US Housing Market Data Response Housing Starts (Feb.) Housing starts rose by 5.7% m/m in February following two months of declines. While a tight inventory of existing homes is supporting homebuilder confidence, shortages of labour and materials will... 17th March 2022 · 2 mins read
Canada Economics Update Can the housing market handle higher interest rates? The rise in mortgage rates implied by our new higher policy rate forecasts would reduce affordability by 12% over the next year which, in isolation, is not especially alarming when considering that... 17th March 2022 · 4 mins read
UK Housing Market Update Mortgage rates will continue to rise Mortgage rates have been slow to respond to rising market interest rates, with lenders choosing to take a hit to their margins rather than fully offset increased funding costs. But we don’t think... 17th March 2022 · 3 mins read
US Commercial Property Outlook Industrial returns to hit 20% in 2022 before plummeting We expect the robust investment activity seen last year, particularly in H2, to persist into 2022. Although this has competed yields to record lows in the industrial and apartment sectors, we still... 15th March 2022 · 22 mins read
US Commercial Property Data Response Commercial Property Lending (Feb.) The rate of commercial lending growth dipped a little in February but remained above its five-year average. That dip was due only to a slower month for multifamily, with net lending secured against... 14th March 2022 · 2 mins read
UK Commercial Property Update Ukraine raises risk of sharper slowdown At the start of the Ukraine crisis, we felt the direct property impact would be modest, based on limited Russian ownership and capital flows. But as the conflict extends into a third week, concerns... 11th March 2022 · 3 mins read
US Housing Market Chart Pack Rise in mortgage rates cools housing market activity A rise in mortgage rates to their highest since May 2019 has cooled housing market activity, with mortgage applications for home purchase dropping to a 31-month low in the last week of February... 11th March 2022 · 9 mins read
UK Commercial Property Update South East office rents unlikely to rebound in 2022 The South East jobs market turned a corner during the second half of 2021. But while occupier activity has picked up, vacancy has also risen. As a result of this, and the effects of economic headwinds... 10th March 2022 · 3 mins read
UK Housing Market Data Response RICS Residential Market Survey (Feb.) The February RICS residential survey continued to point to resilience in UK housing markets. New enquiries remained strong and, while there is some evidence that supply constraints may be easing at... 10th March 2022 · 2 mins read
Europe Commercial Property Update Amsterdam office rental growth to outperform EZ While we don’t think that 2021’s strong pace of prime office rental growth in Amsterdam will be sustained, we still expect growth to outperform the euro-zone over the next couple of years, averaging... 9th March 2022 · 3 mins read
UK Housing Market Data Response Mortgage Lenders and Administrators Statistics (Q4 21) While mortgage lending was softer at the end of last year that largely reflected the jolt from the ending of stamp duty discounts. More recent data point to very strong market activity in early 2022... 8th March 2022 · 2 mins read
UK Housing Market Data Response Halifax House Prices (Feb.) The gain in house prices reported by Halifax for February pushed the annual rate to 10.8%, its highest since June 2007. With new supply limited and mortgage rates still relatively low, we suspect that... 7th March 2022 · 2 mins read
US Housing Market Focus Will rental growth continue to boom? Rental growth hit record highs last year as a wave of pent-up demand, plenty of savings, the need for more space and lack of homes for sale all drove rental household formation higher. But some of... 4th March 2022 · 16 mins read
UK Commercial Property Data Response IHS Markit/CIPS Construction PMI (Feb.) The construction PMI rose to its highest level in eleven months in February. Although encouraging, supply constraints remain a major impediment and input costs high, which we think will limit growth... 4th March 2022 · 2 mins read
US Commercial Property Update Introducing our new metro employment forecasts Our new metro employment forecasts point to underperformance by the six major metros in the next five years, both in terms of total and office-type employment. In contrast, Austin, Dallas and Phoenix... 3rd March 2022 · 4 mins read
UK Housing Market Update Drop in sentiment suggests prices will lose some steam The sharp downturn in consumer confidence in February showed that the cost of living crisis was starting to bite even before the war in Ukraine began. But despite the worrying correlation between... 3rd March 2022 · 3 mins read
