UK Housing Market Rapid Response Halifax House Prices (Nov. 2023) The second consecutive monthly rise in the Halifax house price index in November mirrored the increase in the Nationwide index, confirming that house prices have not only stabilised, but are rising... 7th December 2023 · 3 mins read
US Commercial Property Valuation Monitor US Commercial Property Valuation Monitor (Q4 2023) Property yields rose across all sectors in Q3, but this was offset by a sharp rise in alternative asset yields towards the end of the quarter. As a result, all sectors saw a deterioration in... 6th December 2023 · 1 min read
US Housing Market Rapid Response Mortgage Applications (Nov. 2023) Falling mortgage rates sparked a modest uptick in mortgage applications for home purchase in November. Recent falls in Treasury yields mean further falls in mortgage rates are imminent, so the trough... 6th December 2023 · 2 mins read
China Economic Outlook Stronger start, weaker end to 2024 China’s economy has regained some strength recently. We expect this to continue into 2024, on the back of support from fiscal policy and a further pick-up in household spending. But with property... 6th December 2023 · 18 mins read
UK Commercial Property Rapid Response S&P Global/ CIPS Construction PMI (Nov.) The headline CIPS construction PMI barely changed in November, settling at 45.5 from 45.6 in October, and was still below the 50 “no-change” mark. The sharp fall in the commercial balance was offset... 6th December 2023 · 2 mins read
UK Commercial Property Update Rising cost of foreign holidays to support hotel demand Hotel demand has suffered recently from the impact of high inflation and interest rates weighing on discretionary spending. But thanks to the soaring cost of foreign holidays and a revival in... 5th December 2023 · 3 mins read
US Housing Market Update Little relief in sight for first-time buyers First-time buyer (FTB) loan originations have been weak for over a year now. That’s mainly down to higher mortgage rates which have made buying too expensive for many younger adults. And as we think... 5th December 2023 · 3 mins read
US Commercial Property Chart Pack US Commercial Property Chart Pack (Q4 23) All-property values are down by 12.5% since mid-2022, but we expect an eventual decline of above 20%. Much of the correction at the all-property level is driven by our forecast for cap rates to go... 4th December 2023 · 1 min read
UK Commercial Property Update Industrial bubble poses a small risk to rents With hindsight, part of the boom in the industrial sector seen during and after the pandemic now looks like a bubble. That raises the risk that the overhang of assets started during that period of... 1st December 2023 · 3 mins read
UK Housing Market Rapid Response Nationwide House Prices (Nov. 23) The further small increase in the Nationwide house price index in November was unexpected and came on the heels of an even larger rise in October. It means house prices are on track to fall by just 2%... 1st December 2023 · 2 mins read
Australia & New Zealand Economics Weekly RBA has succeeded in stamping out housing rebound House price growth has been slowing in recent months and CoreLogic's daily data suggest that prices are now falling again in Melbourne and Sydney. A renewed downturn in the housing market suggests... 1st December 2023 · 6 mins read
Europe Commercial Property Update Data centres to remain non-core, despite AI boost Our AI work has identified data centres as a clear winner from these innovations. That the sector is already in rude health is borne out by the latest real estate data. But it remains to be seen if it... 30th November 2023 · 5 mins read
UK Commercial Property Update IPF Consensus Forecasts (Nov.) The latest IPF Consensus Survey shows that forecasters have downwardly revised their expectations for 2024, as a downgrade in capital value growth outweighed some improvement in rents. That leaves us... 29th November 2023 · 3 mins read
US Housing Market Update Deep divide among homebuilders The usually strong relationship between NAHB homebuilder confidence and housing starts has broken down recently. That can be explained by the composition of the NAHB’s builder members, which are... 29th November 2023 · 3 mins read
US Commercial Property Update 2024 rate cuts will provide no respite to price corrections Even though we expect the Fed to go into cutting mode within the next six months and the 10-year Treasury yield to fall below 4% in 2024, we don’t expect this to provide any respite for real estate... 29th November 2023 · 3 mins read
