London, Residential Market Outlook, Autumn 2016
Cluttons has released its London Residential Market Outlook for autumn 2016.
The report focuses on the post-Brexit outlook for prime Central London, with the uncertainty caused by the 23 June referendum result creating one of the most challenging forecasting environments since the Great Recession.
House prices across prime Central London witnessed the largest quarterly decline since 2009 in Q2, with the referendum result accelerating a slowdown that has been well underway for over 12 months.
The slowdown has of course been underpinned by fundamental affordability issues and a widespread lack of appropriate supply to satisfy domestic demand.
In the lettings market, rental values in prime Central London witnessed negative growth for the third consecutive quarter as supply continues to edge ahead of demand.
Both the sales and lettings markets are expected to witness negative growth in 2016, with the largest declines likely to be observed at the top end of the market.