Stability and optimism for commercial property Average prime yields stabilised in November, according to the latest Market in Minutes report from Savills, which also pointed to an optimistic outlook for 2023. The number of sectors seeing rising yields halved in a month, the report noted, though some sectors, including shopping centres and City of London … Continue reading “Commercial Property Market Review – December 2022”
Economic Review – November 2022
OBR forecasts long but shallow recession Updated projections from the Office for Budget Responsibility (OBR) suggest the UK is facing a long but relatively shallow recession which will see households hit by a record drop in living standards. Chancellor Jeremy Hunt unveiled the independent fiscal watchdog’s latest forecasts during his Autumn Statement delivered to the … Continue reading “Economic Review – November 2022”
Residential Property Review – November 2022
More Stamp Duty changes in Autumn Statement Chancellor Jeremy Hunt’s Autumn Statement on 17 November left housing out of the limelight, though it did include a commitment to keep the Stamp Duty Land Tax (SDLT) changes announced in the mini budget – for now. In September, then-Chancellor Kwasi Kwarteng increased the nil-rate threshold of SDLT … Continue reading “Residential Property Review – November 2022”
Commercial Property Market Review – November 2022
Weakening outlook for commercial property The Q3 2022 Royal Institution of Chartered Surveyors (RICS) UK Commercial Property Survey reveals a picture of weakening market activity, with 81% of respondents now considering the market to be in downturn. Headline expectations for rents and capital values were in negative territory in Q3. Prime office rents are expected … Continue reading “Commercial Property Market Review – November 2022”
Economic Review – October 2022
Chancellor’s fiscal statement delayed The government has pushed back the date of its much-anticipated Medium-Term Fiscal Plan in order to ensure it is based on the “most accurate” economic forecasts available. Chancellor Jeremy Hunt had been due to deliver his first fiscal statement detailing how the government plans to repair the country’s public finances on … Continue reading “Economic Review – October 2022”
Residential Property Review – October 2022
Mortgage turmoil shakes housing market A turbulent economic and political month has dramatically altered the outlook for the UK housing market. The government’s ‘mini-budget’, announced on 23rd September, caused interest rate expectations to soar, which led to lenders rapidly withdrawing products. A third of mortgage deals disappeared overnight on 27th September; within a fortnight, 43% … Continue reading “Residential Property Review – October 2022”
Commercial Property Market Review – October 2022
Rising yields and flight to quality Most commercial property yields rose in September, according to the latest ‘Market in Minutes: UK Commercial’ report from Savills, leading to an average prime yield of 5.23%, compared to 4.95% the month before. A total of seven sectors saw an upward trend in September 2022, including shopping centres and … Continue reading “Commercial Property Market Review – October 2022”
Economic Review – September 2022
Chancellor’s Growth Plan In his first fiscal statement since becoming Chancellor, Kwasi Kwarteng hailed a “new approach for a new era” as he unveiled a series of tax cuts and other measures designed to spur economic growth. During a ‘mini-budget’ delivered on 23 September, the Chancellor outlined a Growth Plan centred on the biggest package … Continue reading “Economic Review – September 2022”
