{"href":"http://player.captivate.fm/services/oembed?url=http%3A%2F%2Fplayer.captivate.fm%2Fepisode%2F91dbe810-619d-40d2-896a-fa5215b0dd10","version":"1.0","provider_name":"Captivate.FM","provider_url":"https://www.captivate.fm","width":600,"height":200,"type":"rich","html":"","title":"#23: The London Property Market","description":"James Hyman, head of residential of Cluttons discusses the London property market with Blackstock managing director Andrew Teacher.\n\nJames Hyman, the head of residential at Cluttons, the property consultants and estate agent specialists, has said that despite political turmoil and economic jitters, the London property market is as challenging as it has ever been. \n\nDuring a PropCast on the London property market with Blackstock Consulting managing director Andrew Teacher, Hyman said that the current cycle is the \u201cmost unusual one\u201d he has ever seen. \n\nThe unusual nature of the current market is due to a \u201cstand off\u201d, where a large proportion of people don\u2019t need to sell their properties which has underpinned the current property values. According to Hyman, if there was an abundance of supply in the London property market, it would turn into a \u201ccomplete buyers market\u201d. \n\nHyman predicts that the London market is set to face a further drop from in values of between five to twelve percent before sentiment returns to the market \n\nAmid the challenging market, Hyman believes that the two types of property selling right now in London are luxury properties and products at the mid-market. Developments in technology have been vital in terms of making the sector more transparent and enabling worldwide access for buyers to view properties.\n\nAs London\u2019s biggest challenge remains affordability, the vast majority of Londoners use price as means of modifying their search criteria. However, many areas of London have gone through a process of regeneration which currently satisfy this affordability criteria, such as Westbourne Grove, Bermondsey Spa and Deptford. \n\nThe market is currently faced with the challenge of tax hikes and the uncertainty surrounding Brexit. Hyman confirms that \u201cover the last 2 years the majority of buyers have been owner-occupiers, and the opportunities for investors within Central London have been far and few between\u201d. Yet Hyman predicts that \u201cas the market corrects itself, with further price reductions, yields are beginning to improve\u201d. \n\nHyman concludes by calling on the current Housing Minister, James Brokenshire MP, to enact \u201ca change in legislation regarding \u2018help-to buy\u2019 and to bring it back into the second-hand market\u201d. Hyman encourages giving more people \u201can opportunity to buy ideally what they would like, instead of being pushed into the newly built sector\u201d.","thumbnail_width":300,"thumbnail_height":300,"thumbnail_url":"https://artwork.captivate.fm/de6b81bc-d478-4a1b-9e79-d0caf2742395/artworks-000399074733-psfljj-t3000x3000.jpg"}