“Having decided against September the Fed would clearly prefer to raise interest rates before year end, but considerable uncertainty remains,” he said. “While the UK remains on the path towards tightening, the European Central Bank and Bank of Japan stand ready to ease monetary policy should conditions so dictate.”
“UK commercial property remains supported by strong underlying industry fundamentals but with valuations in certain prime sectors becoming of increasing concern,” he continued. “Even so, close to double-digit IPD Index returns appear probable over the next twelve months. Unfortunately, most directly invested property funds will deliver less and fund flows need to be watched closely as the pricing basis can change alongside investor sentiment.”
