UK Commercial Property Update Central London office supply to remain strong The latest London Crane Survey showed office space under construction rose marginally, but will increase further as supply rises. This supports our view that increased supply over the next two years... 9th June 2022 · 3 mins read
UK Housing Market Data Response RICS Residential Market Survey (May) Softening demand in the RICS survey is a sure sign that rising mortgage rates are now putting prospective buyers off. Together with steady supply, that left the survey consistent with house prices... 9th June 2022 · 2 mins read
US Commercial Property Update Why we’re not too concerned by Amazon’s slowdown The perception of Amazon as a bellwether for the industrial sector made the announcement that it had over-expanded in the last two years a potentially worrying one. But, the fact that Amazon is only... 8th June 2022 · 4 mins read
UK Commercial Property Data Response S&P Global/CIPS Construction PMI (May) The second consecutive fall in the construction PMI in May points to a sustained slowdown in development activity. And with the new orders balance easing and optimism of future demand declining, a... 8th June 2022 · 2 mins read
UK Housing Market Data Response Halifax House Prices (May) The slight easing in the Halifax measure of annual house price inflation reflects an outsize increase in prices a year earlier rather than any loss of momentum. But there are signs that rising... 8th June 2022 · 2 mins read
Australia & New Zealand Economics Update Housing downturn will prompt RBA rate cuts in 2023 With the RBA set to hike the cash rate to 3% by early-2023, we now expect house prices to fall by 15% from their April peak. While the economy has considerable momentum from reopening in the near-term... 8th June 2022 · 3 mins read
Canada Economics Update Bank risks sending housing into a tailspin The Bank of Canada’s recent communications suggest that it will be unfazed by the second consecutive double-digit drop in home sales in May. This raises the chance of the Bank enacting a larger... 7th June 2022 · 4 mins read
US Housing Market Update Is remote work responsible for the house price boom? By increasing the demand for accommodation and boosting rents, the shift to remote work will have put some upward pressure on house prices. But while rents have seen an above-trend increase since the... 1st June 2022 · 3 mins read
US Commercial Property Data Response US Metro Employment (Apr.) The ongoing jobs recovery continued in April, although employment remained below its pre-pandemic level in more than half the 30 metros covered. Those losers tend to be expensive coastal metros and... 1st June 2022 · 2 mins read
US Housing Market Data Response Mortgage Applications (May) A small fall in mortgage rates over the second half of May failed to arrest a downward trend in mortgage demand, with applications for home purchase ending the month at a two-year low. And with that... 1st June 2022 · 2 mins read
UK Housing Market Data Response Nationwide House Prices (May) There was another slowdown in the annual rate of house price inflation in May according to the Nationwide. That was in line with our expectation of sustained slowdown through the rest of the year... 1st June 2022 · 2 mins read
Australia & New Zealand Data Response Australia CoreLogic House Prices (May) The monthly decline in house prices in May is the start of a significant housing downturn as the RBA’s hiking cycle continues. There’s a risk that this prompts the RBA to end its hiking cycle early... 1st June 2022 · 3 mins read
US Commercial Property Valuation Monitor Biggest quarterly drop in property valuations on record There was a huge deterioration in property valuations in Q1, reflecting the sharp rises in alternative asset yields recorded since the start of the year. The size of those yield rises mostly dwarfed... 31st May 2022 · 7 mins read
US Housing Market Data Response Case-Shiller/FHFA House Prices (Mar.) House prices surged in March, with Case-Shiller reporting record gains on both a monthly and annual basis. That reflects the jump in housing demand seen over the turn of the year, when desperate... 31st May 2022 · 2 mins read
Europe Commercial Property Update Office rent growth to slow, but quality gap could arise Both our view and that of the IPF Consensus is that prime office rental growth will slow as hybrid working shifts take their toll. However, we also think it is likely that a quality gap will emerge... 31st May 2022 · 3 mins read
UK Commercial Property Data Response Lending to commercial property (Apr.) Net lending to property rose sharply in April, after three consecutive months of easing. But the latest jump is most likely a once-off as we expect that credit demand will be dented by rising interest... 31st May 2022 · 2 mins read
