Londoners cashing out, selling houses in city
They are buying suburban, country homes as they expect rates to rise
[LONDON] For equity-derivatives broker Andrew Adamson, it was a trade too good to pass up.
In October, he was offered £1,000 (US$2,100) per square foot for his London townhouse. Other homes in the area were going for about 30 per cent less. Mr Adamson accepted it immediately.
London's housing market, having outperformed the rest of the UK with price gains of more than 50 per cent in five years, is cooling as owners such as Mr Adamson cash out. They're leaving the city for less costly suburban and country homes because they expect mortgage rates to rise and new lending rules to damp prices. London estate agents had the largest increase in instructions to sell homes in Britain in June and the biggest drop in people seeking to buy them, according to the Royal Institution of Chartered Surveyors (Rics).
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Australia’s housing rent hits record high in headache for RBA
GuocoLand taps X factor to help tenants pull workers to offices amid hybrid work
After S$160 million makeover, SingLand eyes better take-up, higher rents at Singapore Land Tower
Airbnb promises to combat sex work in rentals during Paris Olympics
Hong Kong property deals hit three-year high in April
More homes planned in Media Circle to support housing demand