Housing market slowing but far from stopped Supply and demand both fell in November 2022, according to the latest UK Residential Survey from the Royal Institute of Chartered Surveyors (RICS), though sales completions remained high for the month. Transactions rose by 2.9% in November, although this is likely to include many mortgage agreements from before the September ‘mini-budget’, the RICS Read More
Commercial Property Market Review – January 2023
Commercial property deals at ten-year low Commercial property deals have collapsed to their lowest level in more than a decade, with just £7bn transacted in the final three months of 2022, according to CoStar. Investors have faced a series of shocks in the past year, including higher interest rates, the September ‘mini-budget’ and the prospect of a lengthy recession. Higher Read More
Economic Review – December 2022
Bank Rate raised again In mid-December, the Bank of England (BoE) announced another hike in its benchmark interest rate and warned that further increases are likely in order to sustainably return inflation to target level. Following its latest meeting which concluded on 14 December, the BoE’s nine-member Monetary Policy Committee (MPC) voted by a 6-3 majority to raise Bank Rate Read More
Residential Property Review – December 2022
Demand drops amid economic uncertainty Activity is weakening across the sales market, according to the latest UK Residential Survey from the Royal Institute of Chartered Surveyors (RICS), which points to a challenging year ahead. The headline net balance for new buyer enquiries was -38% in November, a seventh successive negative monthly reading. Similarly, new sales agreed fell by 12% between Read More
Commercial Property Market Review – December 2022
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 offices are still predicted to Read More
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 House of Commons on 17 Read More
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 to £250,000 (previously £125,000) for Read More
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 to remain broadly flat in Read More
