Focus on the United Kingdom; The State of the UK Property Market: Key Drivers (Industry Overview‪)‬

THIS IS THE FIRST OF A SHORT SERIES of four articles with my personal perspective on the state of the property market in the United Kingdom. Initially, I will focus on some of the key drivers and the macro-to-micro picture, then look at the commercial and residential property markets before mopping up the remains of the marketplace, with some clues for lenders and investors (the seeds of doubt) in the final article. Things will inevitably change over the course of the year between the start and finish of the publication of these articles, but I hope they will be of interest to the international readership especially if you, as reader, are able to compare and contrast my views with your own thoughts about the marketplace in which you ply your trade. It was, interestingly, a CRE who kick-started my current thought processes. My chum, Ken Riggs, said in the winter of 2005: "Something has to give; or does it?" Many other experienced commentators and players keep saying, privately and in the media, that we must be approaching the peak of the market's values. The key word is must. Seeing it written down does not show the emphasis that, when said aloud, implies we must, mustn't we? Note that they do not say are at the peak. Is this a fear that they might not be asked again if they get it wrong, or a concern that they do not want to be seen to be merchants of doom?