Housing prices in London continue on a declining curve

About Siddharth Mahajan, Tulip Homes

Born and brought up in India, Siddharth Mahajan was deemed as a young thriving mind that fervently pursued a career in the hospitality industry and crossed all barriers to find the right direction for his passion. Mahajan completed a Bachelor’s degree in Hotel Management from the Oriental School of Hotel Management, Kerala, and 3 years of International Diploma in Hospitality from the American Hotel & Lodging Association in Honors.  He was the first student from college to get a campus placement at Oberoi Rajvilas, Jaipur. He joined the Rajvilas in 2002 (6 months prior to completing his degree) and returned to College in 2003 for his final semester in April 2003. His stint at the luxury hotel lasted 2 years and earned him a weighty appreciation for his highly commendable hospitality services.

As a promising Indian entrepreneur, Siddharth established a significant housing business in London and successively became the owner of Tulip Group – a successful UK-focused private group of companies that leveraged synergies across its specialist property, construction and hotel divisions to its strategic advantage. Siddharth Mahajan’s career graph saw a consistent upward movement and he now owns and manages a diverse portfolio of flagship assets across UK’s key business locations, partnering with some of the most illustrious brands to deliver consistently high service levels and sustainable growth.

With close to 15 years of experience in developing homes with premier facilities, Mahajan’s real estate activities currently involve an aggregate value of 40 million pounds assets in London. Tulip Homes further aims to develop as a private, diversified property group, active in the UK in several segments, aligning the market scenarios and people’s preferences with its objectives. Mahajan is resolute about expanding Tulip Homes by geography, sector, property activity, operational capability, and management. He envisions his business to be known for strong financial performance; excellence in quality of design and service delivery and for the long-standing impact of the company’s values on what they do and, in particular, how they do it.

Siddharth Mahajan Tulip Homes quoted, “Housing prices in London seem to be showing a steady decline owing to the sudden dip in the property market, which property agents’ blame on Brexit.”

England recorded its first annual price fall since 2012, with prices down 0.7 % in comparison to the first quarter of last year. Scotland, Wales, and Northern Ireland all enjoyed price gains. In fact, a recent survey of U.K. residential property from the Royal Institution of Chartered Surveyors (RICS) concluded that Brexit is currently the main obstacle for market activity. More than three-quarters of estate agents shared their uncertainty over how the U.K. leaving the European Union was holding back both buyers and sellers of property.

With an ever-changing Brexit deadline, it is hard to pinpoint when consumer confidence will be entirely restored. With that said, the slowly falling prices seem to be a good sign. Employment remains high and the economy is fine, so the prospect of affordability remains, even if it is a bit faint in the south and east of London. 

Annual price falls have slowed over the past two months in London’s most expensive central boroughs, such as Kensington and Chelsea, which has led to the slowdown and a sharp drop in prices. Price growth in Wales and Scotland was stronger than in England. In the year right up to May, house prices in Wales increased by 3 %, down from 5.3 % in April, while in Scotland they increased by 2.8 % compared with 1.7 percent in April. In England, house prices increased by 1 % compared with 1.3 % in the year to April. Growth was strongest in the North West, with increases of 3.4 %, and the West Midlands, with increases of 2.7 %. 

The trade association for the real estate finance industry expects revenue to fall as lenders chase fewer loans. Purchase applications will be up slightly, while refinances will be lower. Purchase originations will increase 1.6 percent to just under $1.3 trillion in 2020. Refinance originations will slow to $599 billion, a 24.5 percent drop. Total originations will fall to just under $1.9 trillion.

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