US Commercial Property Update Forecast downgrades, but the sky is not about to fall Rises in short-and-long interest rates and the likelihood of further increases over the next 12 months pose a threat to real estate prices. While some have suggested that this will not derail market... 6th May 2022 · 5 mins read
Canada Economics Weekly Cracks in housing market risk turning into chasms The slump in home sales in April, combined with the unexpected fall in hours worked, point to downside risks to GDP last month. While hours worked are set to rebound in May, there is likely to be much... 6th May 2022 · 4 mins read
UK Commercial Property Data Response S&P Global/CIPS Construction PMI (Apr.) The construction PMI for April showed that building activity remained solid, but that the pace of growth has slowed. An easing in new orders growth also hints at a further slowdown ahead, as the... 6th May 2022 · 2 mins read
UK Housing Market Data Response Halifax House Prices (Apr.) In contrast to Nationwide’s measure of house price inflation, there was no sign of house price growth slowing in the Halifax figures for April. But with mortgage rates only just starting to climb to... 6th May 2022 · 2 mins read
US Housing Market Update Rise in rates to bring more vacant homes to market Homebuyers looking for more space were contending with low numbers of larger homes for sale in the first quarter, not helped by an apparent rise in investor demand for bigger properties. But rising... 5th May 2022 · 3 mins read
Europe Commercial Property Update Higher rates to squeeze Copenhagen office values With economic concerns worsening in the euro-zone, we expect that the Danish economy will not be immune. And we think that the shifts in the interest rate outlook in particular will have the most... 5th May 2022 · 3 mins read
UK Commercial Property Data Response RICS Construction Market Survey (Q1) The latest RICS Construction Survey indicated that activity in Q1 remained solid, while sentiment about for the next 12 months remained optimistic. But it also showed that labour and supply shortages... 5th May 2022 · 2 mins read
US Commercial Property Update ULI Consensus Forecast (Spring 2022) Consensus forecasts for rents and total returns in 2022 and 2023 have been upgraded in all four sectors since the last survey. But those changes come with property pricing looking more stretched than... 4th May 2022 · 2 mins read
Canada Economics Update Spring market brings deep freeze for home sales The steep declines in home sales across Canada’s major cities reinforces our view that a downturn in residential investment will prevent the Bank of Canada from raising interest rates by as much as... 4th May 2022 · 2 mins read
US Housing Market Data Response Mortgage Applications (Apr.) The sharp rise in mortgage rates over the past couple of months, to a 12-year high of 5.37% in the middle of April, is now weighing on mortgage demand. Home purchase applications dropped to their... 4th May 2022 · 2 mins read
UK Commercial Property Data Response Lending to commercial property (Mar.) Net lending to property eased for a third consecutive month in March, but continued to show growth. We expect increasing economic headwinds and structural changes within some sectors to weigh on... 4th May 2022 · 2 mins read
UK Housing Market Data Response Mortgage Lending (Apr.) Unchanged mortgage approvals in March showed that the housing market remained buoyant throughout the first quarter. But the emerging trend of rising mortgage rates on new loans rising will only... 4th May 2022 · 2 mins read
Europe Commercial Property Update Office yields most vulnerable to rising interest rates While the low level of prime industrial yields compared to history leaves the sector vulnerable to rising interest rates, a fair value analysis that incorporates our expectations for rental growth... 4th May 2022 · 3 mins read
US Housing Market Outlook Home sales and prices to cool as affordability worsens Mortgage rates have risen faster than we originally anticipated and we now expect them to peak at 5.6% in mid-2023. That’s below the level of around 6% which we think risks tiggering a housing market... 29th April 2022 · 18 mins read
UK Commercial Property Update Property yields under pressure from higher rates Our new, higher, UK interest rate forecast means we now expect commercial property yields will start to rise by the end of this year, earlier than in our previous profile. 29th April 2022 · 3 mins read
Europe Commercial Property Update War impact reinforces investment slowdown While Q1 investment data showed further strength, the impact of the war in Ukraine on investor sentiment, economic growth and interest rates support our view that pan-European (excl. UK) investment... 29th April 2022 · 2 mins read
