Chestertons Monthly RESIDENTIAL PROPERTY MARKET REVIEW September 2019 chestertons.com
1 CONTENTS
Economic Overview 01
Sales Market 03 National sales 03 London sales 06 New homes 08
Lettings Market 10 National lettings 10 London lettings 12
Investment market 13
Contact 16
Nicholas Barnes – Head of Research “Welcome to our latest monthly review of national and London residential property markets.”
2 ECONOMIC OVERVIEW
GDP Growth At the time of writing, it is uncertain whether the UK September projections, the Treasury’s forecasting panel economy fell into recession during the third quarter. lowered its GDP growth outlook for both 2019 and 2020 TheꢀUK’s economy grew faster than expected in July, to,ꢀrespectively, 1.2% and 1.1%. easingꢀfears of a recession but the country is also on Meanwhile, the Eurozone is looking increasingly fragile courseꢀfor its longest fall in investment for 17 years, with Germany again teetering on the brink of recession according to the British Chamber of Commerce. Brexit and the European central bank cutting its key interest isꢀaꢀmajor contributing factor while the US/China trade rateꢀand announcing a new round of quantitative easing warꢀcontinues to affect the global economy. In its inꢀresponse.
Figure 1: UK GDP growth outlook
3.0%
2.5%
2.0%
1.5% 1.6% 1.7% 1.7% 1.0% 1.4% 1.2% 1.1% 0.5%
0.0% 2018 2019 2020 2021 2022 2023
Source: ONS; HM Treasury Forecast Panel
1 Inflation & interest rates The annual rate of inflation (CPI) fell sharply in August The Bank of England’s Monetary Policy Committee to 1.7%, its lowest level since December 2016. The RPI (MPC)ꢀMeeting held on 18th September voted annual inflation measure also came down, to 2.6%. The unanimously to keep the Bank Rate at 0.75%. However, impact of the drone strike in Saudi Arabia remains to be the MPC signalled its preparedness to raise interest rates seen. Following the attack, the oil futures markets suffered in the event of an exit deal being agreed and ratified a sharp jump in prices: Brent crude rose by 14.6% – the before the UK’s scheduled withdrawal date. The policy biggest percentage gain in record – while US crude oil response to a ‘no-deal’ exit on the same date “could be also soared, ending the day 14.7% higher, although prices in either direction” as there would likely be both higher have subsequently dropped slightly in both markets. inflation and weaker growth. The 2019 forecast for CPI from the Treasury’s September UK 3 month Libor rates have risen slightly this month forecast panel is unchanged at 1.8% as is the RPI forecast andꢀstood at 0.78% as at 24th August. 5 year swap rates rate at 2.6%. The forecasts for 2020 for both inflation have fallen again to reach 0.65% at the same date and measures have also been held at, respectively, 2.1% are now 47% lower than at the same point last year. andꢀ2.9%.
Figure 2: Inflation & Bank Rate forecasts
4.0%
3.5% 3.2% 3.2% 3.0% 2.9% 3.0% 2.7% 2.6% 2.5% 2.1% 2.1% 2.0% 2.1% 2.1% 2.0% 1.8%
1.5% 1.78% 1.18% 1.0% 1.53% 1.0% 0.75% 0.75% 0.5%
0.0% 2018 2019 2020 2021 2022 2023
Bank Rate (Q4) CPI RPI Source: HM Treasury Forecast Panel & ONS
Employment and earnings growth The UK employment rate remains at 76.1%, the joint-highest impacted upon annual pay growth which has reached an on record since comparable records began in 1971 and higher 11 year high, increasing by 4% in nominal terms in the three than a year earlier (75.5%). The unemployment rate has been months to July, and by 2.1% in real terms. Excluding bonuses, falling since late 2013 and currently stands at 3.8%. This has nominal earnings rose by 3.8% and by 1.9% in real terms.
2 SALES MARKET
National sales August was a very strong month for residential sales Rightmove reports that fewer property owners seem to which nationally rose by nearly one third compared to have the need or desire to put their property on the market, theꢀprevious month, although they were marginally in part against the backdrop of increased uncertainty but down on the same month last year. The approaching also the result of a lack of properties available to buy. The Brexit deadline may partly explain the jump, although number of newly-marketed properties was down by 7.8% transactions completing in August could have been atꢀmid-September compared to the same period a year exchanged anything up to three months earlier. ago, with all regions down on last year.
