Our monthly property market review is intended to provide background to recent developments in the property markets as well as to give an indication of how some key issues could impact in the future.
Overview
SHOPPING CENTRES ON THE BRINK
In another blow to the ailing retail sector, research from Local Data Company (LDC) has revealed that potentially 70 of Britain’s 700 shopping centres are in line for demolition. In a sector already negatively impacted by the rise in online retail, rising costs and changing habits, the fact that most centres are inside facilities and lacking essential retail, has apparently contributed to their decline.
RETIREMENT VILLAGES SET TO BREATHE LIFE BACK INTO THE HIGH STREET
Traditionally located in rural gated communities, retirement villages are changing, as developers snap up vacant urban office and retail sites to construct apartment blocks for the over-65s. The number of retirees feeling lonely and isolated has leapt during the pandemic, with many people preferring to be closer to busy city centres for access to shopping, eating out and cultural venues and experiences, with good public transport links.
GROWTH IN HOTEL MARKET
The latest UK Hotel Dashboard from Knight Frank has noted that the pace of business in the sector increased in April. Open hotels in the capital registered a 47.9% rise in monthly total revenue per available room (TRevPAR), with growth of 21.6% recorded by regional hotels. Market resilience was further verified in April, with revenue per available room (RevPAR) growth rising to over 60%, driven by a 14% rise in occupancy to over 42%.
COMMERCIAL PROPERTY CURRENTLY FOR SALE IN THE UK
- Regions with the highest number of commercial properties for sale currently are the South West and North West of England
- Northern Ireland currently has the lowest number of commercial properties for sale (22 properties)
- There are currently 1,281 commercial properties for sale in London, the average asking price is £1,479,807.