Filtered by Subscriptions: UK Commercial Property Use setting UK Commercial Property
Following a surge in property yields over the second half of last year, property moved closer to fair value again in Q1. Admittedly, on our measure the all-property score is still sitting in overvalued territory. (See Chart 1.) But that is largely due …
17th May 2023
A surge in property yields helped commercial property valuations improve for the first time in two years in the final quarter of 2022. Jumps in alternative asset yields late last year following the ‘mini-Budget’ meant the shift was modest, but those …
8th February 2023
Commercial property valuations began to stabilise in Q3, as a large rise in property yields helped offset a further rise in alternative asset yields. And with the reversal of the “mini-Budget” meaning 10-year gilt yields have now likely peaked, a …
10th November 2022
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 …
11th August 2022
Commercial property valuations worsened further in Q1 and now look overvalued. The spread between property and gilt yields narrowed to its lowest level post-GFC, but still has some distance to fall to reach the lows of 2007. With more interest rate hikes …
10th May 2022
Property valuations, compared to bonds and equities, deteriorated for a fourth consecutive quarter in Q4. The spread between the asset classes narrowed as the magnitude of the fall in all-property yields outweighed marginal downward moves in gilt and …
9th February 2022
Compared to bonds and equities, property valuations deteriorated further in Q3. This was due to a combination of a fall in property yields on the one side and a rise in both bond and equity yields on the other. Although we expect a less dramatic fall in …
12th November 2021
On our measure, property looked slightly worse value relative to bond and equities in Q2. The worsening was due to a marked fall in property yields, driven by the industrial sector. Outside of over-valued industrial, all other property sectors remained …
16th August 2021
After a marked rise in gilt yields and a fall in real estate yields, property looked relatively more expensive in Q1 than in Q4. Despite this, property sectors still look either undervalued or fairly valued on our measure, except for the industrial sector …
13th May 2021
Please see PDF for full publication Property valuations improved in Q4, after they stabilised in the previous quarter. This was largely on the back of the vaccine announcements, which drove a recovery in equity prices and lowered dividend yields. As a …
9th February 2021
Property valuations stabilised in Q3, on the back of a marked improvement in Q2. This meant that, apart from industrial, all sectors looked either undervalued or fairly valued by our measure. However, with income streams highly uncertain in the near term, …
11th November 2020
