Average Yields February 1995

AVERAGE YIELDS                                        ACTUAL CHANGE

    Nov  Feb  Mar  Apr  May  Jun  Aug  Oct  Nov  Feb  Nov 94- Feb 94-
    1993 1994 1994 1994 1994 1994 1994 1994 1994 1995 Feb 95  Feb 95

Shops  
    7.1  6.7  6.2  5.9  5.9  5.9  6.0  6.0  6.0  6.2   0.2    -0.5

Offices 
    8.7  8.3  7.7  7.4  7.2  7.2  7.2  7.2  7.2  7.1  -0.1    -1.2

Industrial
    9.6  9.1  8.3  8.0  7.9  7.9  7.9  8.1  8.1  8.4   0.3    -0.7

All Prop 
    8.7  8.2  7.6  7.3  7.2  7.2  7.2  7.3  7.3  7.4   0.1    -0.8

Gilt Yield
    7.4  6.8  7.5  8.0  8.3  9.1  8.7  8.9  8.8  8.7   -0.1    1.9

Equity Yield
    3.6  3.3  3.5  3.7  3.7  4.0  3.8  4.0  3.9  4.1    0.2    0.8


AVERAGE YIELDS                                     ACTUAL CHANGE

Nov  Feb  Mar  Apr  May  Jun  Aug  Oct  Nov  Feb   Nov 94-  Feb 94-
1993 1994 1994 1994 1994 1994 1994 1994 1994 1995  Feb 95   Feb 95

All Shops
7.1  6.7  6.2  5.9  5.9  5.9  6.0  6.0  6.0  6.2   0.2      -0.5

Central London
5.8  5.4  5.2  5.0  5.0  5.0  5.0  5.0  5.1  5.1   0.0      -0.3

Inner Sub London
9.3  8.9  8.6  8.4  8.4  8.4  8.4  8.4  8.5  8.7   0.2      -0.2

Outer Sub London
7.7  7.4  7.0  6.9  6.9  6.9  6.9  6.9  6.9  7.1   0.2      -0.3

