The Organisation for Economic Co-operation and Development (OECD) forecasts the UK to grow at 0.7% next year and 1.2% in 2025, slightly behind the Euro area which is projected to grow at 0.9% next year and 1.5% in 2025.

The November Consumer Panel Services GfK’s consumer confidence index came in at -24, up from -30 last month, suggesting a relatively cheerful consumer heading into the festive period.
 
British Retail Consortium reported that food price inflation dropped to 7.8% in November, down from 8.8% in October and well below the 19% levels in the Spring.

Ares Management Corporation has sold Kingsway West, Dundee, Retail Park to Realty Income Corporation for £30m+, reflecting a net initial yield of c. 9%.
 
Aware Super, the Australian pension fund is to invest £5.25 billion into the UK and European markets.
 
Oxford Properties Group and Temasek are close to securing a £280m refinancing of the Blue Fin building on London’s Bankside through Singapore’s United Overseas Bank (UOB).
 
Otera Capital, the real estate lending business of the Caisse de dépôt et placement du Québec (CDPQ), and RBC Capital Markets have provided a £525m loan facility to Blackstone owned St. Modwen to support the development of a 5m sq ft logistics portfolio.
 
John Lewis & Partners reported Black Friday purchases up 2% on last year and 12% on 2021, making it their busiest shopping day on record.
 
Mountain Warehouse is increasing new store openings, with opening a new branch every week in December and targeting 50 openings next year.
 
Caddick Developments has been granted consent to complete its £300m Soyo masterplan in Leeds, which will include two separate PBSA blocks providing 651 units.
 
Bank of England reports that mortgage approvals on new homes rose from 43,700 in September to 47,400 in October. Net approvals for mortgaging also increased from 20,600 in September to 23,700 in October. Further, Nationwide Building Society reports a third consecutive monthly increase in house prices – 0.2% in November. While prices are down 2% y/y, the market has not collapsed as many predicted.
 

Mark Charlton – Real Estate Research Consultant at Waypoint