JLL residential team provides analysis and insights into residential real estate market in Chicago, USA.&nbsp; For more information, please contact Jones Lang LaSalle on +852 3759 0909.

Chicago Real Estate & Residential Market Overview

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Located on the site of the former Kodak film factory, Eastman Village is part of a larger &pound;1.75bn improvement scheme in Harrow. The development will include schools, shops, leisure facilities, commercial space and two on-site gyms. The development will also create 3,000 jobs. Boasting five different train lines running into the capital, and a choice of more than 30 local schools in Harrow that have been given the top Ofsted rating of &ldquo;Outstanding&rdquo;, the development is set to be a prime investment opportunity. Mandy Wong at JLL comments: &ldquo;We&rsquo;re continuing to see increased interest in Harrow from buyers in [region]. This is an exciting time for investors to make the most of the &pound;1.75bn improvement scheme in Harrow, which Eastman Village is a key part of. The regeneration of the site is not only providing a beautiful place to live that blends the rich history with modern and efficient living, but a prime investment opportunity the area achieving average rental yields of 4% and a forecasted 14% rental growth over the next 5-years.&rdquo;This Fenton Apartments is 15-storeys tall and is one of the tallest buildings within the development. Apartments come in one-, two-, and three-bedroom layouts with spacious open-plan living and a balcony or terrace, providing residents with that all-important outdoor space. The interiors have been decorated with today&rsquo;s design trends in mind, complete with Crittall windows and bold coloured furniture. The development's ethos is reflected in the space, a mixture of old and new.&nbsp;Residents in the upper floors of the apartments will enjoy breath-taking views of the surrounding area. Those who choose the southeast facing apartments will also be treated to a picture-perfect view of London&rsquo;s skyline every day. Mandy continues: &ldquo;Harrow is a very sought after location which makes it a solid investment. It&rsquo;s a fantastic area for public transport connection, offering quick train services into central London from two stations; it&rsquo;s like living in zone two even though you&rsquo;re in zone five.&rdquo;Fenton Apartments has the added benefit of being one of the nearest blocks to the train station at Eastman Village, making travel into central London easy. residents can reach Euston Station in just 12 minutes by train from Harrow &amp; Wealdstone station. Euston is ideally located just a 15-minute walk from the famous Regents Park, where London Zoo resides. The British Museum, University College London and St. Pancras International are all within walking distance from Euston, and a quick 6-minute underground journey will take residents to the iconic retail hub of Oxford Circus &ndash; where Liberty London, Nike, Hamleys and Apple are located. Moreover, the new TfL Superloop, an express network of bus routes, will connect Eastman Village directly to Wembley, home to London&rsquo;s famous Wembley Stadium and Box Park.There are 127 residences at the Fenton Apartments in 17 different layouts, featuring one-, two-, and three-bedroom apartment and duplexes. Prices start from &pound;350,000.

Barratt London Unlocks Green Space and New Homes at Eastman Village

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In a nod to iconic British photographer Roger Fenton, Barratt London has announced the launch of the Fenton Apartments at Eastman Village – offering a selection of one, two- and three-bedroom apartments and duplexes.

In a nod to iconic British photographer Roger Fenton, Barratt London has announced the launch of the Fenton Apartments at Eastman Village &ndash; offering a selection of one, two- and three-bedroom apartments and duplexes to prospective investors, situated in the heart of a top London redevelopment area.

