Waypoint Asset Management flags UK growth slowdown as September PMI momentum fades
EWU•Waypoint Asset Management flagged a sharp loss of UK growth momentum, despite second-quarter GDP growth being revised up to 0.5% from 0.4%. The brief also cited mixed property-market signals and a 21% quarterly fall in England planning approvals.
1. Growth and property signals
Waypoint Asset Management flagged a sharp loss of UK growth momentum, although second-quarter GDP growth was revised up to 0.5% from 0.4%. London office demand remained active, including a 465,000-square-foot One Spitalfields pre-let to Jane Street. GPE marketed 30 Duke Street for GBP 250 million at a 4.5% yield, supported by GBP 12.6 million in rent; Landsec acquired Metrocentre for GBP 516 million at a 7.9% net initial yield, funded by a GBP 500 million share issue. England planning approvals fell 21% quarter-on-quarter to 45,315 homes in the second quarter.
