- Average rents in prime central London are 37.3% above their 2017-2019 (pre-pandemic) average.
- Rentals classed as “super-prime” – £5,000 per week or more – have risen 12 per cent in the year to August (Knight Frank)
- China remains the world’s most valuable real estate market, accounting for 23.5% of global value, followed by the US at 20.7%. Japan, Germany, the UK, France, Canada, Australia, South Korea and Italy complete the top 10 markets, which together represent 71% of global value. (Savills)
- In the first half of 2025, developers started fewer than 2,200 new private homes in London – just 5% of the government’s target.
- The number of unsold homes under construction has been falling steadily for years, down from more than 30,000 in 2018 to a little over 20,000 today. “That suggests that, while price sensitivity may be the dominant theme now, scarcity will be the story three years from now. Just 9,100 private new homes are currently scheduled to complete during 2028 and 2029, compared to a notional need for 176,000 new homes based on current delivery targets.” (Knight Frank)
There has also been a lot of speculation about property taxes. The government’s kite flying in August was ill-advised and much of the speculation since has been ill-informed, so it was encouraging to see that Sir Vince Cable, chair of The Independent Housing Policy & Delivery Oversight Committee had this to say:
“There is no doubt that the housing market is not working efficiently, and property taxation is a significant factor… Recent speculation about piecemeal changes in the Budget for revenue raising purposes, if they came about, would be a step in the wrong direction.
The reality is that wholesale reform is needed to make the market work more efficiently and achieve improvements in housing provision across the country. This is no small task, and we do not underestimate its complexity or the political dimension.
Change on the scale necessary demands the most careful consideration and at the least, a White Paper and extensive consultation to avoid unintended consequences to this fundamental aspect of society.”
Hopefully Rachel Reeves will take this on board!