Figure 3: Monthly residential property transactions (non-seasonally adjusted)
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19
UK England Source: HMRC
National house price growth continues to slow. The Land with an average price of £248,837. Price growth has been Registry reports that in the 12 months to July, UK prices slowing since September last year and there is a strong rose by just 0.7% compared to 1.4% in the year to June, possibility that prices could start to fall even without a hard/ taking the average price to £232,710. Annual price growth no-deal Brexit – and they are already falling in four regions. in England also slowed – from 1.1% in June to 0.4% in July,
3 Figure 4: Average annual house price growth: UK & England
4%
3%
2%
1%
0% Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19
UK England Source: Land Registry/ONS
At regional level, annual price growth is strongest in - from three last month to four - with the North east (-2.9%) Yorkshire & Humberside (3.2%). The number of regions experiencing the steepest decline. recording a fall in prices rose for the second month in a row
Figure 5: Average regional house price & annual price growth (June 2019)
£500,000 5.0%
£450,000 3.75% 3.2% £400,000 2.3% 2.5% £350,000 1.9% 1.8% £300,000 1.25% 0.7% £200,000 0.0%
£250,000 -0.5% -1.25% £150,000 -1.4% -2.0% -2.5% £100,000 -2.9% £50,000 -3.75%
£0 -5.0% Yorks & North East West South East of London South North Humber West Midlands Midlands West England East East
Avg prices 12 months growth Source: Land Registry
Rightmove reports that average asking prices across the UK than in the corresponding period in August and only 0.2% in the first half of September were marginally lower (-0.2%) higher than in the same period last year.
4 Figure 6: Monthly change in average asking prices
3%
2% 1.0% 1.1% 1% 0.9% 0.3% 0.7% 0.4% 0% 0.7% 0.4% -0.2% -0.2% -1% -1.0% -1.7% -1.5% -2%
-3% Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19
Source: Rightmove
Mortgage approvals for first time buyers fell by 0.8% in 1.4% compared to the same month a year ago. July although they were 5.8% higher than in July 2018. Re-mortgaging activity also jumped in July (+25%) Approvals for home movers rose by 5.2% in July and by butꢀwas 10% lower than July last year.
Figure 7: Mortgage approvals
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19
First time buyers Home movers Source: UK Finance
The Government has announced some proposed measures The Government has also introduced changes to the aimed at facilitating homeownership, in particular for those Help-to-Buy scheme, making it easier to take out longer on low incomes. The shared ownership scheme allows mortgages – up to 35 years – with the aim of reducing people to increase the share of the property in increments monthly repayments. However, this will increase the overall of 10% – a process known as ‘staircasing’. However, this amount they pay back as the interest paid will be higher. could cost as much as £45,000 over time and a new model Whatever the mortgage term, it seems that an increasing is under consideration to enable those using the scheme to number of households will still be paying a mortgage at buy their home in 1% instalments instead. aꢀlater age - data from the Financial Conduct Authority (FCA) shows that 40% of first-time buyers in 2017 will stillꢀbe repaying at 65.
5 In the meantime, a study from the Post Office suggests a state-backed agency (the British Housing Company) thatꢀaffordability has improved for many first time buyers to compulsorily purchase sites, including green belt, (FTBs). 56% of properties across the UK are now in areas at aꢀdiscount of up to 40% – achieved by not paying that are affordable for FTBs on the basis of accelerating the ‘hopeꢀvalue’ which attaches to those sites currently income growth and slowing house price growth.ꢀ earmarked asꢀhaving development potential. They also want to see aꢀbig expansion in rent-to-own, whereby some The Liberal Democrats have announced some of their people in new developments could pay a market rent in plans for the housing market, no doubt in anticipation exchange forꢀa gradual stake in the property. of an imminent General Election. These include creating
London sales market Average house prices in Greater London fell by 1.4% in the have fallen. The average house is now £477,813 according year to July, marking the 16th month in row in which prices to the Land Registry.
