayed).</p>
<p>Looking at the latest government figures (year to August 2024) shows prices have risen 2.8% annually, with more recent Nationwide figures for the year to October at 2.4%. There are obviously a few months to go but we expect year end growth to come in
    marginally above our 2% forecast. Scotland and the north of England are expected to see higher growth. Higher mortgage rates remained most challenging for more expensive markets in London and southern England, with growth in these regions, as forecast,
    lower than other areas of the UK this year.</p>
<p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1730756189/resi/gb/Articles/Images/Resi-Forecast-Chart-1.jpg" /></p>
<p>We forecast UK rents would end 2024 4.5% higher annually.&nbsp; The ONS Private Rents Index, which we benchmark against, is still showing growth of 8.4% in the year to August, but new lets data from Homelet data shows average rents were 4.3% higher in
    September 2024 than they were a year earlier. We expect ONS figures could end the year higher than our 4.5% forecast, but the significant imbalance between tenant demand and supply has levelled off in recent months so we expect some further heat will
    come out of the rental market as we move into 2025. </p>
<h2><strong>Lessons from the (recent) past</strong></h2>
<p>Looking back over the last 25 years, price growth (taken here in five-year chunks to mirror our five-year outlook) shows three distinct periods for growth. Before the Global Financial Crisis five-year growth of 60% or more was the norm. But the period
    of re-correction that followed saw much of this froth removed from the market as five-year growth fell back to single digits or low teens to compensate for the significant tightening of the debt markets. </p>
<p>But for the last decade, despite significant variation in mortgage rates and a global pandemic, house prices rises over a five-year term have remained remarkably consistent. Peaking in 2017 at 33% but otherwise ranging from 21% to 27%.&nbsp;</p>
<p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1730756189/resi/gb/Articles/Images/Resi-Forecast-Chart-2.jpg" /></p>
<h2><strong>UK Economy</strong></h2>
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    <table cellspacing="0" cellpadding="0" border="1" align="left">
        <tbody>
            <tr class="red">
                <th scope="col"></th>
                <th scope="col">2025</th>
                <th scope="col">2026</th>
                <th scope="col">2027</th>
                <th scope="col" data-role="resizable">2028</th>
                <th scope="col" data-role="resizable">2029</th>
                <th scope="col">Change 2025-29</th>
            </tr>
            <tr>
                <td>CPI (OBR)</td>
                <td>2.6</td>
                <td>2.3</td>
                <td>2.1</td>
                <td>2.1</td>
                <td>2.0</td>
                <td>11.6</td>
            </tr>
            <tr>
                <td>Wages (OE)</td>
                <td>2.7</td>
                <td>2.4</td>
                <td>2.5</td>
                <td>2.8</td>
                <td>2.9</td>
                <td>14.0</td>
            </tr>
            <tr>
                <td>UK GDP (OBR)</td>
                <td>2</td>
                <td>1.8</td>
                <td>1.5</td>
                <td>1.5</td>
                <td>1.6</td>
                <td>8.7</td>
            </tr>
        </tbody>
    </table>
</div>
<p style="text-align:left;">Source: JLL Research using Office of Budget Responsibility, Oxford Economics</p>
<p style="text-align:left;">The outlook for economic growth remains muted, with inflation expected to sit a little higher than the Bank of England&rsquo;s 2% target until 2029.&nbsp; But the Bank of England rate cutting cycle is expected to continue and assuming swap rates settle
    post Budget and the US election we&rsquo;ll likely see mortgage rates fall back too - if not quite as quickly as we had hoped. </p>
<p style="text-align:left;">Consensus forecasts suggest rate cuts will run through until the end of 2026, with mortgage rates expected to become more competitive over this period. Following a similar trend to 2024 we anticipate lower value markets will benefit first.&nbsp; Activity
    will be driven by first time buyers, with home movers following once rates become more attractive. Higher value markets in London and the south are expected to see stronger growth in the second half of our five-year forecast period.</p>
<h2><strong>Market activity</strong></h2>
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        <tbody>
            <tr class="red">
                <th scope="col" data-role="resizable"></th>
