RICS survey shows demand falling Activity in the residential sales market deteriorated in June, according to the latest UK Residential Survey by the Royal Institution of Chartered Surveyors (RICS), with negative net balance readings returned across many indicators. New buyer enquiries fell to a net balance of -45%, compared to -20% recorded in May, the lowest such reading since October Read More
Commercial Property Market Review – July 2023
Pricing uncertainty weighs on the market Savills recent ‘Market in Minutes’ review of the UK commercial property market has highlighted that pricing uncertainty has intensified due to a combination of fewer assets coming to market and transactions taking longer than usual, in what they describe as ‘a relatively volatile market environment.’ With interest rates elevated, the report says that despite Read More
Economic Review – June 2023
Inflation persistence forces rates higher The Bank of England (BoE) has sanctioned another hike in its benchmark interest rate after citing ‘significant upside news’ which suggests inflation is likely to take longer to fall back to the Bank’s target level. Following its latest meeting, which concluded on 21 June, the BoE’s nine-member Monetary Policy Committee (MPC) voted by a 7-2 Read More
Residential Property Review – June 2023
Mixed signals in mortgage and housing markets Inflation hasn’t been falling as quickly as anticipated, resulting in the Bank of England coming under pressure to raise Bank Rate again in May. While lenders had priced in some interest rate rises in advance, the market reaction to inflation data released in May suggests that tolerance had been exceeded and mortgage rates Read More
Commercial Property Market Review – June 2023
Firms office space intentions over the next three years A recent survey conducted by property consultant Knight Frank and Cresa, a commercial real estate firm, has highlighted that over the next three years, half of the biggest international employers (those with more than 50,000 employees) are anticipating reducing their global office space by between 10% and 20%. This appears to Read More
Economic Review – May 2023
UK growth forecasts upgraded Revised projections released last month by both the Bank of England (BoE) and International Monetary Fund (IMF) suggest the UK economy is now set to avoid recession this year. The BoE’s latest forecast predicts the economy will grow by 0.25% across the whole of 2023, a significant upgrade from February’s prediction of a 0.5% contraction. This Read More
Residential Property Review – May 2023
Mixed market signals in May Recent releases from Savills presented mixed signals for the residential market, with the UK Housing Market Update pointing to recovering market activity in May, even as the English Housing Supply Update for Q1 2023 revealed a quarterly drop of 20% in new homes completed. The number of new sales agreed in April was just -6% Read More
Commercial Property Market Review – May 2023
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