Figure 8: Annual price growth in Greater London
1.5%
0.1%
-1.3%
-2.6%
-4.0% Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19
Source: Land Registry
Rightmove reports that asking prices fell by 2.2% in London Supply was also down. The Rightmove portal reported in the first half of September, the first fall at this time of year 20% fewer properties being listed compared to a year since September 2010, and by 2.1% compared to the same ago.ꢀOwners seemed to be holding back awaiting either period last year. The price falls were steeper in Inner London aꢀmore certain Brexit outcome or a market recovery – and (one month change = -2.9%; 12 month change = -2.2%) perhaps both? than in Outer London (one month change = -1.4%; 12 At borough level, six boroughs recorded an increase in sold month change = -1.8%). prices in the year to July with Camden (9.5%) and Greenwich (4.0%) seeing the strongest growth.
6 Figure 9: Annual price growth by London borough (July 2019)
Camden Greenwich Hackney Hammersmith & Fulham Richmond Haringey Barking & Dagenham Ealing Redbridge Havering Bromley Harrow Lambeth Southwark Westminster Kingston Enꢀeld Hillingdon Wandsworth Hounslow Bexley Tower Hamlets Kensington & Chelsea Barnet Lewisham Sutton Croydon Merton Islington Waltham Forest Brent City of London Newham -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10%
Source: Land Registry
Sales volumes in the prime locations were subdued Chestertons central branchesꢀrecorded a 13% increase in inꢀAugust, reflecting a combination of a shortage of new applicant registrations in August compared to July. available stock and hesitancy on the part of some buyers. Buyers have been attracted by asking prices which have As at the third week in September, Lonres reported that reduced toꢀaꢀlevel not seen for several years and Lonres availability in prime central London was 14% lower than reports thatꢀ46% of properties on the market at the third at the same point in 2018. Meanwhile buyer interest is week inꢀSeptember had been reduced in price. still strong, especially inꢀprime central London and
7 New homes market National NewRiver Reitꢀlast year carried out a review of its portfolio Housebuilders are feeling the effects of slower sales to assess the potential for alternative use. Around 85% of demand and an increase in the cost of materials and the alternative use was identified as residential as many a shortage of skilled labour which is also pushing up of the group’s sites are located in town centres. Out of its costs, all of which will likely be exacerbated by the UK’s 1.9m sq ft development pipeline, 1.1m sq ft is residential, departure from the EU. The share price of a number of with the potential to deliver 2,400 residential units over major developers has also dropped in recent weeks. the next 5-10 years.ꢀ Despite this, the National House Building Council Last year,ꢀHammersonꢀlaunched its City Quarters scheme, (NHBC)ꢀreported a 7.5% increase in the number of new which was part of an attempt to transform the business home registrations in the first half of 2019 compared from pure retail to “retail and beyond” by creating mixed- to the same period last year. The second quarter saw use neighbourhoods across Europe. The company has the highest new registrations number since Q4 2007, identified the potential for a total of 6,600 residential with inward investment in the rental sector driving much units, 1,600 hotel rooms, 300,000 square metres of of theꢀgrowth. This is encouraging but the annualised workspace and nine parks and public spaces across number of homes registered in the first six months still itsꢀportfolio.ꢀ equates to only around 54% of the Government’s annual London housing target. The Mayor of London’s Draft New London Plan covers A Government initiative to help accelerate the the period 2019-41 although the housing targets are set housebuilding process has come a step closer with the only for the first ten years. The Plan identifies a projected first reading in the House of Commons of the Compulsory population growth of 70,000 every year, reaching 10.8 Purchase and Planning Bill (2017-19) in early September. million in 2041.