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Jones Lang LaSalle affirms in their latest residential market update
Jones Lang LaSalle today reaffirmed the strength of global demand for London residential property. Further, that the rationale that underpins this demand is more diverse than ever, meaning it is set to continue for the foreseeable future.
Speaking at an event in Dubai on 30 January 2014, Adam Challis, Head of Residential Research at Jones Lang LaSalle noted: “Our research shows that the appetite for London residential property is robust. Whether it is the UK’s economic forecasts, the cultural and business linkages, or the investment performance of London residential, there is no shortage of sound motivation that can be used to underpin demand.
And whilst the strength of international demand has been a symbol of the post-downturn market, H2 2013 has marked the return of domestic buyers in greater numbers.
There are two key demand-side trends that we expect to observe over 2014; the first is a broadening of demand for London property from a wider range of locations around the globe and second; the powerhouse of the London economy in ensuring that domestic demand is up significantly on a year ago.”
Jones Lang LaSalle predicts Central London price growth of 8% in 2014, holding at or near this level for the next four years.
UK Government recently announced plans to harmonise Capital Gains Tax (CGT) so that overseas purchasers of UK property will be paying the same rate of tax as domestic investors, from April 2015. Jones Lang LaSalle believes these changes are unlikely to disrupt market activity.
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