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Reasons to be cheerful

Economic indicators released in recent days reveal the resilience of Britain's economy at the close of 2020.

The job market for the first time in three months in December. A pick-up in permanent hiring suggests the approval of vaccines has underpinned a significant shift in sentiment, although a sharp rise in temporary hires indicates many employers are still hedging their bets.

Meanwhile, optimism among finance directors at Britain鈥檚 biggest companies the most since 2007 in December, before the latest lockdown. Half of the 90 respondents said it would take until the end of 2021 or later for revenues to return to pre-pandemic levels. A quarter said revenues had already recovered.

Building the recovery

Construction companies recorded a sustained rebound in business activity during December, according to .

Order books at contractors and suppliers are now growing sharply, partly as developers restart projects delayed earlier in 2020, but also because managers are bringing forward purchases due to fears of longer lead times among their suppliers.

Indeed, this is likely to be a feature of the early part of the year, and delivery times increased the most in six months during December. With purchasing growth at its highest level in almost six years, supply chains are "", according to the survey.

What next for London's offices

A Ukrainian energy company has almost £110 per sq ft for the top floor of the Leadenhall Building, a new City record, according to the Times yesterday.

You can find many diverging views as to what the future holds for London's offices, with deals at record rents contrasting with reports of companies trophy office moves in light of the boom in home working.

Stephen Clifton, 博鱼体育集团 Frank's head of commercial, that corporates will likely decide that each individual needs more space than they've previously been given, but that they will have less individuals in the office on an average day.

"I think as a result most organisations will make some degree of space saving, but it's going to be fractional, it's certainly not going to be 50% and of course it's not going to be 100%," he adds. "Maybe it will be five or 10%."

The reform of leasehold law

The government yesterday the reform of leasehold laws, which would include the reduction of ground rents for new leases to zero, the end of the right to charge a so-called 鈥渕arriage value鈥� when buying a freehold interest and a plan to have development rights placed in the hands of the leaseholder.

Tom Bill speaks to a panel of experts to better understand the potential impacts of the new rules, which may arrive within two years. Broadly, more clarity and simplicity will likely lead to more liquidity in the market albeit with challenges for sectors like retirement.

Some buyers and leaseholders may wait in the belief that buying a freehold will become cheaper, but strong price growth over the next few years would lessen any financial benefit, according to Jeremy Dharmasena, 博鱼体育集团 Frank's head of leasehold reform and litigation.

Post-Christmas shopping in New York

Manhattan registered 17 sales above $4 million in the week after Christmas, the largest number recorded that week since 2006. Townhouses accounted for seven of the sales, the highest proportion of weekly sales since the end of January 2020.

That's part of Kate Everett-Allen's latest digest of key global property news.

Elsewhere in the US, Palm Beach continues to break records - a trend we highlighted last year - with 20 sales completed above $20 million in 2020. Agents report heightened demand due to job relocations 鈥� some Wall Street firms and hedge funds relocating to Florida 鈥� the state鈥檚 benign tax system and pent-up demand as a result of the pandemic.

In other news...

Stephen Springham unpicks, or dismantles, retailers' incoming Christmas trading statements.

For residential investments watchers - join the 博鱼体育集团 Frank and UCAS team on the 12th January at 8:30 am to hear the results of the third annual survey of 60,000 students, covering their accommodation choices, opinions and preferences. .

Plus, London set for 鈥� in 2021, Pfizer study suggests against virus variant, and finally, Eurozone retail sales and inflation fall but .