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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...
 

October 2007
Residential Market Update - briefing note


The main findings of the report are as follows:

  • The balance of opinion amongst surveyors is that house prices have fallen month on month in both August and September. Caution in the market is resulting in a reduction of both supply and demand.

  • In contrast house price indices point to a slowing in the national rates of house price growth. Quarterly growth has been declining since the end of last year as successive interest rate rises have bitten into household incomes.

  • London and surrounding regions show both the highest rates of growth and the smallest reductions in growth as the market slows down.

  • Regions which were the last to benefit from the latest upturn in the housing market cycle, namely the Midlands and the North, appear to be the first to be affected by a change in market sentiment.

  • We expect growth in national mainstream prices to be within 0.5% of our forecast of 7% in 2007 following little growth in the last quarter.

  • In 2008 we expect to see low growth and turnover for at least the first half of the year given continued affordability constraints.

  • We expect prices in the UK to rise on average by approximately 3% in 2008, with the highest growth in London and the South East.

  • In 2007 we originally forecast growth of 20% in Prime Central London. We have reduced our Prime Central forecast to 18% for this year, with little if any growth expected in the last quarter.

  • We still see prospects for growth in 2008, particularly at the very top end where a flow of overseas buyers will continue. At this stage we expect house price growth to be within a range of 6% to 8% for Prime Central London in 2008 and 4% to 6% for Prime Country Houses.

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Contact Information

Lucian Cook
+44 (0) 20 7016 3837
lcook@savills.com


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