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IHS Markit/CIPS Construction PMI (Jan.)

In contrast to the decline at the end of last year, the construction PMI rose to its highest level in six months in January. There were also encouraging signs that supply and cost issues have started to ease, but we suspect that they will continue to constrain output in the near term.
Pieter Du Preez Property Economist
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UK Commercial Property Valuation Monitor

Valuations worsen further, but may be bottoming out

Commercial property valuations worsened for the sixth quarter in a row in Q2, and for all-property is now the most overvalued since late 2007. But since the end of June gilt yields have edged back and we doubt they will match their previous peak over the next couple of years. With property yields also set to rise we therefore doubt that valuations will continue to deteriorate.

11 August 2022

UK Commercial Property Data Response

RICS Construction Market Survey (Q2)

The latest RICS Construction Survey showed a further rise in workloads during Q2, though sentiment for the next 12 months worsened slightly. With labour and supply shortages remaining a major concern and signs that rising interest rates are biting, we expect building activity to weaken in the near term.

4 August 2022

UK Commercial Property Data Response

S&P Global/CIPS Construction PMI (Jul.)

The fourth consecutive decline in the headline construction PMI took the index below 50 for the first time since January 2021. While driven by an idiosyncratic drop in civil engineering activity, the upbeat new orders and future activity balances look wildly optimistic. Bank of England Drop-In (4th August, 10:30 ET/15:30 BST): Join our post-MPC, 20-minute online briefing to find out why we think UK rates will rise by more than most expect, despite a looming recession. Register now.

4 August 2022

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UK Commercial Property Data Response

RICS Construction Market Survey (Q4)

The latest RICS survey indicated that activity in Q4 and the outlook for the short term were broadly unchanged. The survey also suggested that labour and material shortages will continue to hurt activity in the coming months.

3 February 2022

UK Commercial Property Data Response

Lending to commercial property (Dec.)

A marked jump in lending to standing property resulted in total net lending reaching its highest level in just over 18 months in December. Although this is encouraging, several challenges remain during the first half of the year, which means lending is unlikely to stay as strong.

1 February 2022

UK Commercial Property Data Response

RICS Commercial Property Market Survey (Q4)

The spread of the Omicron variant took some of the steam out of the property recovery in Q4 2021, but the latest RICS results are consistent with further growth in 2022. They also highlight continued deep divisions in sectoral performance, with industrial booming and retail languishing.

27 January 2022
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