Midtown residential: our patch, our view Q3 2016
Throughout the course of Q3, we continued to see robust demand in the Midtown area with agreed residential sales totalling £54million and annual growth of 7% in average values.
We achieved the second highest average value sale recorded to date, at £3,031psf
UK buying activity remains strong in Midtown, with UK buyers accounting for 40% of sales in Q3
We forecast a growth of 25% over the next five years, revised from 28%
Students continue to dominate the lettings market, accounting for over 50% of tenancies agreed in Q3 and paying on average £619pw
Jamie Gunning, Executive Director at CBRE, comments: “Despite all of the uncertainty that Q3 brought to the London housing market, results for this quarter indicates that sentiment now appears to be improving and demand remains strong in this part of town. CBRE agreed sales totalling £54million and recording annual growth of 7% in average values, broadly equivalent to Q2. Furthermore, our highest value sale this quarter was £3,031 - only the second time that a sale of over £3,031psf has been agreed in our patch.”