                <th scope="col" data-role="resizable">2024</th>
                <th scope="col">2025</th>
                <th scope="col">2026</th>
                <th scope="col" data-role="resizable">2027</th>
                <th scope="col">2028</th>
                <th scope="col">2029</th>
            </tr>
            <tr>
                <td>Housing Starts</td>
                <td>135,000</td>
                <td>157,000</td>
                <td>179,000</td>
                <td>199,000</td>
                <td>224,000</td>
                <td>244,000</td>
            </tr>
            <tr>
                <td>Transactions</td>
                <td>1.0m</td>
                <td>1.2m</td>
                <td>1.3m</td>
                <td>1.3m</td>
                <td>1.3m</td>
                <td>1.4m</td>
            </tr>
        </tbody>
    </table>
</div>
<p>Source: JLL Research, Experian</p>
<p>Committing to build 1.5 million homes over the course of this parliament, the government has set itself an ambitious target.&nbsp; But ramping up delivery without any demand side stimulus will be a real challenge. Current supply side plans have started
    to put the building blocks in place to ramp up delivery but increasing delivery in a meaningful way with current planning, labour force, and supply chain constraints won&rsquo;t be a quick fix. JLL forecast new housing starts across the UK will total
    1 million homes between 2025 and 2029.&nbsp; Conversions of existing stock (currently accounting for around one in ten net additions) are expected to rise too, so we&rsquo;ve allowed (possibly sightly ambitiously) for 200,000 in the next five years
    taking us to a forecast of 1.2 million homes.<br /></p>
<h2 style="text-align:left;"><strong>Sales price forecasts</strong></h2>
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        <tbody>
            <tr class="red">
                <th scope="col">Sales price growth (% pa)</th>
                <th scope="col">2025</th>
                <th scope="col">2026</th>
                <th scope="col">2027</th>
                <th scope="col" data-role="resizable">2028</th>
                <th scope="col">2029</th>
                <th scope="col">Change 2025-29</th>
                <th scope="col">Average pa 2025-29</th>
            </tr>
            <tr>
                <td>UK</td>
                <td>3.5</td>
                <td>4.0</td>
                <td>4.5</td>
                <td>3.5</td>
                <td>3.0</td>
                <td>19.9</td>
                <td>3.7</td>
            </tr>
            <tr>
                <td>Greater London</td>
                <td>2.5</td>
                <td>3.5</td>
                <td>5.0</td>
                <td>5.0</td>
                <td>4.0</td>
                <td>21.6</td>
                <td>4.0</td>
            </tr>
        </tbody>
    </table>
</div>
<p style="text-align:left;">Source: JLL Research </p>
<p>A new government with ambitious plans for housebuilding and more comfortable with a higher tax environment, particularly for wealthier households, could mean future growth prospects differ from the recent past. But neither of the these seem a sufficient
    departure from the current trend to meaningfully change the path of growth over the coming five-year period (2025-2029). </p>
<p>We do expect higher rates (even if they fall back from current levels) will limit growth prospects, meaning our 2025-2029 forecasts sit at the lower end of the recent five year averages. </p>
<p>We expect growth of 19.9% nationally 2025-2029. London house prices are expected to increase by 21.6% over the same period, underpinned by a lack of new homes reaching the market for sale. We expect lower value markets to see stronger growth towards the
    beginning of our five-year forecast period, with more expensive markets outperforming once the rate cutting cycle continues into 2026 and 2027.&nbsp; <br /></p>
<h2 style="text-align:left;"><strong>Rental forecasts</strong><strong></strong></h2>
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        <tbody>
            <tr class="red">
                <th scope="col">Rental growth (% pa)</th>
                <th scope="col">2025</th>
                <th scope="col">2026</th>
                <th scope="col">2027</th>
                <th scope="col" data-role="resizable">2028</th>
                <th scope="col">2029</th>
                <th scope="col">Change 2025-29</th>
                <th scope="col">Average pa 2025-29</th>
            </tr>
            <tr>
                <td>UK</td>
                <td>3.0</td>
                <td>2.5</td>
                <td>3.0</td>
                <td>3.5</td>
                <td>4.0</td>
