Asset Allocation Chart Pack Three recent trends we expect to last We expect several of the trends that have tentatively (re-)emerged in financial markets recently to persist. 12th August 2021 · 13 mins read
US Housing Market Focus The last house price boom? The housing market is highly cyclical, and the current price boom marks the fifth episode since 1970 where real house price growth has exceeded 5% y/y. But there are good reasons to think this will... 12th August 2021 · 19 mins read
UK Housing Market Data Response RICS Residential Market Survey (Jul.) Despite new buyer enquiries dropping back in July, house prices continued to rise as buyers competed for limited stock. 12th August 2021 · 2 mins read
US Housing Home sales and house prices to moderate The share of households seeing now as a good time to buy a home has fallen to 39-years lows, as booming house prices, tight credit conditions and record low inventory have weighed on sentiment. But... 11th August 2021 · 9 mins read
Europe Commercial Property Update Retail yield stabilisation not a sign of a turning point Following larger-than-expected falls in Q2 and positive near-term developments, we expect prime office and industrial yields to end the year lower than previously forecast. However, we think prime... 11th August 2021 · 3 mins read
Europe Commercial Property Focus What will COVID-19 mean for the largest global cities? Cities are central to property performance. And the largest are seen as hugely important by investors. But the pandemic has turned many received ideas about real estate on their head and we think that... 10th August 2021 · 20 mins read
UK Markets Economy and policy to provide a bit less support The recent downward revision to our GDP growth forecasts and the recent hawkish signs from the Bank of England which prompted us to bring forward our forecast of when monetary policy will be tightened... 9th August 2021 · 12 mins read
Canada Economics Exports heating up as housing cools There was more evidence that the housing market is cooling this week, with home sales slipping to 12-month lows in seasonally adjusted terms in both Toronto and Vancouver. The good news, however, is... 6th August 2021 · 4 mins read
Europe Commercial Property Helsinki offices to continue to outperform euro-zone Following better-than-expected Q2 data, we have revised up our Helsinki office returns forecasts for this year. And given a robust rental outlook, returns are set to outpace the euro-zone over the... 6th August 2021 · 3 mins read
UK Housing Market Data Response Halifax House Prices (Jul.) Halifax house prices returned to growth on a monthly last month, partly reversing a weak June figure. But the underlying trend, as the stamp duty discount is phased out, is for a modest slowdown... 6th August 2021 · 2 mins read
UK Commercial Property Data Response RICS Construction Market Survey (Q2) The latest RICS survey confirmed that construction activity rose strongly in Q2 and suggests expectations are upbeat about the outlook. But while we think output is likely to remain strong in the... 5th August 2021 · 2 mins read
UK Commercial Property Data Response IHS Markit/CIPS Construction PMI (Jul.) July’s construction PMI figure was slightly disappointing compared with the previous month’s highs. But it continued to point to robust activity and we think any dip is most likely a reflection of... 5th August 2021 · 2 mins read
Europe Commercial Property Update Longer-term prospects poor for Italian offices With demand slowly recovering and supply being pushed back, we no longer expect prime office rental falls in the Italian markets this year. However, the outlook is less encouraging, with a slowdown in... 4th August 2021 · 3 mins read
US Housing Mortgage Applications (Jul.) The recent decline in mortgage rates buoyed refinancing activity in July, but didn’t prevent another month of declining home purchase activity. While market conditions are tight, there are still... 4th August 2021 · 2 mins read
US Housing Market Update Increase in build-for-rent won’t derail SF rent growth Surging demand for single-family homes has revived institutional investor interest in the single-family rental (SFR) market. With few homes available to buy, interest in build-for-rent (BFR)... 3rd August 2021 · 3 mins read
UK Housing Market Outlook House price growth to cool but not collapse There are already signs that the end of the stamp duty holiday will take some heat out of the housing market, with house price inflation set to cool from 10% to 7% by the end of the year. But as we... 2nd August 2021 · 22 mins read