ꢀIn order to meet this demand, the plan If passed, the Bill will create a new law to extend councils’ targets at least 66,000 new homes per annum between compulsory purchase powers over undeveloped sites 2019 and 2029. with planning permission and reduce, if not remove, The Plan is ambitious not only in the size of its housing anyꢀsuspected land banking by developers. target – which is currently nowhere near being met – but Another source to help boost housebuilding is coming also in terms of the proportion of affordable housing. from the retail sector. Many commercial landlords see The 2017 London Strategic Housing Market Assessment residential development as a way to turn underperforming suggests that 43,000 of the 66,000 annual target should retail assets back into profit. Retail landlords are still in be “genuinely affordable” exceeding the Mayor’s strategic the early stages of converting underperforming retail target of 50%. space,ꢀhowever their diversification strategiesꢀalready The Plan recognises that Build-to-Rent is a special extend beyond residential and include leisure and case and the affordable housing offer can be solely workspaces. ꢀ at a discounted market rent. To qualify as a Build-to- In July, shopping centre ownerꢀINTU revealed plans Rent scheme various criteria must be met, notably the to build 1,000 homes to rent at its Lakeside shopping development, or block or phase within the development centre site in Essex, aiming to put residents “right on must contain at least 50 units under a covenant for at theꢀdoorstep” of the mall. In total, the retail landlord least 15 years. A planning Fast Track Route is available hasꢀidentified the capacity for about 6,000 residential provided developments deliver at least 35% affordable units across eight of its sites. housing, of which at least 30% should be at London Living Rent Level, with the remainder being at a range of discounts below market rent to be agreed with the borough and/or the Mayor where relevant.ꢀ
8 Figure 10: Net housing completions: 10 year targets (2019-20 to 2028-29)
Planning Authority 10 year housing target Average p.a. Barking & Dagenham 22,640 2,264 Barnet 31,340 3,134 Bexley 12,450 1,245 Brent 29,150 2,915 Bromley 14,240 1,424 Camden 10,860 1,086 City of London 1,460 146 Croydon 29,490 2,949 Ealing 28,070 2,807 Enfield 18,760 1,876 Greenwich 32,040 3,204 Hackney 13,300 1,330 Hammersmith & Fulham 16,480 1,648 Haringey 19,580 1,958 Harrow 13,920 1,392 Havering 18,750 1,875 Hillingdon 15,530 1,553 Hounslow 21,820 2,182 Islington 7,750 775 Kensington & Chelsea 4,880 488 Kingston 13,640 1,364 Lambeth 15,890 1,589 Lewisham 21,170 2,117 London Legacy Development Corporation 21,610 2,161 Merton 13,280 1,328 Newham 38,500 3,850 Old Oak Park Royal Development Corporation 13,670 1,367 Redbridge 19,790 1,979 Richmond 8,110 811 Southwark 25,540 2,554 Sutton 9,390 939 Tower Hamlets 35,110 3,511 Waltham Forest 17,940 1,794 Wandsworth 23,100 2,310 Westminster 10,100 1,010 Source: Draft New London Plan
9 Meanwhile, Westminster City Council is set to adopt its In mixed-use schemes, new affordable housing targets City Plan (2019–40) in 2020. A priority is delivering more willꢀonly be sought on the net increase rather than homes for people on lower and middle incomes: 35% the entire size of a scheme – a proposal welcomed of all homes are to be affordable and the plan aims to byꢀdevelopers. The biggest areas of opportunity will be achieve 60% intermediate and 40% social rent in new the West End, Paddington, Victoria and the North West developments. The new homes target has been lowered Economic Development Area (covering Church Street, since the first consultation but remains high, at 1,495 in Westbourne, Harrow Road and Queen’s Park) where the first 10 years (48% higher than London mayor Sadiq theꢀintention is to concentrate 75,000 office-based Khan’s London Plan target for Westminster for this same jobsꢀtoꢀboost the local economy. period). A maximum 200 sq m (2,152 sq ft) size limit has been set for new homes, except where a bigger size is necessary to protect heritage assets. LETTINGS MARKET
National lettings Private sector rents in the UK and in England both rose At regional level, rents rose fastest in the South West byꢀ1.3% in the year to August according to the ONS. (2.0%) and slowest in the North East (0.6%).
Figure 11: Average annual rental growth (Mar 2012 –Aug 2019)
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
Great Britain Great Britain (excl. London) Source: ONS
10 According to ARLA (Association of Residential Letting Tenant demand increased in July, with the number of Agents) the number of tenants experiencing rent rises prospective tenants registered per letting agent branch increased to the highest figure on record in July, with rising to 73, compared to 70 in June, although this is 63%ꢀof agents reporting increases, up from 31% in July lower than in July 2018 (79). The increase in demand 2018. This reflects a continuing shortage ofꢀproperties combined with low supply meant that void periods fell available to rent and, anecdotally, landlordsꢀraising rents to record lows across the UK in August, averaging just 11 to offset rising operating costs,ꢀmost recently those days and significantly below the year-to-date average in associated with the everyꢀregion monitored across Augustꢀaccording to Prop Tenant Fee Ban. Tech firm Goodlord.