                <td>17.1</td>
                <td>3.2</td>
            </tr>
            <tr>
                <td>Greater London</td>
                <td>2.5</td>
                <td>3.0</td>
                <td>3.5</td>
                <td>4.0</td>
                <td>4.0</td>
                <td>18.2</td>
                <td>3.4</td>
            </tr>
            <tr>
                <td>UK BTR</td>
                <td>3.0</td>
                <td>3.5</td>
                <td>3.5</td>
                <td>4.5</td>
                <td>4.5</td>
                <td>20.5</td>
                <td>3.8</td>
            </tr>
        </tbody>
    </table>
</div>
<p style="text-align:left;">Source: JLL Research </p>
<p style="text-align:left;">In the five years to September 2024 rents rose nationally by 27%. But the rapid rise in rents in the last three years isn&rsquo;t reflective of the long-term trend.&nbsp; Five-year growth figures in early 2020 sat at around 12%, when rents broadly tracked
    wage growth. </p>
<p style="text-align:left;">The supply demand imbalance which has in part driven rent rises (wage growth and inflation also contributed) is now becoming more balanced, but a lack of new stock entering the market means we anticipate rental growth will exceed wage growth and inflation
    over the next five years. </p>
<p style="text-align:left;">The October Budget did little to change our view.&nbsp; Capital Gains Tax for residential property remained the same, meaning exit costs didn&rsquo;t rise, but entry costs did.&nbsp; Landlords looking to purchase homes now having to pay an additional
    2% stamp duty over the previous already elevated bill. We expect this will mean more traditional buy-to-let landlords will leave the market than enter over the next five years. </p>
<p style="text-align:left;">But activity in the sales market is expected to increase too, likely meaning an increase in tenants moving across into owner occupation, alleviating some demand side pressures in the short term.&nbsp; </p>
<p style="text-align:left;">JLL forecast UK rents will rise 17% over the next five years, with rental growth in the London expected to total 18% over the same period.</p>
<h2 style="text-align:left;"><strong>What to watch</strong></h2>
<ul>
    <li style="text-align:left;"><strong>EPC C by 2030</strong> &ndash; Around half of all privately rented homes nationally are EPC D or below.&nbsp; As we move closer to the 2030 deadline, we expect some landlords will offload less efficient stock or remove properties from the
        market to retrofit to meet the new standard. Expect rents to rise in the run up as stock levels fall. For sales, landlords selling properties could bring more lower value homes to the market impacting average prices.<br /></li>
    <li style="text-align:left;"><strong>Renters Right Bill</strong> &ndash; Current proposals include the provision for tenants to challenge market busting rental increases. Our forecast for lower annual increases will help cushion the impact here but may limit the potential for
        growth in some markets, particularly if the courts are overwhelmed with applicants. Landlords concerned around the impact of the bill could also chose to exit the market, particularly as the sales market improves.<br /></li>
    <li style="text-align:left;"><strong>Buyer incentives</strong> &ndash; With the stamp duty threshold returning to its previous &pound;300,000 level for first time buyers next spring there was surprisingly little in the budget to incentivise buyers.&nbsp; However, there was reference
        to Phase 2 of the Spending Review in Q2 2025, so we could see further incentives or concessions introduced then.<br /></li>
    <li style="text-align:left;"><strong>Rates &ndash; </strong>A more rapid fall in mortgage rates could mean higher value markets see stronger growth earlier.<br /><strong></strong></li>
    <li style="text-align:left;"><strong>Housebuilding &ndash; </strong>The government has ambitious plans for new homes.&nbsp; We do expect activity to increase but still assume starts will lag the 1.5 million target. Our current forecast accounts for stock scarcity in the new homes
        market towards the start of the five-year period with new development activity not expected to be sufficiently high to have any negative impact on prices.<br /></li>
    <li style="text-align:left;"><strong>International buyers and prime London &ndash;</strong> Changes to non-dom rules and increases in SDLT on additional properties mean higher costs for overseas buyers. But a lack of stock, particularly of new homes, means those who are in the
        market may find choice scarce and competition for the best stock remains strong.&nbsp;</li>
</ul>

