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Our latest research looks at the winners of London's residential market and takes an in-depth look at the economic and housing market trends of the past year.
CBRE Top 10:
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- Areas where demand is not matched by supply
- Ten towers that raise our expectations
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UK COMMERCIAL REAL ESTATE SET TO DELIVER TOTAL RETURNS OF OVER 19% IN 2014
Total returns for All Property were 1.4% in October, driven by capital value growth of 1.0% over the month.
So far this year capital values have increased by 11.6% and resulted in total return of 17.8% for the last eleven months
All market segments have recorded higher total returns so far in 2014 than in the whole of 2013.
For some time we have expected that rental growth would take over as the main driver of capital value growth in Central London offices. Although yield shift is still an important component, it is notable that the contribution from rents is becoming bigger.
The Chancellor has delivered an upbeat assessment of the UK’s domestic growth potential, qualified by concerns about risks from abroad. He raised his 2015 GDP growth forecast to 2.4% and indicated that he expects to eliminate the fiscal deficit by 2017-18, earlier than planned. He made a range of significant property related announcements.
Residential stamp duty land tax is to be reformed to move from a ‘slab’ to a ‘slice’ structure from midnight on 3 December.
There will be a major review into the structure of business rates. But any results from this review are unlikely to be implemented before April 2017, given the potential need for legislation, and HM Treasury have indicated that it will be ‘fiscally neutral’ – meaning that we should not expect any overall reduction in the business rates burden.
Significant infrastructure spending, particularly on transport, is likely to open up opportunities for growth and development, and there is also extra money for affordable housing, but only in the second half of the next Parliament.
The statement contains less than expected on planning reform, with no announcement on permitted development rights for conversion of offices to homes, though this may follow in the coming weeks