Figure 12: Average rental growth by region (Aug 2019)
2.5%
2.0% 2.0% 1.9%
1.5% 1.6% 1.6% 1.5% 1.3% 1.3% 1.3% 1.0%
0.8% 0.5% 0.6%
0.0% South East South Yorks & West East of North England London North West Midlands East Humber Midlands England West East
Source: ONS;
11 London lettings market Average rents in London increased by 0.8% in the 12 in theirꢀSeptember 2018 Residential Market Survey months to August 2019 according to the ONS, thanks to thatꢀtenant demand has staged a sustained recovery strong tenant demand and supply shortages. TheꢀRoyal inꢀLondon, increasingly outstripping supply. Institution of Chartered Surveyors (RICS) reported
Figure 13: London borough monthly asking rents for 2-bed flats (as at 25 Sept 2019)
City of London Westminster Kensington & Chelsea Camden Hammersmith & Fulham Islington Southwark Wandsworth Hackney Tower Hamlets Lambeth Merton Richmond Hounslow Ealing Greenwich Barnet Newham Kingston Brent Haringey Lewisham Harrowꢀ Waltham Forest Enfield Hillingdon Croydon Redbridge Sutton Bromley Barking & Dagenham Havering Bexley
£0 £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 Source: Zoopla
The prime lettings market in central London has This, in turn, impacted upon rents which rose by 3.3% experienced an exceptionally busy summer, with July overꢀthe three months to August and by 0.9% compared andꢀAugust in particular seeing high levels of activity. to the same period a year ago. However, asking rents Lonres reports that there was a 38% increase in lettings wereꢀdiscounted by an average of 2% over the period inꢀthe period June-August compared to the preceding andꢀin the final week of September, the asking rent on three months. With landlords generally consolidating 29% of properties available to rent had been reduced portfolios or selling properties, the increase in tenant according to Lonres. demand resulted in a 5.6% reduction in available stock according to Lonres.
12 INVESTMENT MARKET
Buy-to-Let (BTL) mortgage lending picked up in July. A landlord on a typical Standard Variable Rate of 5.02% The number of loans approved for house purchase rose would save £236 a month if he or she changed to a five- by 9.4% compared to the previous month and by 5.5% year fixed rate mortgage based on a 75% loan-to-value. compared to July last year. Re-mortgaging was 20.8% In five years, this would achieve a saving of £14,160. higher than in June although only 2% up on July 2018. Landlords on fixed rates could also benefit from swapping Interest rates on buy-to-let (BTL) mortgages have been to a new deal. An average 5-year fixed rate for a 75% loan falling as many lenders have a glut of money to lend and taken out in September 2015 has seen a 1.38% decrease have switched some of this to target the BTL sector. from 4.36% to 2.98%, potentially saving £171 per month.
