Spotlight on UK retail The recently released shopping centre and high street spotlight from Savills for Q1 has highlighted that although the UK retail investment market has faced challenges, the occupational market has remained buoyant. From a volume perspective, emphasising consumer cautiousness in the face of high inflation, retail sales declined 3.2% year on year in March, however a marginal Read More
Economic Review – April 2023
Recent signs of economic resilience While the latest gross domestic product (GDP) statistics revealed that the UK economy stagnated in February, recent survey evidence paints a more positive picture with signs of ‘encouraging resilience’ and ‘growth momentum.’ Official data released last month by the Office for National Statistics (ONS) showed that the economy saw no growth during February. ONS said Read More
Residential Property Review – April 2023
Residential market update Demand, sales and new listings all remain in negative territory, according to the latest UK Residential Survey from the Royal Institution of Chartered Surveyors (RICS), with agreed sales dropping to -31% this month, below the -25% recorded in February. New buyer enquiries, meanwhile, were down by a headline net balance of -29% in March, virtually unchanged from Read More
Commercial Property Market Review – April 2023
Investor confidence returns as pricing plateaus UK commercial investment volumes totalled £5.6bn in Q1 2023, according to a report from Savills, the second lowest quarterly volume since 2009. Amidst a volatile and unpredictable economic backdrop, investment volumes were lower than any quarter except Q2 2020. The average Savills prime yield now stands at 5.57% after yields in industrial and regional Read More
Economic Review – March 2023
UK expected to avoid recession Revised forecasts from the Office for Budget Responsibility (OBR) suggest the UK will not enter recession this year despite households facing a record drop in spending power. Chancellor Jeremy Hunt unveiled the independent fiscal watchdog’s latest projections during his Spring Budget statement delivered to the House of Commons on 15 March. Mr Hunt declared it Read More
Residential Property Review – March 2023
Spring Budget – ‘trailblazer’ deals announced In the Spring Budget on 15 March, as part of the Levelling Up White Paper, Chancellor Jeremy Hunt announced ‘trailblazer’ deals giving new and deeper devolution powers to local leaders in the Greater Manchester and West Midlands Combined Authorities. For the first time outside of London, local leaders will now be able to set Read More
Commercial Property Market Review – March 2023
Spring Budget – Investment Zones announced On 15 March, Jeremy Hunt delivered his “Budget for Growth” focusing on four pillars ‘Everywhere, Enterprise, Employment and Education.’ Encompassed within the ‘Everywhere’ pillar, Mr Hunt spoke about the government’s plans for ‘Levelling Up,’ including the launch of 12 new Investment Zones or “potential Canary Wharfs”. For each of the eight zones in England, Read More
Residential Property Review – February 2023
Housing market continues slowdown According to the latest UK Residential Survey from the Royal Institution of Chartered Surveyors (RICS) new buyer demand, sales, fresh listings and prices are all on a downward trend. January saw the ninth successive negative monthly reading for new buyer enquiries, with contributors to the survey in all parts of the UK reporting either a fall Read More
