{"id":2710,"date":"2017-05-03T12:00:48","date_gmt":"2017-05-03T11:00:48","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=2710"},"modified":"2017-05-03T12:00:48","modified_gmt":"2017-05-03T11:00:48","slug":"uk-property-market-bottoming","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/05\/03\/uk-property-market-bottoming\/","title":{"rendered":"UK Property Market &#8216;Bottoming Out&#8217;"},"content":{"rendered":"<p><strong>In a statement that may surprise those outside of London who had yet to see a decline in the property market, property professionals believe the UK market is bottoming out, boosted by a rise in international demand.<\/strong><\/p>\n<p>David Adams, a Director of Humberts\u2019 new Mayfair office, has called the bottom of the market and says it is already experiencing a <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/08\/25\/germanys-investors-manchesters-property-unusual-friendship\/\" target>notable increase in demand<\/a> from Europe, reports OPPToday.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"abQM9cq0QG\"><p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/04\/18\/londons-commercial-property-sector-attracts-record-investment-first-quarter\/\">London\u2019s commercial property sector attracts record investment in first quarter<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;London\u2019s commercial property sector attracts record investment in first quarter&#8221; &#8212; BuyAssociation Group\" src=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/04\/18\/londons-commercial-property-sector-attracts-record-investment-first-quarter\/embed\/#?secret=JOPKLVwP5y#?secret=abQM9cq0QG\" data-secret=\"abQM9cq0QG\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<blockquote><p>\u201cWith the Brexit shake up and the uncertainty surrounding the French Presidential elections in particular owning property in Central London makes good sense. We\u2019re expecting at least a 25% increase in demand from overseas buyers as the year progresses and the dust settles.\u201d<\/p><\/blockquote>\n<p>Hugh Wade-Jones, Managing Director at Enness Private Clients, called the end of the market last year. \u201cAt the end of 2016, <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/04\/04\/property-trends-expect-2017\/\" target>we predicted 2017<\/a> would see the bottom of the market, so it\u2019s no surprise to see data from property experts reflecting this.\u201d<\/p>\n<p>It has also seen a significant rise in international buyers. \u201cWe have absolutely seen a shift in property investment activity from our high net worth clients; we\u2019re doing fewer residential deals above the \u00a32million mark, but many more in the commercial and international space.<\/p>\n<p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/02\/24\/strong-uk-commercial-property-market-demonstrates-resilience-first-quarter\/\" target>Our commercial enquiries have increased<\/a> over 60% in the six months to April, highlighting an increased demand for financing in this area. Our international enquiries have also experienced a spike in the last six months, with a huge increase of 400%.<\/p>\n<p>Foreign nationals who are wary of the prime London market are investing in commercial units in the City, for example, or releasing equity from <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/03\/14\/manchester-awarded-residential-property-investment-hotspot\/\" target>residential property<\/a> to invest overseas. They no longer want to have all their eggs in one basket and our data is representative of this.\u201d<\/p>\n<p>At the same time, property developers predict upswing in PDR-enabled office to residential conversions with limited impact on the <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/10\/10\/uk-close-critical-property-shortage-rics-warns\/\" target>housing shortage<\/a>.<\/p>\n<p>Three quarters (74%) of property developers expect to see an increase in the number of conversions of under-used office buildings into new homes over the next two years as a result of the government\u2019s decision to extend property development rights (PDR) legislation.<\/p>\n<p>Of these, nearly a third (30%) of developers expects to see a significant growth in PDR-related conversion schemes. This is according to a new study commissioned by Amicus Property Finance, the specialist short term property lender.<\/p>\n<p>More than two thirds (69%) of <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/04\/20\/build-rent-developers-investors-make-three-year-tenancies-norm\/\" target>property developers<\/a> welcome the PDR extension, which was designed to enable thousands of new homes to be built by making use of neglected industrial and office property while preserving the green belt.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"cf8ktzfaQD\"><p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/02\/10\/action-now-needed-fix-broken-housing-sector\/\">Action now needed to fix &#8216;broken&#8217; housing sector<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Action now needed to fix &#8216;broken&#8217; housing sector&#8221; &#8212; BuyAssociation Group\" src=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/02\/10\/action-now-needed-fix-broken-housing-sector\/embed\/#?secret=EFIKGE9Lhk#?secret=cf8ktzfaQD\" data-secret=\"cf8ktzfaQD\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>In the UK between July 2015 and June 2016, a total of 1,066 office to residential development applications were permitted with prior approval not required and a further 1,480 applications granted with prior approval.<\/p>\n<p>Despite the predicted growth in PDR-enabled conversions, only 4% of property developers believe this will have a major impact in addressing <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/03\/24\/city-living-costs-continue-rise\/\" target>the UK\u2019s housing shortage<\/a> with the overwhelming majority (86%) thinking it will help only slightly towards narrowing the gap.<\/p>\n<p>Property developers are also sceptical of the <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/02\/08\/10-things-sajid-javids-housing-white-paper-actually-told-us\/\" target>government\u2019s target<\/a> to build one million homes by 2020 with only one in five (21%) believing this target to be realistic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a statement that may surprise those outside of London who had yet to see a decline in the property market, property professionals believe the UK market is bottoming out, boosted by a rise in international demand. David Adams, a Director of Humberts\u2019 new Mayfair office, has called the bottom of the market and says<a class=\"excerpt-read-more\" href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/05\/03\/uk-property-market-bottoming\/\" title=\"ReadUK Property Market &#8216;Bottoming Out&#8217;\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":1069,"featured_media":4371,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[11,17,37],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/2710"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=2710"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/2710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/4371"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=2710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=2710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=2710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}