Suburban London
8.5  8.2  7.8  7.7  7.6  7.6  7.7  7.7  7.7  7.9   0.2      -0.3

London
7.5  7.1  6.8  6.6  6.6  6.6  6.6  6.6  6.7  6.8   0.1      -0.3

South East
6.4  6.0  5.6  5.3  5.3  5.3  5.4  5.4  5.4  5.6   0.2      -0.4

South West
6.3  5.9  5.4  5.1  5.1  5.1  5.2  5.2  5.2  5.4   0.2      -0.5

East Anglia
6.2  5.8  5.4  5.1  5.1  5.1  5.2  5.2  5.2  5.4   0.2      -0.4

East Midlands
6.6  6.2  5.7  5.5  5.4  5.4  5.5  5.5  5.5  5.7   0.2      -0.5

West Midlands
6.1  5.7  5.2  5.0  5.0  5.0  5.0  5.0  5.0  5.1   0.1      -0.6

Wales
7.5  7.0  6.4  6.1  6.1  6.1  6.2  6.2  6.3  6.5   0.2      -0.5

North West
6.7  6.3  5.7  5.4  5.4  5.4  5.5  5.5  5.5  5.7   0.2      -0.6

Yorks & Humbs
6.8  6.3  5.6  5.4  5.4  5.4  5.4  5.4  5.5  5.7   0.2      -0.6

North
6.9  6.4  5.8  5.5  5.5  5.5  5.6  5.6  5.6  5.8   0.2      -0.6

Scotland
7.1  6.8  6.3  6.0  6.0  6.0  6.3  6.3  6.3  6.2  -0.1      -0.6


All Offices
8.7  8.3  7.7  7.4  7.2  7.2  7.2  7.2  7.2  7.1  -0.1      -1.2

West End
6.4  6.1  5.7  5.5  5.4  5.4  5.4  5.4  5.4  5.4   0.0      -0.7

Holb/Marylebone
8.3  7.8  7.5  7.2  7.1  7.1  7.1  7.1  7.1  7.0  -0.1      -0.8

Central City
6.7  6.4  6.0  5.7  5.5  5.5  5.5  5.5  5.5  5.5   0.0      -0.9

Fringe City
8.3  7.9  7.5  7.3  7.1  7.1  7.1  7.1  7.1  7.0  -0.1      -0.9

Central London
7.1  6.7  6.3  6.1  5.9  5.9  5.9  5.9  5.9  5.9   0.0      -0.8

Suburban London
8.4  7.9  7.4  7.2  7.0  7.0  7.0  7.0  7.0  6.9  -0.1      -1.0

London
7.4  7.0  6.6  6.4  6.2  6.2  6.2  6.2  6.2  6.2   0.0      -0.8

South East
8.7  8.3  7.6  7.2  7.0  7.0  7.0  7.0  7.0  6.8  -0.2      -1.5

South West
9.2  8.9  8.2  7.8  7.5  7.5  7.5  7.5  7.5  7.5   0.0      -1.4

East Anglia
9.3  9.0  8.3  7.8  7.5  7.5  7.5  7.5  7.3  7.2  -0.1      -1.8

East Midlands
9.5  9.2  8.4  8.1  7.9  7.9  7.9  7.9  7.7  7.7   0.0      -1.5

West Midlands
9.0  8.6  7.9  7.6  7.4  7.4  7.4  7.4  7.3  7.3   0.0      -1.3

Wales
10.3 9.9  9.2  8.6  8.3  8.3  8.3  8.3  8.2  8.2   0.0      -1.7

North West
10.0 9.5  8.7  8.4  8.1  8.1  8.1  8.1  8.0  8.0   0.0      -1.5

Yorks & Humbs
9.6  9.0  8.2  7.9  7.6  7.6  7.6  7.6  7.5  7.5   0.0      -1.5

North
10.2 9.8  9.0  8.7  8.3  8.3  8.3  8.3  8.2  8.2   0.0      -1.6

Scotland
8.0  7.6  7.1  6.8  6.5  6.5  6.7  6.7  6.6  6.6   0.0      -1.0


All Industrial
9.6  9.1  8.3  8.0  7.9  7.9  7.9  8.1  8.1  8.4   0.3      -0.7

London
8.8  8.4  7.6  7.4  7.3  7.3  7.3  7.5  7.5  7.8   0.3      -0.6

South East
8.6  8.1  7.4  7.1  7.0  7.0  7.0  7.2  7.2  7.5   0.3      -0.6

South West
9.2  8.7  7.9  7.6  7.6  7.6  7.6  7.9  7.9  8.2   0.3      -0.5

East Anglia
9.3  8.8  8.1  7.7  7.5  7.5  7.5  7.8  7.8  8.2   0.4      -0.6

East Midlands
8.9  8.4  7.7  7.5  7.3  7.3  7.3  7.6  7.6  8.0   0.4      -0.4

West Midlands
9.3  8.9  8.2  7.9  7.6  7.6  7.6  7.9  7.9  8.2   0.3      -0.7

Wales
9.8  9.3  8.6  8.4  8.1  8.1  8.1  8.3  8.3  8.6   0.3      -0.7

North West
9.8  9.2  8.4  8.1  8.0  8.0  8.0  8.2  8.2  8.5   0.3      -0.7

Yorks & Humbs
9.7  9.1  8.3  8.0  7.9  7.9  7.9  8.1  8.1  8.4   0.3      -0.7

North
10.3 9.8  9.1  8.8  8.5  8.5  8.5  8.6  8.6  8.9   0.3      -0.9

Scotland
9.9  9.5  8.8  8.5  8.4  8.4  8.7  8.8  8.8  8.5   -0.3     -1.0


Average Yields Rise for the Second Consecutive Quarter



For the second quarter in succession, the All Property Average Yield increased by 0.1% points. The rise in the All Property Average Yield, from 7.3% to 7.4% over the quarter to February, has once again been due to rises in yields in both the retail and industrial sectors.



 The All Shops Average Yield rose from 6.0% to 6.2% over the three months to February. Central London and the West Midlands were the only regions showing smaller yield increases with Scotland going against the trend recording a marginal decrease in its retail average yield of 0.3% points.



 The All Industrial Average Yield rose by 0.3% points with some regions experiencing up to 0.4% point increases. This follows increases of similar value in the previous quarter. As with retail, Scotland went against the trend with its yield falling from 8.8% to 8.5%.



 For the first time since May 1994, office yields fell, albeit modestly. The All Offices Average Yield fell from 7.2% to 7.1% over the quarter to February - a level not experienced since 1989.



 Average yields are compiled assuming a property no more than five years old (with the exception of high street retailers), rack-rented and located in a best location within the town monitored.  Properties should have no significant blemishes, whether in terms of title, tenure (freehold/heritable), leases of 15 years or more unexpired, or building construction.  The indices are produced using a weighted average system - sample size of 532 towns.



 For further information please call Anil Mehra on 071 629 7666, extension 2290 or write to him at Hillier Parker, 77 Grosvenor Street, London, W1A 2BT.

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