Mortgage market still subdued with latest figures showing a mixed lending scenario

propertywire | June 27, 2019

Gross mortgage lending across the residential market in the UK in May 2019 reached £21.9 billion, up just 0.4% year on year, according to the latest industry figures to be published. However, the number of mortgages for home purchase approved by the main high street banks in May 2019 was 9.1% higher than in the same month in 2018, and reached its highest level since June 2016. The figures from UK Finance also show that remortgage approvals were 3.7% lower and approvals for other secured borrowing were 5.9% higher than the same month a year earlier Overall, monthly mortgage approval levels were marginally less than forecast but have remained at some of the highest levels in over two years, the industry body said. Lenders believe that the figures are positive. ‘The latest mortgage approval numbers, whilst a smidgeon below forecast, have remained at a very healthy level indeed. In fact, along with the previous month, they represent some of the highest numbers since March 2017,’ said Alastair McKee, managing director of One 77 Mortgages.

Spotlight

New business models and competition, extensive use of technology, and changing tenant and investor expectations are redefining the commercial real estate (CRE) industry. In our 2018 Real Estate Outlook, we emphasized that RE companies will likely have to take some risks and embrace change to adapt for the future. Since then, we’ve seen these factors occurring at ever-increasing rates, which has continuously challenged companies to deal effectively with the relentless pace of change. As a result, traditional rules of the road might not work fast enough to provide the agility CRE companies of the future will likely require.


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REAL ESTATE TECHNOLOGY

CRMLS makes SavvyCard for Real Estate a core product for its 110K+ users

California Regional Multiple Listing Service and SavvyCard | November 04, 2022

Following SavvyCard's® strong adoption and renewal rates by participating associations, California Regional Multiple Listing Service (CRMLS) has signed a four-year deal to make the SavvyCard platform a core product offering for all of CRMLS' 110,000+ users. SavvyCard® is a Software-as-a-Service (SaaS) platform that utilizes aggregated client data to automatically generate customized web applications (called "SavvyCards") for companies, products, and business professionals. SavvyCards are currently used by over 200,000 business professionals to automate and enhance their digital marketing and lead generation efforts. CRMLS will deploy SavvyCard for users across all 41 participant associations on Nov. 15. Previously, SavvyCard was offered to CRMLS users through the CRMLS Co-Op program, where more than 30 participating associations chose to offer it as a benefit for their members. "Three years of strong adoption by the majority of our participating associations, and more importantly a 100-percent yearly renewal rate, made it an easy decision to make SavvyCard a core CRMLS product for our associations, We believe that SavvyCard delivers a valuable business program and we are excited to extend our relationship with them. We're looking forward to bringing our users the impressive features the SavvyCard software suite has to offer." -Art Carter, CRMLS CEO We know that CRMLS is very selective when it comes to adopting product offerings, making it all the more gratifying for SavvyCard to be upgraded into a core product for its 110,000+ users, Our focus on product development, along with our valuable training programs and support have served us well. We look forward to working with CRMLS on bringing the next generation of SavvyCard to its users and their customers,said Warren Dow, GM of Real Estate at SavvyCard. About California Regional Multiple Listing Service (CRMLS): California Regional MLS is the nation's largest and most recognized subscriber-based MLS, dedicated to servicing more than 110,000 real estate professionals from dozens of Associations, Boards, and MLS organizations. CRMLS is the industry powerhouse and thrives on providing the most relevant products and services to its subscribers. About SavvyCard®: SavvyCard® is a Software-as-a-Service (SaaS) platform that utilizes aggregated client data to automatically generate customized web applications (called "SavvyCards") for companies, products and business professionals. SavvyCards are currently used by over 200,000 business professionals to automate and enhance their digital marketing and lead generation efforts. When SavvyCard's flagship software, SavvyCard for Real Estate and SavvyCard for Affiliates is combined with RE-Target®, Associations and MLSs have broad visibility into communication performance, member engagement, and overall return on investment for member services.

