Property | 1 March 2024

"There is better news"

Watch now: Need to Know – UK Property Event

Catch up on the video of our latest property event which saw Kevin McCloud MBE chat through the UK market with Savills’ Lucian Cook and Coutts Chief Investment Officer Fahad Kamal.

Video player requires JavaScript enabled. You can watch this video here: https://vimeo.com/916657654

For this virtual event our Managing Director & Head of Growth Rebecca Hughes joined a panel of:

Kevin McCloud MBE – Prominent designer, writer and broadcaster who has been presenting the Channel 4 series Grand Designs since April 1999.
Lucian Cook, Head of Research, Savills – One of the UK’s most respected housing market commentators.
Fahad Kamal, Chief Investment Officer, Coutts – Fahad leads our Asset Management team, uniting analysis of rates and markets.

Together they discussed where opportunities might be for buyers, the outlook for those looking to finance a move through borrowing and the potential implications of the forthcoming budget and general election.

Read the latest Coutts London Prime Property Index for all our latest research into which areas of the capital have seen an uptick and where buyers could find a bargain.

The insights from our expert panel included:

How 2023 saw dips in prices: -0.8% in prime central London, -1.2% in prime outer London and -4.8% in the prime UK regions.

The average UK property price is predicted to be down -3% in 2024 but up +3.5% in 2025.

Prime central London prices are predicted to be flat this year at 0.0%.

“Markets have probably hit the bottom, we’re now looking at how quickly we can see a recovery, but we’re still seeing a lot of price cutting activity.” – Lucian Cook.

“Economically, the UK outlook is a lot better than expected but it’s not great. There is better news that the cost of borrowing is likely to come down.” – Fahad Kamal.

With inflation now around 4%, the lending narrative is now focusing on base rate cuts.

The general election expected in Q4 2024 might mean more market activity in spring/summer.

“If you’re lucky enough to have invested in solar [for your home] you’ll have made some real savings. In regards to green retrofitting, if you’ve been able to do that you’ll have seen big changes in your household bills.” – Kevin McCloud.

Our panel also took time to answer questions on the outlook for properties in Shepherd’s Bush, Westminster, Devon and Cornwall.

Considering your next move? Let Coutts help

Our Real Estate team could help you find the perfect property. And our bespoke mortgage service means we could provide a mortgage that’s as unique as you are.

As lending costs reduce, our range of borrowing solutions could help you and your family make your move in 2024. We also provide expert support to our international clients who might be looking to benefit from unique opportunities in prime central London.

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