Wednesday, February 1, 2023
HomeMarketMansion Global Daily: Soho Is Home to the U.K.’s Most Expensive Rents

Mansion Global Daily: Soho Is Home to the U.K.’s Most Expensive Rents

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Experts Predict Falling Homes Sales in the U.K.

U.K. home sales may spiral at the start of 2023, according to industry experts. Pointing to recession fears, U.K. estate agents are forecasting that potential sellers may sit on their homes until the worst passes in a bid to ensure they snag top dollar. As higher mortgage rates have priced would-be-buyers out of the market, sellers may take a wait-and-see approach through the first half of the year so they don’t have to sacrifice on price when listing. City A.M.

West End and Soho Are Home to the U.K.’s Most Expensive Rents

SpareRoom has released a study of the most expensive, and most affordable, rents in the U.K., and the results were not exactly shocking. According to the apartment search portal, London’s W1 postcode, home to the West End and Soho, had the highest room rents at £1,475 (US$1,821) per month, followed by SW1 (encompassing Westminster, Belgravia and Pimlico) at £1,284 per month and WC1 (Bloomsbury and High Holborn) at £1,255 per month—giving central and western London a clean sweep of the top three spots. The most affordable room rent in the U.K.? That belongs to Burnley, a town in northwest England, with an average monthly room rent of £421. PropertyWire

Palm Beach, Florida, Home Sales Down 40% in December

Palm Beach County sold 1,830 homes in December—a 40.2% drop year-over-year from the 3,082 transactions in December 2021, according to the Miami Association of Realtors. It may not be due to a lack of enthusiasm for the region, but rather a lack of inventory. While the high-end of the Palm Beach market has more options, inventory for single-family homes ranging from $400,000 to $600,000 sat at 2.4-months worth, well below the healthy six months of a balanced market. World Property Journal

Outgoing Chicago Bears President Finds Home Buyer in Less Than a Week

Ted Phillips, outgoing president of the NFL’s Chicago Bears, found a buyer for his home in the Chicago suburb of Libertyville less than a week after listing the property. Mr. Phillips, who worked for the Bears organization for 40 years and is retiring in February, listed the four-bedroom property on Jan. 10 for $1.19 million. Mr. Phillps purchased the home, which features a primary suite with a stone fireplace, a media room, an exercise room and closets designed by storage professionals, for $900,000 in 2009.The Real Deal


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