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REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

Green Street Expands European Market Coverage to Enhance its Standardised Pan-European Commercial Property Analytics

Green Street | December 05, 2022

Green Street, the preeminent provider of commercial real estate intelligence, has expanded its Pan-European market coverage to 30 metros with the addition of new data, analytics and research on Edinburgh, Geneva, Lisbon, Prague and Warsaw. These five cities have been incorporated into Green Street's powerful web platform to provide market participants with an unparalleled view of operating fundamentals and valuation throughout the Pan-European region based on average-quality assets. Specifically, this expansion enables the comparison of proprietary Market Grades, net initial yields, economic cap rates, Commercial Property Price Indices (CPPIs), market forecasts, sales comps, and insights, with more than 15 years of historical data, across 30 metro areas for the Office, Industrial, Residential and Retail property sectors. "Green Street's expanded Pan-European market analytics enables swift and easy comparison of commercial property in Europe – standardized across 17 countries and eight different currencies – to empower our clients to make the most-informed capital-allocation decisions, Market participants gain competitive insight on high-yielding, burgeoning markets at the property-sector level, which is critical during times of volatility and unrest," he shares. -Kris Hoffman, Chief Revenue Officer for Green Street Building off the momentum from our recent European Sales Comps launch, the addition of these new markets supports Green Street's commitment to aggressively investing in our global data, analytics and research to continuously innovate and expand the breadth and depth of our robust web platform of actionable intelligence, Hoffman concludes. About Green Street Green Street is the preeminent provider of actionable commercial real estate research, news, data, analytics, and advisory services in the U.S. and Europe. For more than 35 years, Green Street has delivered unparalleled intelligence and trusted data on the public and private real estate markets, helping investors, banks, lenders, and other industry participants optimize investment and strategic decisions. The firm delivers exclusive market information, conclusion-driven insights, and predictive analytics through a SaaS platform.

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REAL ESTATE INVESTMENT,REAL ESTATE ADVICE

Clarion Partners Real Estate Income Fund Inc. Celebrates Three Years of Strong Performance With Its Differentiated Approach

Clarion Partners | December 06, 2022

Leading real estate investment manager Clarion Partners is celebrating the three-year anniversary of the launch of the Clarion Partners Real Estate Income Fund Inc. (“the Fund”) an innovative fund designed to provide investors of all types and sizes with access to a portfolio of research-backed institutional quality real estate holdings managed by Clarion’s industry-leading team. Clarion Partners, an independent investment manager of Franklin Templeton, has been a leader in building and managing private real estate portfolios for some of the world’s largest institutional investors for more than 40 years. As of September 30, 2022, the firm has more than $83.5 billion in real estate assets under management. The firm’s overall philosophy, which centers around the vision, judgment and execution to generate value for its investors, is the same approach underpinning the Clarion Partners Real Estate Income Fund. “Our goal in launching the Clarion Partners Real Estate Income Fund was to provide financial advisors and individual investors with a meaningful new choice so they could better build out their core real estate holdings. For too long, the ‘democratized’ options meant exposure to sub-optimal properties, high fees, long lockups, and an overreliance on leverage. Our Fund continues to provide solutions for each of those issues, and we’re thrilled to be marking this milestone and continuing to educate the marketplace about the benefits of thoughtfully constructed direct real estate exposure,” - Richard Schaupp, Clarion Partners Managing Director and Portfolio Manager for the Fund Since its launch in September 2019, the Fund has delivered an annualized return of 14.2% net of fees, and as of October 2022, the Fund has delivered a distribution rate of 5.23%. (See full historical performance below.) Investors and advisors have been drawn to the Fund’s highly differentiated approach, offering investors ease of access as a 40 Act vehicle, downside risk management with an investment strategy utilizing conservative leverage, and strong relative performance with very competitive fees. While other approaches to providing direct real estate exposure have morphed to become more private equity-like than private real estate, with this Fund we have stayed true to what has made Clarion such a valued partner for so many institutional investors for the past 40 years, Our disciplined approach to direct real estate investment has anchored us through both smooth markets and periods of heightened volatility as we are in now and has been the main driver of our success,said Janet Souk, Senior Vice President and Portfolio Manager. The Fund’s portfolio is made up of holdings in those real estate sectors that form the core of Clarion’s experience and expertise, including industrial, multifamily, and life sciences. Clarion has been investing in each of those sectors for years, and regularly publishes research designed to educate investors and help them understand the most meaningful trends shaping the real estate space in both the short- and long-term. About Clarion Partners Real Estate Income Fund Inc. (CPREIF) CPREIF offers individual investors direct access to a portfolio of privately-held, income-producing commercial real estate properties through an innovative investment fund driven by Clarion's deep real estate expertise. CPREIF is a non-diversified, closed-end management investment company that continuously offers its common stock. The fund’s investment manager, Legg Mason Partners Fund Advisor, LLC is an indirect, wholly owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”) and the fund’s investment sub-adviser, Clarion Partners, is an indirect, majority-owned subsidiary of Franklin Resources. In addition, the fund’s securities sub-adviser, Western Asset Management, also is an indirect wholly owned subsidiary of Franklin Resources. Hard copies of the fund’s complete audited financial statements are available free of charge upon request. About Clarion Partners Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $83.5 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 500 domestic and international institutional investors. About Franklin Templeton Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers boutique specialization on a global scale, bringing extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and approximately $1.3 trillion in assets under management as of October 31, 2022.

