UK Commercial Property Chart Pack Rental growth hits a three-year high Commercial property’s recent good run continued in October. The annual rate of rental growth surged ahead after only breaching positive territory for the first time in almost two years during August... 3rd December 2021 · 7 mins read
US Commercial Property Data Response US Metro Employment (Oct.) The easing of the Delta wave of infections in the South boosted leisure & hospitality hiring in October. Meanwhile, office-based jobs rose in all 30 metros, following widespread declines in September... 2nd December 2021 · 2 mins read
Canada Economics Update A last hurrah for housing We are not convinced by the Bank of Canada’s view that the renewed strength of house prices is due to “extrapolative expectations”. With mortgage rates jumping recently, the large price gain in... 2nd December 2021 · 4 mins read
US Commercial Property Update Fair value analysis points to one more year of yield falls Against both our proprietary in-house valuations and a more traditional fair value analysis, real estate looks cheap despite recent yield falls. Indeed, our analysis suggests yields could fall by... 1st December 2021 · 3 mins read
US Housing Market Data Response Mortgage Applications (Nov.) A rise in mortgage rates to an eight-month high of 3.31% by the end of November failed to dampen home purchase demand, which surged to a nine-month high. The drop in 10-year Treasury yields from the... 1st December 2021 · 2 mins read
UK Housing Market Data Response Nationwide House Prices (Nov.) House prices recorded another above-consensus gain in November as strong buyer demand bid prices up further. There is little sign of that dynamic changing anytime soon, so we expect the consensus... 1st December 2021 · 2 mins read
Australia & New Zealand Data Response Australia CoreLogic House Prices (Nov.) Housing demand remains very strong, but rising interest rates and lending restrictions should result in a further slowdown in house price growth next year. 1st December 2021 · 2 mins read
US Housing Market Data Response Case-Shiller/FHFA House Prices (Sep.) Annual house price growth fell for the first time in 16-months in September, and stretched affordability means it should continue to slow. It is too soon to say what impact the arrival of the Omicron... 30th November 2021 · 2 mins read
Europe Commercial Property Update CEE yield compression to continue into 2022 After surprising on the upside this year, we think that the broad-based decline in Central and Eastern European (CEE) property yields will continue in 2022, albeit at a more modest pace. But with... 30th November 2021 · 3 mins read
China Chart Pack Omicron tests China’s zero-COVID strategy The global spread of a more transmissible COVID variant is a particular challenge for a country trying to remain COVID-free. But after nearly two years of success suppressing infections domestically... 29th November 2021 · 13 mins read
US Housing Market Update Why are pending and existing home sales diverging? An increase in the quality of mortgage borrowers, and record low inventory, are boosting the mortgage closing rate and leading to an increase in the share of pending home sales converted into existing... 29th November 2021 · 3 mins read
Europe Commercial Property Valuation Monitor Valuations worsen, but office and retail still fair value Higher alternative asset yields and falls in office and industrial yields contributed to a further deterioration in property valuations in Q3. The decline in government bond yields since then, which... 29th November 2021 · 7 mins read
UK Commercial Property Data Response Lending to commercial property (Oct.) A drop in repayments and rise in development activity resulted in positive net lending in October for the first time since March. Despite this turnaround, credit conditions will remain tight and... 29th November 2021 · 2 mins read
UK Housing Market Data Response Mortgage Lending (Oct.) Mortgage approvals remained robust in October after the end of the stamp duty holiday, only easing back into line with their pre-pandemic average. With demand strong, we suspect that mortgage... 29th November 2021 · 2 mins read
UK Housing Market Update 300,000 supply target remains out of reach The most comprehensive statistics on housing supply confirmed that the pause in construction in Q2 2020 caused completions of new homes to drop back. Housebuilding activity has since recovered but... 29th November 2021 · 5 mins read
Australia & New Zealand Chart Pack Diverging outlook for monetary policy While the RBNZ has lifted interest rates by 50bp and signalled that as much as 200bp of tightening is still to come, the RBA’s central scenario remains that interest rates won’t be raised until 2024... 29th November 2021 · 11 mins read
