Capital Values
For the first time since November 1994, an increase in the All Property Capital Value Index has been recorded. Gilts also grew in value at an increased rate. Equities, however, saw a sharp decline in their rate of growth - 1.9% this quarter compared with 7.5% in the previous quarter.
Following a fall of 1% in the previous quarter, the All Shops Capital Value Index came back to record marginal growth of 0.4%. Over the year, however, the All Shops Capital Value Index fell by 6.4%. Regionally, there have been a mixture of rises and falls in capital value - the greatest fall being in Wales (2.1%) and the greatest rise in Scotland (2.3%).
The office sector also experienced an increase in its rate of growth this quarter. A yearly increase of over 12% was seen in the West End, due largely to rental values increasing by over 10% during the last 12 months. Scotland, on the other hand, saw capital values fall by more than 6% over the year - a fall twice as great as that seen in the year ending in the previous quarter.
Apart from Wales and the North, all regions experienced falls in industrial capital values over the last year. Quarterly movements were generally marginal, but caused no change in the All Industrial Capital value Index.
Rates of Return
Once again, equities and gilts recorded higher returns than property over the quarter. However, the return for equities, although positive, was much lower than in the previous quarter.
As in the previous two quarters, Central London produced the highest return in the retail sector. Over the year, retail produced a negative return, despite the 12% return from Central London.
Of the three sectors, the highest return (2.6%), over the quarter,came from offices. All regions in this sector saw positive returns this quarter, of between 0.1% (South West) and 4.3% (West End).
The All Industrial return of 2.1% for this quarter was down on the previous quarter's return. The South East, Wales and the North all out-performed the sector, over both the quarter and the year.
Capital Values
Quarterly Annual
Movement Movement
Base (May 1988=100)
May Aug Nov May 95- Aug 95- Nov 94-
1995 1995 1995 Aug 95 Nov 95 Nov 95
Shops 95 95 95 -1.0 0.4 -6.4
Offices 89 90 91 0.6 1.0 5.6
Industrial 139 139 139 0.3 0.0 -3.5
All Property 100 100 100 -0.1 0.6 -0.7
Equities 170 182 186 7.5 1.9 12.6
Gilts 107 107 109 0.1 2.1 3.5
Rates of Return
Quarterly Annual
Movement Movement
Base (May 1988=100)
May Aug Nov May 95- Aug 95- Nov 94-
1995 1995 1995 Aug 95 Nov 95 Nov 95
Shops 147 147 150 0.5 1.9 -0.6
Offices 151 154 158 2.2 2.6 12.5
Industrial 260 266 271 2.3 2.1 4.5
All Property 164 167 170 1.5 2.2 5.7
Equities 218 236 243 8.3 3.0 17.3
Gilts 198 203 211 2.6 4.1 12.6
Capital Values
Quarterly Annual
Movement Movement
Base (May 1988=100)
May Aug Nov May 95- Aug 95- Nov 94-
1995 1995 1995 Aug 95 Nov 95 Nov 95
All Shops 95 95 95 -1.0 0.4 -6.4
Central London 116 117 121 1.0 2.9 6.7
Sub London 85 84 84 -1.0 0.4 -5.4
