UK Housing Market Update

Increase in mortgage rates to be limited

Anticipation of higher interest rates has pushed up fixed mortgage rates. And with scope for banks to absorb higher costs in their margins now exhausted, future changes in interest rate expectations...

12th November 2021 · 3 mins read

UK Commercial Property Valuation Monitor

Valuations deteriorate as spreads narrow

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...

12th November 2021 · 6 mins read

Europe Commercial Property Update

Dutch industrial rental growth catching up with EZ

A healthy occupier backdrop and a shortage of supply should allow prime industrial rents in the Netherlands to continue to grow at a steady pace over the coming years. As a result, after years of...

11th November 2021 · 3 mins read

UK Commercial Property Update

Data point to upside, but outlook still fragile

The latest real estate data came in stronger than expected. But while there have been encouraging developments, particularly in the retail sector, we think this signals a short-term boost to prospects...

11th November 2021 · 3 mins read

UK Housing Market Data Response

RICS Residential Market Survey (Oct.)

Rather than representing a “rush before mortgage rates rise”, we suspect that the rise in new buyer interest in October will prove durable. With inventory very limited, that points to house prices...

11th November 2021 · 2 mins read

US Housing Market Chart Pack

House price growth cools as rents take off

The homeowner and rental markets are starting to swap places, with home sales and prices cooling as rental demand and rents take off. Rising mortgage rates have started to bring housing demand down...

10th November 2021 · 9 mins read

US Commercial Property Update

Bank on South Florida for office rental growth

The faster-than-average recovery in financial sector employment in the Miami metro owes much to new office openings by banking and finance firms in the last 18 months. This has made Miami one of the...

8th November 2021 · 3 mins read

UK Housing Market Outlook

Higher interest rates to dab on the brakes

We think it will take longer than most others expect for rising interest rates to bring down the curtain on the COVID-19 house price boom. A large stock of household savings, the ongoing adjustment to...

8th November 2021 · 22 mins read

Europe Commercial Property Update

German retail vacancy to remain elevated

The latest data show that conditions in the German retail sector are improving. Nevertheless, we think vacancy will be slow to reverse as pandemic shifts lead to weakness in in-store demand...

8th November 2021 · 3 mins read

UK Housing Market Update

Dovish surprise reduces housing market risks

The indication from the Bank of England that Bank Rate of 1.25% would be too high for the economy suggests that the forthcoming rise in interest rates won’t be anywhere near large enough to topple the...

5th November 2021 · 3 mins read

US Commercial Property Update

REITs hint at upside risk for industrial and apartments

REIT pricing appears consistent with our view that retail values are nearing a turning point while office values have a bit further to fall. But a strong recovery in industrial and apartment REITs...

4th November 2021 · 3 mins read

US Housing Market Update

Booming home sales fail to raise homeownership rate

Despite the exodus from cities and booming home sales last year, the homeownership rate in the third quarter was virtually unchanged from its level prior to the arrival of COVID-19. And with soaring...

4th November 2021 · 3 mins read

UK Commercial Property Data Response

RICS Construction Market Survey (Q3)

The latest RICS survey indicated that construction activity remained robust in Q3, while the outlook for the near term is favourable. Although we agree, we expect that building material and labour...

4th November 2021 · 2 mins read

Europe Commercial Property Update

Cautiously optimistic on Moscow office rents

While the latest virus outbreak has clouded the near-term outlook, a tight supply picture and steady employment growth mean that prime Moscow office rents should return to growth in 2022.

4th November 2021 · 3 mins read

UK Commercial Property Data Response

IHS Markit/CIPS Construction PMI (Oct.)

Construction firms reported that activity strengthened in October despite higher costs and continued difficulty sourcing materials. The big picture is that until those constraints ease construction...

4th November 2021 · 2 mins read