UK commercial property update and outlook
All Property total return continued its sharp downward trajectory and turned negative in August. Unsurprisingly this was driven by negative yield impact as the radical turn in the investment market starts to feed its way into valuations yields in earnest. Outward yield shift in the direct market has been significant, most notably since the gilt market has been engulfed in recent turmoil. Many investment deals underway have now faltered as buyers wait on the sidelines for some stability. Meanwhile sell-side pressures are likely to build in the second half of the year. There is a two-page special on the economy in this edition.
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