UK Commercial Property Update London office construction expected to slow further Office space under construction declined for a third consecutive quarter according to the Winter London Crane Survey, despite an uptick in new starts. Given the challenges the office sector faces, we... 10th December 2021 · 3 mins read
UK Commercial Property Update New variant unlikely to derail recovery The Omicron variant has heightened the near-term risks for both the economy and UK commercial property. The latest restrictions show that there is still considerable uncertainty, but our estimates... 9th December 2021 · 3 mins read
US Housing Market Update Will major coastal city rents continue to get cheaper? The pandemic turbo-charged a move away from major coastal cities, and that drop in demand led to a sharp fall in their rents relative to the national average. But with those moves now made and cities... 9th December 2021 · 3 mins read
Europe Commercial Property Outlook Omicron poses near-term downside risk to property recovery The near-term economic outlook has weakened, with the Omicron variant posing further downside risk. Meanwhile, inflation is likely to be higher for longer. However, we expect it to fall back by 2023... 9th December 2021 · 30 mins read
UK Housing Market Data Response RICS Residential Market Survey (Nov.) There was no sign of any let up in the house price boom in November as new buyer enquiries rose again. Another strong survey also suggests that the market could continue to run hot for some time... 9th December 2021 · 2 mins read
US Housing Market Chart Pack Housing activity surges even as mortgage rates rise Housing market activity has surprised on the upside over the past month and home sales look set for a strong end to the year. Even as mortgage rates increased to an eight-month high, home purchase... 7th December 2021 · 9 mins read
UK Housing Market Data Response Halifax House Prices (Nov.) The Halifax house price index suggests that not only did the end of the stamp duty holiday fail to dent the market, but that house price growth has since accelerated to a post-financial crisis high. 7th December 2021 · 2 mins read
UK Commercial Property Data Response IHS Markit/CIPS Construction PMI (Nov.) The construction PMI rose for a second-consecutive month in October, to its highest level since July. However, we expect continued labour and supply shortages to hamper output in the near term. 6th December 2021 · 2 mins read
UK Commercial Property Chart Pack Rental growth hits a three-year high Commercial property’s recent good run continued in October. The annual rate of rental growth surged ahead after only breaching positive territory for the first time in almost two years during August... 3rd December 2021 · 7 mins read
US Commercial Property Data Response US Metro Employment (Oct.) The easing of the Delta wave of infections in the South boosted leisure & hospitality hiring in October. Meanwhile, office-based jobs rose in all 30 metros, following widespread declines in September... 2nd December 2021 · 2 mins read
Canada Economics Update A last hurrah for housing We are not convinced by the Bank of Canada’s view that the renewed strength of house prices is due to “extrapolative expectations”. With mortgage rates jumping recently, the large price gain in... 2nd December 2021 · 4 mins read
US Commercial Property Update Fair value analysis points to one more year of yield falls Against both our proprietary in-house valuations and a more traditional fair value analysis, real estate looks cheap despite recent yield falls. Indeed, our analysis suggests yields could fall by... 1st December 2021 · 3 mins read
US Housing Market Data Response Mortgage Applications (Nov.) A rise in mortgage rates to an eight-month high of 3.31% by the end of November failed to dampen home purchase demand, which surged to a nine-month high. The drop in 10-year Treasury yields from the... 1st December 2021 · 2 mins read
UK Housing Market Data Response Nationwide House Prices (Nov.) House prices recorded another above-consensus gain in November as strong buyer demand bid prices up further. There is little sign of that dynamic changing anytime soon, so we expect the consensus... 1st December 2021 · 2 mins read
Australia & New Zealand Data Response Australia CoreLogic House Prices (Nov.) Housing demand remains very strong, but rising interest rates and lending restrictions should result in a further slowdown in house price growth next year. 1st December 2021 · 2 mins read
US Housing Market Data Response Case-Shiller/FHFA House Prices (Sep.) Annual house price growth fell for the first time in 16-months in September, and stretched affordability means it should continue to slow. It is too soon to say what impact the arrival of the Omicron... 30th November 2021 · 2 mins read
