UK RESIDENTIAL MARKET UPDATE

The latest UK Residential Market Update by Grainne Gilmore points out that a change of Government comes as average UK house prices continue to moderate. The ministerial reshuffle saw Esther McVey appointed as housing minister and crucially, she now has a seat at the cabinet table. Meanwhile, pent-up demand is still building in prime London and country markets. Compared to five years ago, prime London prices are on average nearly 30% lower for US Dollar buyers, and the adjustment in London is so significant that these buyer groups are seeing a 12% discount compared to only 12 months ago.