theSun Property July 2016

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CHEAPEST PLACES TO BUY A THREE-BEDROOM
HOUSE IN THE UK
* Stanley, Durham County * Rhondda, Glamorgan
* Liverpool * Stoke-on-Trent
* Leeds, West Yorkshire * Newscastle-upon-Tyne
* Belfast and Antrim * Kingston-upon-Hull
* Sheffield, South Yorkshire * Birmingham
* Swansea, South Wales * Dumfries
* Hastings and Bexhill * Chatham
WHILE last week we
featured windows
of opportunity Brexit
could bring
Malaysians, along with views and
comments from experts and
professionals of the industry in the
United Kingdom, this week, we run
a report by renowned real estate
company Jones Lang LaSalle (JLL)
on Brexit impact on the industry.
According to JLL, a “vote leave”
result could bring an
unprecedented new dawn for
Britain. Moreover, uncertainty over
likely impacts in the short termwill
bring both risks and opportunities.
PLUS ANDMINUS
On the downside, JLL reports that it
expects a slowdown in the housing
market transactions. This is due to
“discretionary purchasers taking
stock while vendors delay with
their decisions to sell or not”.
However, the report also states that
it is still too early to assess the full
impact on house price growth due
to Brexit.
The good thing about the market
is that there is transparency, a
robust legal framework and access
to professional talent, all which can
help protect the UK and London
economy during this transition
period. In addition, the record-low
Bank of England base rates that has
benefited the for the past seven
years, is set to continue, which will
be welcomed by many movers. It
will also aid liquidity in the housing
market for the next couple of years.
On the other hand, the London
housing market, which has been
facing a series of policy and tax
challenges in the last two years, has
experienced a drop in volume.
However, paradoxically,
international purchasers can
benefit from the currency arbitrage
of the weaker pound sterling – an
opportunity in the market over the
short term. This
could boost the
market, further
improving it
once there is
more clarity
around the
economic
outlook.
For Brits in
the UK, while
the focus leading
up to the
Referendum is
on the UK’s
trading
relationships,
JLL is concerned
that domestic
politics will now
become a
primary risk to
the housing
market.
“Regardless
of the
Referendum
> Pros and cons plus insights
on UK residential real estate Brexit
outcome, addressing the imbalance
in the housing supply inUKmust be
a critical priority,” it stated.
“Moreover, concerted attention
frompoliticians to deliver credible,
lasting solutions to the supply
conundrum is desperately needed.”
The Referendumhas been an
unwelcomed diversion fromvital
domestic policy challenges. An
expansion of housing supply,
particularly for renters, first-time
buyers and retirees, needs sustained
policy support, alongside a clearer
commitment to the delivery of
affordable housing, said the report.
At hand, the UK government is
not short of critical housingmarket
issues to see to. JLL claims that
focus on solutions is required now,
more than before.
HOT SPOTS AND HEAT MAPS
With Brexit, we mentioned last
week of how foreigners especially
can take the opportunity of the
dipped pound sterling and buy UK
real estate. As such, we highlight
information in an article by Neil
Chegwiddon on a collaboration
between JLL Residential andUK
property website Rightmove
featuring London’s heat maps and
residential market. Also included
are places where prices and rents
are most expensive and affordable.
According to the article, the
most expensive real estate in
London are in Knightsbridge,
Kensington, Chelsea, Mayfair and
Marylebone, as well as London
City, the South Bank, Nine Elms
and some parts of East London. For
more, see the heat map below or
visit JLL’s webpage.
London
Brixton
Battersea
Chelsea
Brixton Hill
Blackheath
Bethnal Green
Holborn
Barnsbury
Camden
Town
Belsize Park
Bayswater
Lambeth
Hot spots of inner London Average sales prices
One-bedroom flats
> £900,00
£825,000 - £900,000
£750,000 - £825,000
£675,000 - £750,000
£600,000 - £675,000
£525,000 - £600,000
£450,000 - £525,000
£375,000 - £450,000
£300,000 - £375,000
< £300,000
Insufficient data
[Source: JLL, Rightmove]
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