Canada Economics Weekly

Signs of stability rather than green shoots for housing

The local real estate board data for April were encouraging, with sales rebounding across the major cities and prices stabilising in Toronto after a long stretch of declines. Nonetheless, with the...

8th May 2026 · 5 mins read

US Commercial Property Update

Non-bank CRE lending growing, but not a systemic risk

As large banks have pulled back in recent years, non-bank lenders have accounted for an increasing share of CRE debt originations. While insurers’ lending has been conservative, debt funds and other...

8th May 2026 · 5 mins read

UK Housing Market Rapid Response

UK Halifax House Prices (Apr. 2026)

The small fall in the Halifax measure of house prices in April suggests the housing market has been less resilient to the jump in mortgage rates triggered by the Iran war than the alternative...

8th May 2026 · 3 mins read

Global Commercial Property Update

Student housing investment set to diversify

Investment in student accommodation appears to be turning a corner after several lean years. Demand fundamentals are expected to support a further recovery over the next decade, though geographic...

7th May 2026 · 4 mins read

UK Commercial Property Rapid Response

S&P Global/CIPS UK Construction PMI (Apr. 26)

The headline CIPS construction PMI fell by nearly 6%-pts in April to 39.7, its lowest reading since November. Meanwhile, the input prices index again climbed sharply, reaching 81.4, now more than 20%...

7th May 2026 · 2 mins read

Australia & New Zealand Economics Update

Higher energy prices will lift building costs

On their own, the recent surge in crude oil prices could lift construction costs by around 4%. However, the bigger picture is that in contrast to the previous energy shock in 2022, conditions in...

7th May 2026 · 3 mins read

UK Commercial Property Rapid Response

Lending to UK commercial property (Mar. 26)

Net lending to commercial property rose sharply in March, reaching £2.5bn. Given that was the first full month following the start of the Iran war, on first glance the strength of the data come as a...

1st May 2026 · 2 mins read

UK Housing Market Rapid Response

UK Nationwide House Prices (Apr. 2026)

The surprisingly strong rise in the Nationwide measure of house prices in April shows that house prices have continued to gain momentum despite the falls in consumer confidence and the rise in...

1st May 2026 · 2 mins read

Australia & New Zealand Economics Update

The worst is yet to come for Australia’s housing market

Australian house prices all but ground to a halt last month. And with affordability set to deteriorate further in the near term, we expect house prices to fall outright before long. Much to the RBA’s...

30th April 2026 · 4 mins read

UK Commercial Property Update

RICS survey points to higher UK property yields from Iran war

The Q1 RICS survey showed surveyors don’t expect the Iran conflict to have an impact on occupier demand across any of the major sectors. That said, there was a deterioration in capital value...

30th April 2026 · 3 mins read

UK Commercial Property Update

Multifamily build-to-rent supply to recover from 2028

High financing and construction costs, combined with significant delays from the Building Safety Act, meant multifamily build-to-rent completions saw a 28% y/y decline in 2025. A thin pipeline...

29th April 2026 · 4 mins read

US Rapid Response

US Durable Goods Orders, Advance Economic Indicators (Mar. 2026) & Housing Starts (Feb./Mar. 2026)

The batch of data just published suggest the risks to our estimate that first-quarter GDP growth will come in at 2.5% annualised in tomorrow’s advance release are skewed to the upside.

29th April 2026 · 2 mins read

UK Housing Market Update

One-year rent freeze could lead to higher rents further ahead

While a one-year rent freeze would temporarily suppress rents for households currently in rental contracts, a further squeeze of landlords’ possible returns risks exacerbating the already tight supply...

28th April 2026 · 4 mins read

US Housing Market Rapid Response

US Case-Shiller/FHFA House Prices (Feb. 2026)

The surprise fall in house prices in February suggests the market was on even weaker footing than previously thought ahead of the jump in mortgage rates tied to the Iran war. Despite this, we are not...

28th April 2026 · 2 mins read

Europe Economics Update

ECB Bank Lending & Consumer Expectations Surveys

The ECB’s Q1 Bank Lending Survey (BLS) suggests that the negative effects of higher energy prices on economic activity in the euro-zone could be bigger than we have assumed. At the same time, the jump...

28th April 2026 · 2 mins read