The resilience of the UK property market surprised in the first half of 2017. This has particularly been the case with regard to yields, where we have witnessed material yield compression in H1 against our previous expectation of 15bp of outward yield movement over the course of 2017. At the All Property level, yields have now tightened by 20bp since the post referendum peak although they are still c6bp above the MSCI Monthly’s May 2016 print.
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