JLL Residential Forecast 2025-2029

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<strong>Houses prices expected to rise by 20% in the next five years as lower mortgage rates bring buyers back to the market. Rental growth slows from recent highs.</strong>

Houses prices expected to rise by 20% in the next five years as lower mortgage rates bring buyers back to the market. Rental growth slows from recent highs.

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<p>The announcement on additional borrowing had already unsettled investors in the run up to the budget, driving government borrowing costs to a five-month high.&nbsp; But leaks and briefings on some key policies pre-Budget appear to have had the desired
    effect meaning we&rsquo;re still below post mini-budget levels.</p>
<p>For housing there was little evidence of some of the much-speculated changes we heard rumour of in the run up. Some will see this as a missed opportunity.&nbsp; But this is far from the worst-case scenario many had feared. And clarification on government
    plans, or at least an end to pre-budget speculation, should bring more prospective buyers back to the market.</p>
<p>After all, the housing market looks to be in decent shape.&nbsp; Mortgage approval figures in September were at their highest for more than two years, with lower rates bringing more prospective buyers back to the market.&nbsp; Prices are edging up in
    response and activity across the market is recovering, too.</p>
<p><strong>So what was in the budget for housing? </strong></p>
<h2><strong>UK economy on the path to recovery</strong></h2>
<p>The latest figures from the Office for Budget Responsibility (OBR) suggest the UK economy will grow by 1.1% this year and by 2.0% in 2025 in real terms. Inflation (CPI) is expected to sit marginally above the 2% target each year until 2029. </p>
<h2><strong>Stamp Duty Land Tax (SDLT)</strong></h2>
<p>Changes to stamp duty rules mean those purchasing properties in addition to their main residence (buy-to-let and second homes) will now pay a 5% rather than 3% surcharge. Adding &pound;10,000 to the stamp duty bill for a &pound;500,000 home. </p>
<p>The single rate of SDLT charged on the purchase of dwellings costing &pound;500,000 or more by corporate bodies will also rise from 15% to 17%. </p>
<p>Increases in rates were not necessarily viewed as a significant revenue raiser (an extra &pound;400 million by 2029/30) but would rather level the playing field between first time buyers and investors. But extra stamp duty for additional properties was
    not accompanied by an increase in incentives for first time buyers, with nothing in the budget on the first time buyer zero rate thresholds, which are due to drop back from &pound;425,000 to &pound;300,000 in April 2025. Instead, the government has
    committed to consult the industry on extending the mortgage guarantee scheme, effectively a 5% deposit scheme for first time buyers. News on that is promised in Phase 2 of the Spending Review next Spring.</p>
<h2><strong>Capital Gains Tax (CGT)</strong></h2>
<p>Tax on gains for residential property were left at their current level of 18% for lower rate and 24% for higher rate tax payers. Disposal of other assets, including shares, was normalised with residential property at 24%. With suggestions that &lsquo;normalisation&rsquo;
    could have been imposed with income tax rates, this should add some comfort to those in the sector. &nbsp;</p>
<h2><strong>Affordable housing</strong></h2>
<p>The government reaffirmed its commitment to deliver more affordable homes.&nbsp; A &pound;500million top up was promised for the Affordable Homes Programme and a consultation for an ongoing five-year rent settlement at CPI+1 (guaranteeing the rent cap
    on the amount providers can charge) was announced.&nbsp; Those wanting clarity on future grant investment will need to wait until the Spending Review in Q2 next year.</p>
<h2><strong>Right to Buy</strong></h2>
<p>Discounts for those purchasing through Right to Buy scheme will be reduced and councils in England will be able to keep all the receipts from sales to deliver new homes. This will need further investment to stem the loss of social housing through the
    scheme, with the latest annual figures showing 3,046 homes started using Right to Buy receipts versus 6,275 sold. </p>
<h2><strong>Inheritance tax (IHT)</strong></h2>
<p>The Chancellor announced current inheritance tax thresholds will be frozen until 2030, two years ahead of plans pre-budget. This means individuals can continue to leave &pound;325,000 free of tax, rising to &pound;500,000 if leaving your home to your
    children. Couples can inherit each other&rsquo;s allowance, meaning if you tick all the boxes &pound;1million can be left free of IHT. </p>
<p>But new rules will bring previously exempt assets into play, meaning pensions, which had been IHT exempt, will fall within the totals from April 2027. Owners of agricultural and business property, again previously able to benefit from exemptions, will
    from April 2026 need to consider their liabilities over certain thresholds, although allowances will mean an effective rate of 20% rather than 40%. </p>
<h2><strong>Housing supply</strong></h2>
<p>We&rsquo;ve already heard from the government on its plans for delivering more homes, so perhaps a lack of detail within the budget was to be expected. The government committed &pound;5bn to their housing building programme in 2025/26 and repeated its
    commitment to provide 300 new planners (effectively less than one per authority), but the new planning framework (NPPF) due at the end of the year is expected to fill in some further gaps here. </p>
<h2><strong>Non-doms</strong></h2>
<p>As expected, the government announced it will end current non-domiciled tax rules from April 2025 and introduce a new residence-based system. For those looking to bring assets into the UK, the government will extend the temporary repatriation facility
    from two to three years. This isn&rsquo;t new, and follows similar plans announced under the Conservatives. The budget confirmed that only gains made after April 2017 will be considered as part of the new proposals, but the door is still open for
    government to bring worldwide assets within the scope of UK inheritance tax.</p>
<h2><strong>What we missed</strong></h2>
<p>With the government having already announced plans to reinstate ambitious housing targets post-election we had hoped the budget would include some news on stimulus for demand. Yet incentives for home purchase, changes to stamp duty land tax (aside from
    the increase for additional properties) and the reintroduction of Multiple Dwellings Relief were conspicuous in their absence this time around. </p>
<p>More positive news on the UK economy and further interest rate cuts expected before the end of the year will likely support house price growth. But while we acknowledge increasing demand when supply remains low could challenge affordability further, the
    government needs to reassure developers and investors that there will be a market for a higher number of new homes they&rsquo;ve committed to deliver.&nbsp;</p>

