US Commercial Property Chart Book

Recoveries still lagging in the major coastal markets

Q2 data showed a mixed picture across the three sectors. For offices, the northern coastal markets continue to lag, with rent growth turning positive but still weaker than most other markets. Houston...

24th August 2022 · 7 mins read

US Commercial Property Chart Book

Property yields set to rise in H2

As the economy slowed in Q2 and interest rates rose, investors appear to have become less willing to compete property yields lower and investment volumes look close to turning. While occupier demand...

22nd August 2022 · 10 mins read

Canada Economics Update

Housing Watch (Aug.)

Home sales fell further below the pre-pandemic norm in July and pre-construction sales seem to have fallen through the floor, but there is no evidence yet that this is weighing on construction.

17th August 2022 · 4 mins read

US Housing Market Data Response

Housing Starts (Jul.)

Single-family housing starts fell for the fifth consecutive month in July, leaving them down by 25% from their high at the end of 2021. Leading indicators point to a much larger decline in the coming...

16th August 2022 · 2 mins read

UK Housing

Build to Rent will continue to thrive

The latest figures suggest that Build to Rent (BTR) investment has continued to expand rapidly. Despite this trend, which predates COVID-19, the sector remains under-developed by international...

16th August 2022 · 3 mins read

UK Housing Market Outlook

Prices to fall and activity to slump

Tight supply has supported house prices so far, but they now appear to be stalling. Demand will only deteriorate further over the coming quarters as rising mortgage rates, high inflation, and the...

12th August 2022 · 23 mins read

US Economics

More good news on inflation coming soon

The drop back in CPI inflation in July wasn’t enough alone to convince Fed officials to change their plans for interest rate hikes. But we expect the better news on inflation to continue over the...

12th August 2022 · 8 mins read

UK Housing Market Data Response

RICS Residential Market Survey (Jul.)

The RICS survey showed that weaker demand has not yet fed through to falls in prices, but sales volumes are beginning to wilt. We think it is just a matter of time before prices follow activity lower.

11th August 2022 · 2 mins read

Canada Economics Weekly

Stagflation summer

The further falls in home sales and employment in July add to the evidence that the economy is losing momentum. With no sign of a material easing of inflationary pressures, however, it is too soon to...

5th August 2022 · 3 mins read

US Housing Market Update

Higher rates to prevent rise in homeownership

The odds are stacking up against first-time buyers (FTBs), an important demographic for homeownership. A very limited number of starter homes on the market, higher interest rates, tight credit...

5th August 2022 · 3 mins read

UK Housing Market Data Response

Halifax House Prices (Jul.)

Like Nationwide, Halifax reported that house price growth ground to a halt in July. As these house price indices are based on mortgage approvals, its possible that affordability rules put a temporary...

5th August 2022 · 2 mins read

UK Commercial Property Data Response

S&P Global/CIPS Construction PMI (Jul.)

The fourth consecutive decline in the headline construction PMI took the index below 50 for the first time since January 2021. While driven by an idiosyncratic drop in civil engineering activity, the...

4th August 2022 · 3 mins read

US Housing Market Data Response

Mortgage Applications (Jul.)

Both refinancing and home purchase activity continued to trend lower in July, with the latter down by around 30% since the start of the year. Against a backdrop of stretched affordability and record...

3rd August 2022 · 2 mins read

UK Housing Market Data Response

Nationwide House Prices (Jul.)

While the rise in the annual rate of house price growth from 10.7% in June to 11.0% in July will make most of the headlines that was driven by base effects. Instead, we think the main takeaway from...

2nd August 2022 · 2 mins read

Australia & New Zealand Data Response

Australia CoreLogic House Prices (Jul.)

Allowing for seasonal swings, house prices in July fell as much as they did at the height of the 2017-2019 downturn. With soaring mortgage rates weighing on affordability, prices will continue to fall...

1st August 2022 · 3 mins read