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)

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