Our monthly property market review is intended to provide background to recent developments in the property markets as well as to give an indication of how some key issues could impact in the future.
Overview
MAJORITY OF COMMERCIAL MORTGAGE BROKERS OPTIMISTIC ABOUT YEAR AHEAD
The recently released ‘Broker Barometer’ from Shawbrook Bank has revealed that 67% of commercial mortgage brokers are feeling confident about the lending environment in 2020. Just over half of respondents (53%) stating they feel confident about business growth in the year ahead.
INCREASED REQUIREMENTS FOR REGIONAL SHOPPING CENTRES AS CONSUMER SPEND SHIFTS TOWARDS EXPERIENCES
Research from Savills has identified that the number of active requirements for UK shopping centres has risen in four key regional submarkets; Scotland, Wales, the Midlands and the North West. Despite the challenges facing the retail industry, leisure operators and retailers are continuing to see value in opening sites in shopping centres and are actively pursuing regional premises.
MORTGAGE ACTIVITY
- Gross mortgage lending across the residential market in August was £24bn
- 3.2% lower than August 2018 data
- There were 85,931 mortgages approved by the main high street banks in August 2019
HOUSE PRICES HEADLINE STATISTICS
- UK house prices grew by 1.3% in the year to August 2019, up from 0.8% in July 2019
- Average house prices in the UK increased by 0.8% between July 2019 and August 2019, compared with a rise of 0.3% during the same period a year earlier
- House price growth was strongest in Wales where prices increased by 4.5% in the year to August 2019