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JLL today announced an exclusive partnership with Cathay to hold the first-ever "London on-site viewing tour". The tour, scheduled for August, will be led by local Cantonese-speaking property experts, offering participants an in-depth exploration of several highly anticipated premium projects in London, United Kingdom.As an exclusive incentive, participants who undertake a tour of any of the four highlighted properties will receive a reward of 2,000 Asia Miles. Furthermore, those who purchase a new home through us within the specified timeframe will earn up to 168,000 Asia Miles (applicable for properties priced over GBP 3 million), eligible for redeeming a round-trip business class ticket between Hong Kong and London.The tour will showcase four high-quality property projects:<ol><li>Paddington Gardens (August 2):&nbsp;A luxury residential development situated at the heart of the Paddington Basin. The project has completed and takes just 5 minutes' walk to London Paddington station. </li><li>The Founding, Canada Water (August 3):&nbsp;GBP 1 billion flagship regeneration masterplan, which is scheduled for completion in the winter of 2024. It takes 1 minute to walk to Canada Water Underground Station. </li><li>One Thames Quay (August 9):&nbsp;A rising residential area of the Upper East Side of Canary Wharf, which will be completed in the third quarter of 2024. All apartments enjoy stunning views of Canary Wharf and the River Thames.&nbsp; </li><li>Eastman Village (August 10):&nbsp;A high investment return development project in the Harrow area, which is scheduled for completion in the second and third quarters of 2025. About 98% of the nearby local schools Ofsted-rated 'Good' or 'Outstanding'. </li></ol>During the tour, the experts will provide comprehensive presentations on the features of each property, surrounding amenities, as well as the characteristics of the United Kingdom's leading developers and the latest market overview. Participants will have the opportunity to enter the properties and observe the actual conditions at the time of handover.Mandy Wong, Head of International Residential at JLL in Asia Pacific, said: "This tour is more than just a site visit; it is a unique opportunity to gain deep insights into the London real estate market. Through first-hand experience and expert guidance, participants can comprehensively evaluate the investment potential of London properties, adding new options to their international asset allocation. Investors eyeing opportunities in the London real estate market should not overlook this unique tour that combines professional insights, on-site visits, and generous rewards. JLL cordially invites you to register without delay, seizing this invaluable opportunity to gain in-depth understanding of prime London properties and embark on your property investment journey in the United Kingdom."

JLL partners with Cathay to hold the "London on-site viewing tour"

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Expert-led tour coupled with rewarding miles: Unveiling a new era in UK property investment

Expert-led tour coupled with rewarding miles: Unveiling a new era in UK property investment

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But as the removal vans manoeuvre into No. 10, many in the industry will be thinking about the housing market and what the incoming Labour government will bring. Of course, housing was high on the agenda in the run up to the election, but the vagaries
 of the manifesto will now need to make way for greater clarity. 
The new Prime Minister had previously committed to turbocharging the housing market from &ldquo;day one&rdquo;. Realistically, we might be waiting a few days longer to find out Sir Keir&rsquo;s plans. But those close to the top have signalled an announcement
 could be a matter of a few weeks rather than a few months away. 
They&rsquo;ll need to pull their socks up as building 1.5 million homes over the next parliament will be a Herculean task. The main plans touted so far have been a recruitment drive for planners, with the intention to recruit 300 additional planning officers
 to ease bottlenecks and get Britain building. Undoubtedly a recognition of the challenges in the planning process, in practice this is the equivalent of less than one planner per planning authority and may not be the game changer we really need (a
 step in the right direction though). 
The term grey belt is also likely to enter the vernacular as Labour attempt to make developing on the greenbelt more palatable (their landslide victory and corresponding majority will help here).
Plans are afoot, too, for encouraging first-time buyer activity through further promotion of a mortgage guarantee scheme. However, the temporary increase in the first-time buyers stamp duty threshold (from &pound;300k to &pound;425k) won&rsquo;t be extended
 under Labour &ndash; although this mostly affects higher value markets.&nbsp; 
Before we delve too deeply into what-ifs we&rsquo;ll need to wait and see what emerges in the coming weeks. Until then, let&rsquo;s look at what the new government are inheriting:
<h2>The economy</h2>
Whisper it quietly, but things might not be quite as bad as we thought. The new Labour government aren&rsquo;t inheriting an economy in rude health, but quarterly GDP growth for Q1 was revised up in June to 0.7% (from 0.6%), putting GDP 0.3% higher than
 it was a year earlier in Q1. 
With growth revised up, expectations of economic growth at sub 1% in 2024 may be looking conservative. Oxford Economics expect 0.9% and consensus forecasters 0.5% this year, but we could well see these figures creep up as we move through the summer. 
Despite CPI hitting the 2% target rate, stubborn services inflation has thrown some cold water on the prospect of multiple rate cuts this year.&nbsp; But we still expect the bank rate will be cut before the year end, meaning more favourable mortgage rates,
 which are already starting to creep into the market, continue to emerge in the second half of the year.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1720173441/resi/gb/Articles/Images/JLL-house-prices-labour.png" />
<h2>House prices</h2>
House prices edged up in June, 0.2% higher month-on-month and 1.5% higher than they were at the same point a year ago. The latest figures from Nationwide show London was the only region in southern England where prices have risen in the last 12 months,
 up 1.6%. East Anglia saw the most significant annual fall at -1.8% with the North West and Northern Ireland both recording annual increases of 4.1% in Q2 2024. 
House prices have risen 59% since Labour were last in power back in 2010. They are up 68% since they last won an election back in 2005 and up 353% since the last won an election in opposition back in 1997. In 14 years under the Conservatives (2010 to
 2024) prices have risen by 57%, versus 191% in the 13 years under Labour (1997-2010) 
<h2>Activity</h2>
Mortgage approvals for house purchase continue to hover around the 60,000 mark, around 10,000 (or 19%) higher than they were a year ago. Despite rising off a low base, activity remains around 15% down on long-run norms. 
The number of transactions has risen too so far this year.&nbsp; The latest May figures show an estimated 91,660 sales, 24% (or almost 18,000) higher than volumes in May last year and just 2% shy of the 2015 to 2019 average.
The latest S&amp;P Global Construction Purchasing Managers&rsquo; Index (PMI) was released the day we went to the polls. The UK construction sector remained in growth territory for the fourth consecutive month in June, albeit dipping slightly month-on-month.
 Growth was led by the commercial sector, with housing, which had moved into positive territory for the first time in 19 months in May, dropping back in June.<img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1720173441/resi/gb/Articles/Images/JLL-rental-growth-price-growth.png" />
<h2>Rents</h2>
As we enter the busy summer market for lettings, prices achieved on new lets, according to the latest June figures from Homelet, were up 6.9% nationally. London and the South West were the only regions where rents fell month-on-month but were still 4.9%
 and 3.4% higher annually. 
Rental growth rates in London have finally dropped below wage growth, meaning the rent to affordability ratio dropped from 40% in January to 38.9% in May, but it remains 10 percentage points higher than it was a decade ago. 
Results for the latest JLL Buyer and Tenant Survey highlight the challenge facing tenants, with half of the tenants surveyed spending more than 50% of their take home pay on rent each month, up from 45% in 2022.&nbsp; To read more from the latest JLL
 Buyer and Tenant Survey <a href="https://residential.jll.co.uk/insights/research/buyers-and-tenants-survey-2024">click here.</a><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1720173440/resi/gb/Articles/Images/JLL-rent-to-income-ratio.png" />

