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March 2008
Residential Property Focus: Assessing a Changing Market
A combination of positive and negative factors means that our generally optimistic view of the housing market in 2008 remain in place at this stage.

Winter 2008
Key prime housing market dynamics
As we predicted, the global credit crisis has taken its toll on prime central London and downside risks are increasing. Values fell by -2% for PCL in the final quarter of 2007.

February 2008
UK residential market update
Given the weaker economic backdrop, the downside risks have increased for the UK's housing market

October 2007
UK Shopping centre and high street bulletin
With it looking increasingly likely that the next move in the base rate will be downwards, we expect consumer confidence to improve.

UK Commercial Leisure Bulletin - 2007
Corporate change and consolidation has been rife in the leisure sector.

Autumn 2007
Key prime housing market dynamics
Given the weaker backdrop in the financial markets, we have lowered our forecast for growth in prime London properties from 22% to 18%...

October 2007
Residential Market Update
The balance of opinion amongst surveyors is that house prices have fallen month on month in both August and September.

Autumn 2007
Central Scotland Residential Development Survey
New build average asking prices per square foot in Central Scotland have increased by 8% over the last year...

September 2007
Rising housing supply
Although housing supply has been rising nationally, the levels still fall well short of the numbers that would remove housing scarcity...

2007
Better by Design
The current planning emphasis on urban regeneration, mixed use, sustainable development and high residential densities...
 
Key prime housing market dynamics
Winter 2007/08


"As we predicted, the global credit crisis has taken its toll on prime central London and downside risks are increasing. Values fell by -2% for PCL in the final quarter of 2007." - Harriet Black

Key findings:

  • As we predicted, the global credit crisis and consequent financial market volatility has now officially taken its toll on prime central London (PCL) property. Values fell in the fourth quarter of 2007 by 2% compared to the previous quarter.

  • Our other prediction was that the very top-end of the market (over £5m) would withstand the downturn better than the rest of PCL. Sure enough it did, recording 30% growth over 2007.

  • Rental growth is slowing in the wake of a troubled financial market as the signs are that corporate demand is weaker. Rental growth in the fourth quarter of 2007 showed the lowest rate of growth in the year at just 1.3%.

  • Rural fortunes have seen a big reversal in the past few years as growing confidence amongst farmers has added to the strong demand for farmland. We expect farmland value to increase again during 2008 and forecast growth between 10 and 15%.

  • Prime regional residential markets outside of London are traditionally less volatile so there was little movements in values in the fourth quarter 2007. Similar to London, the top end of the regional markets has proved to be the most resilient.

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Contact Information

Harriet Black
Residential Research
hblack@savills.com


www.savills.co.uk/research

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