Prime central London property prices in October grew at the fastest rate since September 2015, while prime outer London reached levels not seen since February 2016, property firm Knight Frank revealed Friday.
Prime central growth was a relatively modest 1.2 per cent, but the capital's premium property brokers believe it is the start of a new chapter after the travails of first Brexit and then the coronavirus pandemic put a combined squeeze on prices.
“[The] prime London property market is resuming an overdue recovery that was interrupted by the pandemic,” said Tom Bill, head of UK residential research at Knight Frank.
For those hoping the recovery will follow the “dramatic double-digit bounce-back” from the 2008 global financial crash, Mr Bill sought to moderate their expectations.
Nonetheless, the green shoots of recovery do appear that little bit longer and greener as the year plays out, with September marking the sixth consecutive month of annual prime central London growth.
The positive outlook for prime central London extends to prime outer London too, an area less affected by tax changes, political volatility or international travel restrictions, according to Knight Frank.
Annual growth was 3.1 per cent in October, the fifth time this figure has been recorded over the last six months. The last time growth was stronger in prime outer London was in February 2016, highlighting the continuing strength of demand for space and greenery.
Knight Frank data showed the number of sales instructions in October were 7 per cent below the five-year average in London, compared with a drop of 14 per cent elsewhere in the country.
The trend can be partly assigned to supply levels in London proving more resilient than in the rest of the UK.
London's 10 most expensive postcodes — in pictures
SW1 - Knightsbridge (above), Belgravia, St James’s, Westminster, Victoria, Pimlico, Sloane Square and part of Chelsea. 253 £5m+ sales between 2017 and April 2021. Getty Images
W1 - Mayfair (above), Marylebone, Fitzrovia, Soho. 220 £5m+ sales between 2017 and April 2021. Getty Images
SW3 - Chelsea (above), Knightsbridge. 160 £5m+ sales between 2017 and April 2021. Getty Images
W8 - Kensington (above), Holland Park. 156 £5m+ sales between 2017 and April 2021. Getty Images
W11 - Notting Hill (above), Ladbroke Grove (south) and part of Holland Park. 96 £5m+ sales between 2017 and April 2021. Getty Images
SW7 - South Kensington (above), part of Knightsbridge. 95 £5m+ sales between 2017 and April 2021. Getty Images
NW8 - St John’s Wood, Primrose Hill (south) (above), Marylebone (north). 87 £5m+ sales between 2017 and April 2021. Getty Images
NW3 - Hampstead (above), Belsize Park, Primrose Hill (north). 74 £5m+ sales between 2017 and April 2021. Getty Images
SW10 - West Brompton (above), part of Chelsea. 52 £5m+ sales between 2017 and April 2021. Alamy
W2 - Paddington, Bayswater, Hyde Park (above), part of Little Venice, part of Notting Hill . 51 £5m+ sales between 2017 and April 2021. Getty Images
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
Here, Dr Mohamed El Abiary, paediatric consultant at Al Zahra Hospital Dubai, shares some advice for parents whose children are fasting during the holy month of Ramadan:
Gradual fasting and golden points - For children under the age of 10, follow a step-by-step approach to fasting and don't push them beyond their limits. Start with a few hours fasting a day and increase it to a half fast and full fast when the child is ready. Every individual's ability varies as per the age and personal readiness. You could introduce a points system that awards the child and offers them encouragement when they make progress with the amount of hours they fast
Why fast? - Explain to your child why they are fasting. By shedding light on the importance of abstaining from food and drink, children may feel more encouraged to give it there all during the observance period. It is also a good opportunity to teach children about controlling urges, doing good for others and instilling healthy food habits
Sleep and suhoor - A child needs adequate sleep every night - at least eight hours. Make sure to set a routine early bedtime so he/she has sufficient time to wake up for suhoor, which is an essential meal at the beginning of the day
Good diet - Nutritious food is crucial to ensuring a healthy Ramadan for children. They must refrain from eating too much junk food as well as canned goods and snacks and drinks high in sugar. Foods that are rich in nutrients, vitamins and proteins, like fruits, fresh meats and vegetables, make for a good balanced diet
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
How to wear a kandura
Dos
Wear the right fabric for the right season and occasion
Always ask for the dress code if you don’t know
Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
Wear hamdania for work, always wear a ghutra and agal
Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