South East 76 75 75 -1.0 -0.1 -9.1
South West 103 102 103 -1.3 1.7 -9.6
East Anglia 104 103 104 -0.2 0.6 -5.7
East Midlands 94 94 93 -0.8 -0.3 -8.4
West Midlands 115 115 115 0.3 0.0 -2.7
Wales 112 112 110 0.6 -2.1 -8.0
North West 115 112 113 -2.8 0.9 -5.0
Yorks & Humbs 93 92 92 -0.8 -0.5 -8.2
North 115 114 113 -1.3 -0.2 -6.5
Scotland 113 111 114 -1.4 2.3 1.2
All Offices 89 90 91 0.6 1.0 5.6
West End 74 76 78 1.9 3.0 12.8
Holb/Marylebone 62 62 63 0.2 1.3 11.3
Central City 57 57 57 0.0 0.0 3.9
Fringe City 54 54 54 0.0 0.0 4.9
Sub London 108 108 109 0.1 0.7 1.7
South East 111 112 114 0.7 2.0 6.2
South West 181 181 178 0.0 -1.6 -0.7
East Anglia 178 178 177 0.0 -0.6 0.5
East Midlands 264 268 271 1.3 1.3 1.8
West Midlands 217 217 221 0.0 1.5 2.3
Wales 224 224 224 0.0 0.0 -2.2
North West 258 262 265 1.4 1.4 3.5
Yorks & Humbs 293 297 293 1.4 -1.4 0.0
North 229 229 233 0.0 1.8 2.7
Scotland 205 204 202 -0.6 -1.3 -6.2
All Industrial 139 139 139 0.3 0.0 -3.5
London 117 117 117 -0.2 0.0 -4.1
South East 124 125 126 0.9 0.5 -2.3
South West 135 135 134 0.1 -0.7 -4.7
East Anglia 171 171 170 0.0 -0.7 -5.9
East Midlands 205 205 205 0.0 0.0 -5.9
West Midlands 202 204 200 1.0 -1.6 -4.7
Wales 163 163 168 0.0 2.6 0.0
North West 233 233 233 0.0 0.0 -5.0
Yorks & Humbs 209 209 209 0.0 0.0 -3.4
North 224 224 224 0.0 0.0 0.2
Scotland 301 288 284 -4.4 -1.4 -6.4
Rates of Return
Quarterly Annual
Movement Movement
Base (May 1988=100)
May Aug Nov May 95- Aug 95- Nov 94-
1995 1995 1995 Aug 95 Nov 95 Nov 95
All Shops 147 147 150 0.5 1.9 -0.6
Central London 179 184 191 2.4 4.3 12.8
Sub London 137 138 141 0.7 2.2 1.4
South East 116 116 118 0.4 1.3 -3.8
South West 154 154 159 0.1 3.1 -4.6
East Anglia 155 156 159 1.1 2.0 -0.7
East Midlands 144 145 146 0.7 1.2 -3.0
West Midlands 172 175 177 1.6 1.4 2.5
Wales 175 178 177 2.1 -0.6 -2.2
North West 177 174 178 -1.3 2.3 0.5
Yorks & Humbs 143 144 146 0.7 1.0 -2.6
North 177 178 180 0.1 1.2 -1.1
Scotland 176 177 185 0.5 4.1 8.5
All Offices 151 154 158 2.2 2.6 12.5
West End 117 121 126 3.2 4.3 18.8
Holb/Marylebone 106 108 111 1.9 2.9 18.7
Central City 90 91 93 1.4 1.4 9.8
Fringe City 95 97 99 1.8 1.8 12.5
Sub London 196 200 205 2.0 2.6 9.6
South East 195 200 207 2.4 3.7 13.7
South West 318 324 324 1.8 0.1 6.5
East Anglia 310 316 319 1.7 1.1 7.5
East Midlands 475 489 505 3.1 3.1 9.3
West Midlands 382 389 402 1.8 3.3 9.8
Wales 428 436 444 1.9 1.9 5.5
North West 474 490 505 3.2 3.2 11.1
Yorks & Humbs 519 536 538 3.1 0.4 7.1
North 448 457 474 2.0 3.7 10.9
Scotland 358 363 365 1.4 0.6 1.3
All Industrial 260 266 271 2.3 2.1 4.5
London 222 226 231 1.9 2.1 4.1
South East 228 235 241 2.9 2.5 5.7
South West 254 259 263 2.1 1.4 3.3
East Anglia 314 321 325 2.0 1.3 2.0
East Midlands 379 386 394 2.0 2.0 1.9
West Midlands 377 388 390 3.0 0.4 3.2
Wales 321 328 343 2.1 4.8 8.7
North West 447 456 466 2.1 2.1 3.1
Yorks & Humbs 405 414 423 2.1 2.1 4.9
North 453 463 473 2.2 2.2 9.3
Scotland 610 596 601 - 2.3 0.8 2.0
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