Cooling demand slows sales Demand is cooling in the UK housing market, according to the latest Residential Market Survey published by the Royal Institution of Chartered Surveyors (RICS). New buyer enquiries slipped to a net balance of -27% in June, a significant drop from the -9% recorded a month earlier. Net buyer enquiries had fallen nationwide for the first time Read More
Commercial Property Market Review – July 2022
Strong first half for commercial property Investment and take-up performed strongly in H1 2022, according to Savills’ latest UK Commercial Property update, while vacancy rates remained low. Overall investment levels in H1 2022 were 20% above the long-term average, even after slowing in the second quarter. The total half-yearly investment of £25.4bn came mostly towards the start of 2022, with Read More
Economic Review – June 2022
Slowdown fears mount The latest gross domestic product (GDP) statistics show the UK economy unexpectedly shrank in April, increasing concerns about future growth prospects. Data released by the Office for National Statistics (ONS) revealed that the economy shrank by 0.3% in April following a fall of 0.1% in March; this was the first contraction in two consecutive months since the Read More
Residential Property Review June 2022
UK housing market – busy but slowing Following two frenetic years, UK housing market activity remains strong, despite some signs of a slowdown beginning to emerge. In April 2022, sales agreed were 18% higher than the month’s pre-pandemic average, according to TwentyCi. Completions too remained 13% above the 2017-19 rate. First-time buyers (FTBs) continue to drive demand, according to UK Read More
Commercial Property Market Review June 2022
Quality is key for London office space After its pandemic-induced hibernation, London’s office market has kicked back into life, with demand from Central London occupiers in Q1 2022 more than 34% above the five-year quarterly average, according to Savills. As confidence returns to the office market, more Central London occupiers are increasing their total space (29%) than decreasing it (13%), Read More
Economic Review – May 2022
Bank warns of deteriorating outlook The Bank of England (BoE) has warned that the UK faces a “sharp economic slowdown” in the coming months as it continues to raise interest rates in a bid to dampen rapidly rising prices. Following its early-May meeting, the BoE’s nine-member Monetary Policy Committee (MPC) voted by a 6-3 majority to increase the Bank Rate Read More
Residential Property Review – May 2022
Three key Queen’s Speech commitments Housing featured prominently in the Queen’s Speech on 10 May, with social housing, rental reform and leasehold reform all part of the government’s priorities in the coming twelve months. Of the 38 legislative announcements, there were three significant ones relating to housing: the Social Housing Regulation Bill, the Renters’ Reform Bill and the Leasehold Reform Read More
Commercial Property Market Review – May 2022
Return to the office According to a recent business update, London’s office-leasing market is kicking back into life after its pandemic-induced slumber, with modern and energy-efficient space most in demand. Companies are willing to pay higher rents for leases than they were a year earlier, according to Derwent London, a FTSE 250 office landlord. The value of its new lettings Read More
