UK sees "substantial increase" in commercial property interest while construction activity falls due to "prohibitive building costs"
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Office sector sees ‘big jump in investment demand compared with last year’
Rightmove’s Quarterly Commercial Insights Tracker has revealed a substantial increase in interest in commercial property investment compared to the same period last year.
The level of demand is assessed by the number of enquiries made to commercial agents regarding properties available for lease or purchase through Rightmove.
Data from the final quarter of 2024 indicates that interest in investing across all commercial property sectors surged by 28% by the end of the year—marking the most significant annual rise since the second quarter of 2021.
UK construction activity falls for first time since in 10 months
For the first time in ten months, construction activity in the UK has declined, according to the latest data from the S&P Global UK Construction Purchasing Managers’ Index (PMI).
The index registered a score of 48.1 in January, a drop from December’s 53.3, signalling a downturn (as any figure below 50.0 indicates contraction in the sector).
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‘Prohibitive building costs’ stunting UK growth projects – Deloitte
A recent report from Deloitte has highlighted that the steep costs associated with construction projects in major UK cities have significantly reduced the number of new developments commencing in 2024.
The report attributes the slowdown to rising construction costs, largely driven by global economic pressures, which have created considerable obstacles for the industry.
Average UK house price hits new record high
UK house prices saw a 0.7% increase in January compared to the previous month, setting a new record high and bringing the average property price close to the ￡300,000 mark, according to an index.
Halifax reported that the average house price for January stood at ￡299,138, reflecting an annual growth rate of 3.0%.
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