Residential Roundup – Budget Special

With the plans from the first Labour Budget in 14 years expected to bring in an extra &pound;40bn &ndash; read Marcus Dixon&rsquo;s overview of what was included for housing, in this week&rsquo;s Residential Roundup.

With the plans from the first Labour Budget in 14 years expected to bring in an extra £40bn – read Marcus Dixon’s overview of what was included for housing, in this week’s Residential Roundup.

<strong>The first Labour Budget in 14 years was never going to please everyone. This was a tax raising Budget, with the Chancellor&rsquo;s plans expected to bring in an extra &pound;40bn. Employers will be shouldering much of the financial responsibility, with funding public services core to Labours plans.</strong>

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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

Residential-Roundup-5-July2[2]

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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One Park Drive

<b>8 Harbord Square is a collection of Manhattan style loft apartments -</b> taking direct design inspiration from the industrial warehouses peppered throughout the docklands, situated in the heart of Wood Wharf.

Union Square, a village amongst the bustling city, offering an independent mix of shops, bars, restaurants and cafes, is set to be unveiled at the end of this year, marking yet another significant milestone in the development of Canary Wharf.

This new opening will seamlessly connect the residential district of Wood Wharf with the wider estate, positioning 8 Harbord Square – the latest residential building for sale – at the heart of Wood Wharf's well-established community, showcasing urban living at its finest. Designed to blend green open spaces with waterside living, this neighbourhood offers a true oasis of calm in one of Europe's most well-connected areas.