Figure 14: BTL Mortgage Lending (number of loans approved)
20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19
House purchase Remortgage Source: UK Finance
A survey of 2,500 landlords conducted by the Residential is not their main source of income) who have exited Landlords’ Association (RLA) earlier this year revealed that theꢀmarket or plan to do so in response to the higher tax just over 25% said that they were planning to sell at least environment and growth in legal obligations. In contrast, one property over the next year, the highest proportion the full-time professional end of the buy-to-let market since the RLA started asking this question regularly in isꢀtaking positive steps to overcome these obstacles. 2016. This follows the Government’s English Landlord There has been a big increase in the number of landlords Survey (2018) which reported that 10% of private who are using limited companies to run their BTL business. landlords plan to decrease the number of properties A recent report produced on behalf of Precise Mortgages theyꢀrent out, whilst 5% of landlords plan to sell all of found that 55% of landlords intend to use a limited theirꢀproperties. On the other hand, 53% of landlords company to purchase their next buy to let property, rising planꢀto maintain their portfolios at the same size, while to 71% among landlords with 11 or more properties. 11% plan to increase the number of properties they own. There is also evidence of a growing appetite from Anecdotal evidence suggests that it is predominantly the overseas investors. Specialist lender Skipton International smaller, part-time landlords (i.e. those for whom property said that overseas enquiries for the year to the end of
13 July were up by 43%, while mortgage applications were On top of this, the Institute for Public Policy Research up byꢀ42% on the previous 12 months. The combination (IPPR) has advocated that CGT rates on investment sales, of a fall in property values in parts of the country, notably second homes and buy-to-lets should be increased to London, and the weak pound were major attractions for income tax levels and that the annual exempt allowance overseas investors. of £12,000 should be reduced to just £1,000. On the regulatory front, the Labour Party has recently Housing Minister Esther McVey has also hinted heavily announced some controversial proposals, perhaps that the Government will introduce regulations allowing triggered by thoughts of an early General Election. for a longer minimum tenancy period as part of its Theseꢀinclude a “right-to-buy” option (at a discounted proposed reforms of the Assured Shorthold Tenancy price) for private tenants, which comes on top of (AST)ꢀsystem. A decision will be made after the AST earlierꢀstated intentions to introduce rent controls consultation ends in October. Small wonder many andꢀindefinite tenancies. landlords are thinking of leaving the sector.
Figure 15: Gross initial yields for 2-bed flats, zero gearing (at 25 Sept 2019)
Barking & Dagenham Havering Bexley Sutton Hounslow Merton Redbridge Kingston Croydon Hammersmith & Fulham Newham Greenwich Lewisham Brent Enfield Tower Hamlets Waltham Forest Islington Hillingdon Harrowꢀ Ealing Westminster Camden Wandsworth Barnet Richmond Bromley City of London Haringey Southwark Hackney Kensington & Chelsea Lambeth
0% 1% 2% 3% 4% 5% 6% Source: Zoopla & Chestertons Research
14 Recent major deals include: – Atlas Residential intends to invest $1bn (£812.5m) to create – Invesco Real Estate has completed a £98m forward-funding its first global multifamily apartment portfolio. The UK will deal in Birmingham. The High Street Residential project will account for 20% of the portfolio with Atlas looking to take deliver 484 build-to-rent apartments in a 17-storey block advantage of developers struggling to sell existing projects. atꢀHolloway Head at the junctions of Bulcher Street, Ellis Street and Gough Street. – Greystar is under offer to acquire Court Collaboration’s 667-home build-to-rent development at Birmingham’s One – Realstar has agreed the £119.5 million purchase of 347 Eastside. The US multifamily giant is in talks to forward fund homes from ꢀRedrowꢀin Colindale, north London. Realstar the £160m scheme, which is set to be the city’s largest build- willꢀuse the studio and one-to-three bedroom properties to-rent development. forꢀits upmarket Uncle residential brand.
15 Hampstead Kentish Town
Camden & Primrose Hill Islington St. John’s Wood Little Venice
Hyde Park & Marylebone Covent Garden Notting Hill Mayfair Kensington Tower Bridge Canary Wharf Knightsbridge & Belgravia Chiswick South Kensington Chelsea Westminster & Pimlico Earls Court Greenwich & Blackheath Battersea Park Kew Barnes Fulham Parsons Green East Sheen Battersea & Clapham Putney Richmond Wandsworth
Contact Chestertons is one of London’s largest estate agencies and has a network of over 30 offices offering sales and lettings services, in addition to a strong international presence including Caribbean, Middle East, Monaco, France, Spain, Portugal, Switzerland and Australia. For further information please contact one of the following:
Nicholas Barnes John Woolley Head of Research Head of Valuation
T: +44 (0) 20 3040 8406 T: +44 (0) 20 3040 8513 E: [email protected] E: [email protected]
The contents of this report are intended for the purpose of general information and should not be relied upon as the basis for decision taking on the part of the reader. Although every effort has been made to ensure the accuracy of the information contained within this report at the time of writing, no liability is accepted by Chesterton Global for any loss or damage resulting from its use. Reproduction of this report in whole or in part is not permitted without the prior written approval of Chesterton Global. September 2019.
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