Growth confined to the industrial sector
The latest UK Commercial Property Market Survey from the Royal Institution of Chartered Surveyors (RICS), reports of 62% of respondents believe the commercial property market as a whole is in the downturn phase of the property cycle.
Projections for the retail sector remain in negative territory, whilst office rents are expected to see little change over the next three months. In contrast, the industrial sector, particularly in prime locations, continues to return solid rental growth projections for the coming twelve months in all parts of the UK.
For full briefing click here. Property Market Review November 2019
GROWTH SLOWEST SINCE 2010
Although the UK economy did expand during the third quarter, thereby avoiding recession, growth was weaker than expected with the annual rate of expansion the slowest in almost a decade.
For full briefing click here. Economic Review November 2019
First-time buyer numbers hit a 12-year high
Numbers of people buying their first home reached a monthly high in August, achieving a level not seen since 2007, before the financial crisis.
The average first-time purchaser borrowed £175,361 or around 80% of the property value. The amount borrowed equates to a multiple of 3.52 of first-time buyers’ income, but with continuing low interest rates, this only represents 17.1% of total household income.
For full briefing click here. Residential Property Review November 2019