Property Market Update According to Agents' Data Supplied by LonRes

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Welcome to the London Property Podcast!🎙️ Your go-to source for navigating the complex and ever-evolving London real estate market. Our digital marketplace provides informative and educational content from industry leaders, covering various aspects of the real estate experience including buying and selling, finance, law, tax, construction, design, and more. Join us as we delve into the latest trends and developments in the market and gain valuable insights from our panel of experts.
Meet Your Host: Farnaz Fazaipour🏡 Hello, and welcome to London Property, the home of super-prime real estate. I'm Farnaz Fazaipour, and today we're delighted to have Antony Payne, co-founder of LonRes, on the show. For those in the industry, LonRes needs no introduction. Antony, can you tell our listeners a bit about LonRes and its role in the prime central London market?
Antony Payne on LonRes 🗣️ LonRes has been a cornerstone of the central London market for nearly 25 years. We provide the most up-to-date data on the market, including properties being sold and rented. Our data is the most timely and accurate, making us a critical resource for everyone in the central London market.
Market Trends Over the Last 12 Months📈 Last year saw a lot of market activity post-COVID, but this year has stabilized. Turnover is down by about 3-5%, prices are down by about 5%, but stock levels are up by about 12%. More properties are entering the market, especially in the £5 million plus segment, indicating a balanced approach from buyers looking for the right property at the right price.
Predictions for the Next 12 Months🔮 We avoid making predictions, but London remains a global economic hub despite its challenges. The market is expected to remain balanced with minor fluctuations in prices. The potential impact of elections on the market is minor, with international buyers potentially affected by proposed tax changes.
The Rental Market 🏘️ The rental market has seen significant growth post-COVID, with rents in prime central London up by 25-30%. However, over a longer period, this growth aligns more closely with inflation. Stock levels are low but stabilizing, especially in the higher-end market, giving tenants more choices.

Impact of Tax Policies on Landlords 🏢 There's no evidence of a mass exodus of landlords due to tax changes, though some may have left the market gradually. The bigger issue is the lack of new landlords and new developments coming to the market, contributing to the current imbalance.
Non-Domestic Buyers🌍 There's no significant exodus of non-domestic buyers. While some deals have fallen through due to tax changes, many high-end buyers remain active in the market.
Transaction Levels and Activity📉 Transactions are down by about 5% this year, with longer transaction times. Buyers are more cautious, ensuring they make the right decision due to high entry costs. The higher end of the market (£5 million plus) has fared well, while the lower end is more active in outer regions.
Closing Remarks🏡 It was fantastic having Antony Payne on the show. For more exclusive content and access to top industry experts, visit our website. Become a member to gain insights and connect with trusted professionals to help you achieve your real estate goals. Contact us now to learn more about membership benefits and joining our expert directory.
This summary highlights key points from the London Property Podcast episode featuring Antony Payne, providing a comprehensive overview of the current state and trends in the London real estate market.

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