<b>The Upper Lofts</b>

The Upper Lofts at 8 Harbord Square are truly unique, with only two apartments available. Situated on the 11th floor of the building, The Upper Lofts embody a harmonious blend of opulence and openness, creating a sanctuary that exudes sophistication whilst maintaining an airy, inviting ambiance. With each element carefully chosen to contribute to an atmosphere of timeless elegance and contemporary comfort, the space feels both rich and inviting. The living space extends to the outdoors with a beautifully designed wrap-around terrace, allowing residents to embrace true rooftop living with spectacular triple-aspect views overlooking some of London’s most iconic landmarks.

Don't miss out on the opportunity to make 8 Harbord Square your new home.

Harbord Square

<b>Completed & ready to move in now -</b> Make Canary Wharf your home this year.

Limited time offer - stamp duty contribution and service charge holiday | Amenity spaces now complete and ready for use! | Exclusive access to an array of private lifestyle amenities including landscaped gardens, gym, bowling alley, media room and sky lounge | Nestled in the dynamic new opportunity area of the Upper East Side of Canary Wharf | Contact us today to book your viewing and find out more.

Discover an exceptional selection of stylish, contemporary one, two and three bedroom apartments that boast sweeping panoramic views of London. 

Nestled in the dynamic new opportunity area of the Upper East Side of Canary Wharf, One Thames Quay is set to be an integral part of a bustling and thriving community. With an array of new cafes and shops at its base, One Thames Quay will provide a vibrant streetscape for residents and visitors alike to enjoy. 

Located just moments from the upcoming neighbourhood of Wood Wharf, the area will offer up to 3,600 new homes, 2 million sq ft of office space, and 350,000 sq ft of retail space, as well as over nine acres of public spaces, squares, and parks. A GP surgery and a school will also be on offer, making One Thames Quay the ideal place to live, work, and play.

Its clean, classic lines form a stunning 48-storey tower that transforms the London skyline. With every apartment offering riverside views, gaze out at breathtaking views of the River Thames and South Dock, and immerse yourself in the tranquil riverside environment.

As a resident, experience a life of unparalleled luxury with exclusive access to an array of private lifestyle amenities including landscaped gardens, gym, bowling alley and sky lounge.

Enquire now to find out more about One Thames Quay.

Planning number: PA/16/02808 granted by Tower Hamlets Council.

One Thames Quay

<b>Just launched - The Apex Collection -</b> Introducing a new collection of one bedroom suites, two and three bedroom apartments, in the UK's tallest residential tower.

Landmark Pinnacle is London’s tallest residential tower standing at 75 storeys and one of the tallest in Western Europe. The building is located on the edge of Canary Wharf, benefiting from incredibly impressive views that extend across London’s skyline.

Residents enjoy the use of multiple amenity spaces. The ground and first floors feature an elegant lobby with 24-hour concierge, a private cinema room and multiple media rooms. On level 27 is an imaginatively designed children’s play area that spans the width of the building, with a more formal garden area located to the west of the building. The 56th floor offers a residents’ lounge, virtual golf, pool/billiards tables, games room, private dining rooms and a first-class gym complemented by pilates studios and relaxation areas.

Finally, level 75 is home to the development’s spectacular residents only roof terrace which offers unparalleled panoramic views across London.

Enquire today to book your viewing. 

*Images are of the show apartments and are indicative only.

Landmark Pinnacle

<b>Heron Wharf, a new collection of studios, 1, 2 and 3 bedroom apartments,</b> located on the edge of Canary Wharf and moments from the City.

Each residence offers private outdoor space, complemented by access to a meticulously landscaped 2.5-acre riverside park. The Riverside Club provides residents an array of impressive amenities including 20m swimming pool, gym, salt room, resident's lounge, cinema room and games room.

This development aims to revitalize the area by creating public green spaces and river walkways. The initial phase will feature a commercial gym and a riverside pub, seamlessly integrated with the landscaped parklands. Future plans include a public piazza for community events, a grocery store, restaurants, and cafes, transforming Poplar into a vibrant East London neighbourhood destination.

Heron Wharf's location offers excellent connectivity, with Canning Town underground station less than a mile away, ensuring convenient commutes to the city centre.

