Knight Frank Daily Update Friday 19th June
Vaccine stockpiling, high LTV lending, a new take on the recovery, and expat flight
2 minutes to read
Good morning,
Need to know
British consumer sentiment recorded its biggest improvement in nearly four years this month as coronavirus lockdown restrictions eased, although it still remains far below its level at the start of this year.
The Bank of England said yesterday that the economy seemed to be contracting less severely than it initially thought as it expanded its bond-buying program by £100bn.
Comments from Governor Andrew Bailey suggested economic output held up better than expected in May, though data from the jobs market is "quite mixed".
European leaders will today open negotiations over a new proposed 750 billion-euro fund to help their economies rebound from the Covid-19 lockdown.
The World Health Organization hopes hundreds of millions of doses of coronavirus vaccine can be produced this year and 2 billion doses by the end of 2021.
The UK has started manufacturing the Oxford vaccine so it has a stockpile available, should it receive approval soon. People over 50 and frontline health and care workers are likely to be prioritised, according to the Health Secretary.
The property market
Flora Harley revisits the "alphabet debate" over the shape of the recovery and provides a roundup of the latest news, emerging trends and forecasts across the global economy.
Mengjie Shi provides a detailed focus on activity in Asia Pacific. This includes the results of our research sentiment survey indicating the likely direction of travel for sales volumes and asking prices across the region.
In the UK, Taylor Wimpey has secured £522 million in a share placing to buy land at attractive returns and prices below pre-pandemic levels.
Lenders are temporarily retreating from higher LTV mortgages ahead of the withdrawal of government support schemes in the Autumn.
With a growing number of expats appearing to be moving back home – Kate Everett-Allen and the team ask what Covid-19 means in the long-term for these global citizens in today’s Intelligence Talks podcast.
Finally, grab a coffee, relax and let Andrew Shirley be your guide on a journey around some of the most diverse rural properties available across the globe.
If you have any questions, please contact me, or the team.