Rapporti e Analisi |
Ancora giù il mercato in UK, dice IPD |
31
ottobre 2008 "The All Property total return index fell for the fifth consecutive quarter, over the three months to 30th September 2008, falling -4.8%, according to the IPD UK Quarterly Property Index. The quarterly losses are still less than the Index’s most significant fall of -7.5%, which was recorded in Q4 2007. However, total returns for the year to date have now fallen off by -10.5%, compared to 3.5% for the same period last year while the 2007 annual total return fell to -4.3%. Deepening capital growth value declines are the source of the overall losses, led by Office sector declines which returned -6.4%, against the All Property average of -6.2%. Income returns held up across all UK property sectors with the All Property Income returns at 1.4% - the highest quarterly return since Q2 2005. Losses across the UK’s property sectors were broadly similar, headed by the Office market for the second quarter in a row, which fell -5.1%. Over Q3, the Industrial sector fell -4.7% while the Retail sector dropped by -4.6%. As a result of further losses over the quarter, the annualised All Property total return for the 12 months to the end of September was -17.2%. This figure is best put into context with reference to the equivalent 12 month annualised All Property total returns for the capital growth, which now stands at -21.5%. Cumulative declines in capital growth since end of June 2007, when capital values began falling, are now -23.3%. Malcolm Frodsham Research Director of IPD, said: “Capital value deflation remains the focal point of concern as real estate investors continue to de-leverage and fund managers meet redemption requests. It is possible that a continued enforced reduction in gearing and need to meet redemption requests will disrupt normal trading activity. In addition, as the UK economy enters a full blown recession it remains to be seen how quickly the effects will impact on the occupier market.” (CS della Società) Scarica il Rapporto
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