Residential Roundup 5 July

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The Labour Party have won more than 400 seats, giving them a comfortable majority in the 2024 general election.

The Labour Party have won more than 400 seats, giving them a comfortable majority in the 2024 general election.

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We are please to release the latest JLL housing market forecasts in first half of 2024. Price falls, which we had forecast to see in early 2024 have largely failed to materialise, as more competitive rates entered the market. This means we now expect prices to rise by +2% nationally this year, compared to our previous forecast of -3% made in October 2023.Lower value markets are expected to outperform this year. As rates improve, we expect London to lead, with growth in both Central and Greater London expected to be higher than the national average over the five-year forecast period.Our research points to city centre markets as the primary driver of growth. The demand for urban living and the projected growth in households propel these markets forward over the five-year forecast period. As cities continue to attract young professionals and lifestyle seekers, the demand for rental properties in central locations is set to remain strong, contributing to the robust market performance.More balance appears to be emerging across the rental market, as the gap between tenant demand and landlord instructions reached its lowest level in four years, according to the RICS Residential Market Survey. A net +33 of respondents expect rent rises in the next three months. Though high, this is the lowest reading since 2021. Despite this shift, JLL expects a continued imbalance and anticipates rent increases across all markets year-on-year for the next five-year period. According to our updated forecast, which account for 2024 as an election year, rents are expected to rise by 4.5% nationally in 2024, with growth of 18.8% between 2024 and 2028.For more on our updated forecasts please download <a href="https://jll.box.com/s/ah2dmf602p106bio8l3gec6j7hh7pyfo">here</a>

JLL Residential Forecasts 2024-2028 update

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Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.
Generally the personal information we collect from you are for the purposes of dealing with your enquiry.
We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes
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PRIVACY NOTICE
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Generally the personal information we collect from you are for the purposes of dealing with your enquiry.
We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes
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Generally the personal information we collect from you are for the purposes of dealing with your enquiry.
We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes
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Chicago Real Estate & Residential Market Overview

Related articles

Barratt London Unlocks Green Space and New Homes at Eastman Village

JLL partners with Cathay to hold the "London on-site viewing tour"

Residential Roundup 5 July

JLL Residential Forecasts 2024-2028 update