Heron Wharf

<b>Goodluck Hope reimagines the warehouse aesthetic,</b> set on the banks of the River Thames with panoramic views across to The O2, Canary Wharf and beyond. Turning a historic dockyard into a new residential quarter. With a wealth of amenities, cafés, bars, shops and restaurants on your doorstep and only 8 minutes' walk from the Jubilee line, it offers a perfect blend of convenience and historic charm.

The Lofts at Goodluck Hope epitomize modern living with a refined industrial aesthetic and natural materials that echo the island's history. These flexible and adaptable spaces feature expansive windows framing panoramic views both East and West across the River Thames, towards Canary Wharf, the City and beyond. Characterized by high ceilings and light-filled open spaces, The Lofts exude modern luxury.

The Apartments at Goodluck Hope reinterpret the warehouse aesthetic, transforming the industrial past into contemporary living spaces. The design acknowledges the texture and strength of raw natural materials, resulting in a refined aesthetic and a welcoming atmosphere. Contemporary Suites offer open plan spaces separated by glazed crittal screens, while one-bedroom apartments feature sliding doors to bedrooms and ensuites, all designed for maximum flexibility.

Throughout the development, kitchens are fitted with custom-designed modular base and wall cabinets, featuring lacquer paint finishes and contrasting interiors. This attention to detail extends to all aspects of the living spaces, creating homes that are both stylish and functional, perfectly suited to modern urban life.

Goodluck Hope

<b>Discover Luxury Living in E3: New Build Homes –</b> Marketing Suite and Show Apartments Now Open – Book Your Appointment Today.

Experience urban sophistication with our upcoming collection of 159 premium apartments in Bromley-by-Bow, E3. Choose from stylish studios, spacious 1-bedroom, and luxurious 2-bedroom flats, perfectly situated for modern London living. 
 
Prime location and unbeatable connectivity: Enjoy access to London's key areas with an 8-minute stroll to Bromley-by-Bow Underground and a 4-minute walk to Bow Church DLR. Reach Canary Wharf, Stratford, and The City in just 15 minutes. London's top universities are within easy reach, accessible by direct tube routes in 25 minutes or less.*

Family-friendly neighbourhood: Bromley-by-Bow offers an exceptional environment for families, boasting 74 Ofsted outstanding schools and 130 Ofsted good schools in the vicinity**. This makes it an ideal location for families prioritising quality education for their children. 

Community-focused development: Experience a thriving, and vibrant neighbourhood designed with community in mind. The development features a new pocket park and part-pedestrianised street, enhancing the area's appeal. Ground floor spaces are dedicated to community use, fostering a sense of belonging. Residents also benefit from easy access to expansive green spaces like Victoria Park and the Olympic Park. 

Investment opportunity: Secure your stake in East London property with a 250-year lease starting from March 10, 2023. This represents an excellent long-term investment in one of London's most promising areas.

Upper East offers units for open market sale, shared ownership and affordable rent.

Realise your dream home through Secure Buy and Own New -  Now Available at Upper East.

Don't miss out on your dream home at Upper East, Bromley-by-Bow. Register your interest now for exclusive updates on these highly anticipated E3 apartments. Experience the best of London living in a flourishing, well-connected community.

*travel times are approximate and are taken from google.com/maps
**information taken from https://reports.ofsted.gov.uk/search

*Internal computer generated images are intended for illustrative purpose only. They are not representative of final layout or interior. Room styling and all related items such as furniture, soft furnishing, some window treatments and feature wall colours etc are not part of the specification and are for styling purposes only. Please refer to the specification section for more details or check specific layouts with our Sales Consultant. Images showing views are based on the site at the time the image is produced. Views are based upon the apartment location and elevation and are subject to change based on any future neighbouring developments. Therefore, a view which is unrestricted now may be restricted in the future.

Upper East

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There's the conventional way of doing things. And then, there's the JLL way. A more innovative, intelligent, and human way. Find out how you can SEE A BRIGHTER WAY with JLL.

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