Hotels resist wider investment trends
Savills recent UK Commercial ‘Market in Minutes’ report has revealed that in 2018, all sector investment volumes totalled £62.4bn, a decrease of 4.8% on the previous year. The trend has continues this year, with volumes to the end of April down 15.7% on the same period last year. Interestingly, UK hotels have avoided this wider trend, with total hotel transaction volumes reaching £7.8bn last year, up 45% on 2017 data. The sector has been boosted by the acquisition of a number of large portfolios.
For full briefing click here. Property Market Review May 2019
UK GROWTH BOOSTED BY STOCKPIILNG
The UK economy benefited from a sharp one-off boost to growth in the first quarter of the year as manufacturers stockpiled ahead of a Brexit that never came.
Data released by the Office for National Statistics (ONS) revealed that gross domestic product (GDP) rose by 0.5% during the first three months of 2019; this compares with a growth rate of 0.2% in the final quarter of last year. While this clearly represents a strong rebound in growth, the ONS cautioned that the rise was driven by stockpiling as manufactures rushed to deliver orders before the original 29 March Brexit deadline.
For full briefing click here. Economic Review May 2019
Calls for a compulsory ‘snagging retention’ on new builds
A recent survey by New Home Review has revealed that more than nine out of 10 new-build homes in the UK have defects and almost 40% of new builds fail to meet their original deadline.
For full briefing click here. Residential Property Review May 2019