Global Real Estate Trends: Luxury, Wealth, and Future Homes

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#RealEstate: Surrey's East Road, part of St George's Hill estate, claims the UK's most expensive street outside London, averaging £9 million. Exclusive and historical, it boasts celeb residents like John Lennon. Shift in market preferences towards turnkey properties due to rising renovation costs and supply chain issues post-Brexit. Fixer-uppers lagging on portals; opportunities exist in locations like West Sussex with 20% discounts.
#GlobalWealth: UBS & Credit Suisse's Global Wealth Report 2023 reveals a global millionaire count nearing 60 million, with 42% in North America. The US leads with nearly 23 million, followed by China, France, Japan, Germany, and the UK. Predicted surge to over 85 million millionaires by 2027 highlights changing wealth dynamics.
#HousingRevolution: Labour's housing proposal led by Rachel Reeves suggests 25-year fixed-rate mortgages to support first-time buyers. Aimed at providing stability and reducing financial strain, this proposal aligns with international practices in Canada, the US, and Japan.
#ForeignOwnershipLevy: Michael Gove advocates for a "foreign ownership levy" in the UK, aiming to deter international investors. Potential to generate £1 billion annually raises questions about revenue and aligning with the Conservative government's tax-cut narrative.
#GenerationRentRetirement: Trends show an increasing number of individuals in their mid-30s to mid-40s opting to rent, leading to a potential surge in older people in the private rental sector. Challenges include financial insecurity and potential strain on the welfare system, emphasising the need for policies promoting home ownership.

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