The uncertainty on the market continues with Brexit delay until January 31, 2020, or before if a deal with the EU is achieved, and prospective General Election. The average value of a property within “golden postcodes” of Central London in October is down just 2% and is £1.8M for now. But life does not end in Central London.
In Greater London, excluding prime central areas, the average property price rose by 2.3%.
The situation in the retail property sector, according to CBRE, is quite all right. Shops prime rents decreased by 0.8% in Q3, which is better than in Q2 (-1.1%). Prime rents of the office spaces sector increased by 0.7% in Q3, with yields marginally increased (+1%). Industrial prime rents increased 1.7% in Q3 2019, with yields increased by 2% over the last quarter.
The Nationwide House Price Index, released on October 29, states that annual house price growth increased by just 0.2 per cent in September, and 0.4 per cent on the same period in 2019. According to the report, the current UK average house price currently stands at £215,368. Property search portal Zoopla has revealed in its September Cities Index that the time to sell a home in or around the UK’s major cities has now hit a three-year high.
Oracle Capital Group monitors the situation and delivers unique value for its property clients in the current state of affairs on the property market.