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REAL ESTATE TECHNOLOGY,REAL ESTATE ADVICE

McKissock Learning Will Launch Practical Applications of Real Estate Appraisal (PAREA) Experience Program

McKissock Learning | November 22, 2022

McKissock Learning, the leading national provider of online education for real estate appraisers, today announced its commitment to launch a Practical Applications of Real Estate Appraiser (PAREA) Experience Program to support the diversification and growth of the appraisal profession. “As a leading appraisal education provider, we know firsthand how difficult it can be for aspiring appraisers to find a supervisor and realize their dream, We believe this is a great opportunity to demonstrate our dedication to the profession with a critical initiative to ultimately contribute to a more diverse and expanded appraiser community.” - Kevin Hecht, Appraisal Training and Development Manager at McKissock Learning Slated to launch in the fall of 2023, the McKissock PAREA Experience Program combines technology-based training with real-world field experience and will allow participants to qualify for up to 100 percent of the experience hours required to sit for an appraisal exam in participating states. McKissock’s PAREA Experience Program is made intentionally for people who complete the required education only to find they cannot move forward in their goal of becoming licensed appraisers because they can’t find a supervisor, It is a powerful instrument to diversify and expand the profession, said Alan Hummel, Principal at The Hummel Group and certified appraiser for 35 years. Consistent with The Appraiser Qualifications Board (AQB) policies, McKissock’s PAREA program will allow participants to apply appraisal concepts and general principles to real-life situations, problems, and activities. Participants can access training modules, simulations, and assignments through McKissock’s dynamic learning platform, allowing for mentor-led and self-study activities. In addition to simulated learning experiences, McKissock will also require students to complete real-life personal experience activities in their local markets, such as inspecting properties in their area and verifying information with local stakeholders such as realtors, contractors, and lenders. Participants will be expected to author and produce appraisal reports on various property types, each of which must pass a mentor’s review and be fully compliant with USPAP standards. Our mission at McKissock Learning is to support the advancement, diversification, and growth of the real estate appraisal profession. We are committed to providing PAREA participants with quality training and practical experiences to enable them to become licensed and successful appraisers, said Renee Altier, President of Valuation and Property Services, Colibri Group, the parent company of McKissock Learning. About McKissock Learning McKissock Learning is a top national provider of education for licensed real estate property appraisers, agents, brokers, home inspectors, land surveyors, and professional engineers. For more than 30 years, McKissock has provided appraisal qualifying and continuing education, as well as professional development courses to support appraisers through all stages of their careers. McKissock Learning is part of Colibri Group, which provides learning solutions to licensed professionals who strive to be among the best in their fields.

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Spotlight

New business models and competition, extensive use of technology, and changing tenant and investor expectations are redefining the commercial real estate (CRE) industry. In our 2018 Real Estate Outlook, we emphasized that RE companies will likely have to take some risks and embrace change to adapt for the future. Since then, we’ve seen these factors occurring at ever-increasing rates, which has continuously challenged companies to deal effectively with the relentless pace of change. As a result, traditional rules of the road might not work fast enough to provide the agility CRE companies of the future will likely require.

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