United Kingdom Real Estate Report Q2 2012.pdf
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1、Q2 2012 real estate report IssN 2042-3314 published by Business Monitor International ltd. UNIteD KINGDoM INCLUDES BMIS FORECASTS Business Monitor International 85 Queen Victoria Street London EC4V 4AB UK Tel: +44 (0) 20 7248 0468 Fax: +44 (0) 20 7248 0467 Email: Web: http:/ 2012 Business Monitor
2、International. All rights reserved. All information contained in this publication is copyrighted in the name of Business Monitor International, and as such no part of this publication may be reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means gr
3、aphic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher. DISCLAIMER All information contained in this publication has been researched and compiled from sources beli
4、eved to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Business Monitor International accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omi
5、ssions affecting any part of the publication. All information is provided without warranty, and Business Monitor International makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained. UNITED KINGDOM REAL ESTATE REPORT Q2 2012 INCLUDES 5-
6、YEAR FORECASTS TO 2016 Part of BMIs Industry Report revealing that public- United Kingdom Real Estate Report Q2 2012 Business Monitor International Ltd Page 21 sector contract opportunities are shrinking. Only private sector housing recorded y-o-y growth in 2011, while public and private infrastruct
7、ure fell by 17%. Slowing Down Construction Industry Value when stakes in brownfield infrastructure assets have become available we have seen an encouraging level of interest from the private sector. The sale of HS1, Gatwick airport and Bristol Water illustrate this point. However, this strategy has
8、so far been light on detail, despite the governments reiteration of its commitment to the idea in its March 2012 budget. Public Cuts Take Their Toll New Orders For Infrastructure / Public And Private Housing, At Constant Prices (2005) Source: BMI, ONS Rail And Wind Offer Support BMI notes while tran
9、sport along with most other infrastructure sub-sectors did not escape the heavy cuts (60-plus projects were axed with a value of around GBP10.4bn) initiated under the Comprehensive Spending Review (CSR) in October 2010, we believe the sector will continue to act as a useful source of value creation
10、over the coming years. Much of this will be sustained by railway investment. Having witnessed robust growth in recent years we anticipate further modest growth BMI is forecasting the sector will average close to 3% y-o-y between 2012 and 2014 but this nonetheless compares relatively favourably to th
11、e wider construction sector. Moreover, the approval of HS2 in January 2012, which is expected to enter the construction phase in 2019/2020, should help sustain the sector well beyond 2020. Another area of relative strength in the UKs infrastructure sector wind power. This is an industry that should
12、continue to benefit from investment over the coming years given that the UKs government has pledged to derive 15% of its energy from renewable sources (including hydropower) by the end of the decade. Significant progress has been made to achieve this target and as a result there has been a steady ri
13、se in electricity generation from renewable sources (both hydropower and non-hydropower). However, owing to downside risks related to uncertainty over funding, BMI forecasts that, the UK will fall short of the 15% target, with renewable sources accounting for 13% of energy generation by 2020. United
14、 Kingdom Real Estate Report Q2 2012 Business Monitor International Ltd Page 23 Special Events: Olympic Games London won its bid to host the 2012 Olympic Games. The run-up to 2012 is a golden opportunity for Britains construction industry, with GBP17bn due to be spent on improving Londons transport i
15、nfrastructure. Past Olympics have shown that a successful transport infrastructure is crucial to the success of the games; consequently, the UK has created the Olympic Transport Authority as part of the overall Olympic Delivery Authority (ODA). The Transport Authority will have responsibility for ma
16、naging infrastructure delivery, as well as controlling and coordinating transport during the games. It was reported in May 2007 that Taylor Woodrow (now part of Taylor-Wimpey) had won a contract to upgrade part of the existing Docklands Light Railway (DLR) network. The GBP200mn (US$405.57mn) project
17、 will be carried out in phases. The first phase comprised of lengthening platforms along the routes between London Underground stations from Bank and Tower Gateway to Lewisham. The second phase included upgrades to allow three-unit trains to run on other parts of the DLR network. As reported in Marc
18、h 2007, the ODA invited civil contractors to bid for orders worth GBP300mn as part of the Olympics infrastructure package. The ODA plans to build around 37 bridges and 11km of roads under these packages. Three of the major infrastructure projects mentioned in Londons Olympic bid are: two extensions
19、to the DLR; the development of a new underground line serving East London; and the refurbishment and modernisation of stations on Londons Underground network. The first part of the DLR extension between Canning Town and King George V, serving London City Airport, one of the fastest-growing airports
20、in the UK was opened in December 2005. One of the few constraints mentioned in the transport section of the Olympic bid document is the question of access for disabled people to underground stations. London Underground has a long-term programme to improve access for mobility-impaired people, and thi
21、s has been prioritised for tube stations serving Olympic venues. The East London Line extension, which was given the go-ahead in mid-2004, will support Londons growth and help facilitate the regeneration of local communities in east, south-east and south London by linking them with the transport net
22、work. Phase one was completed in May 2010, ahead of schedule. This is considered to be the largest rail project in the UK its total cost was put at GBP1bn (US$1.49bn). Some of the key transport infrastructure projects included in programmes associated with the 2012 Olympic Games are: ? 10 railway li
23、nes serving the Olympic Park that will, together, be able to transport 240,000 passengers an hour; United Kingdom Real Estate Report Q2 2012 Business Monitor International Ltd Page 24 ? Extension and capacity enhancements to the Docklands Light Railway (DLR), including to City Airport; ? Development
24、 of a new metro line to link north, east and south-east London; ? Capacity enhancements on two major London Underground lines serving Olympic venues; ? The Olympic Javelin, a new high-speed shuttle service from central London to the Olympic Park; ? Refurbishment and modernisation of London Undergrou
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