Investing.com — U.K. property ended the year on a firmer footing, with stabilising capital values and a renewed pick-up in rents, according to JPMorgan’s latest review of the IPD U.K. Monthly data for November, the final release before 2026.
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The bank said November marked “a positive end to the year,” after capital values steadied following an unexpected dip in October that had interrupted 14 consecutive months of growth.
While values were flat overall in November, the tone improved across the market, with a larger proportion of sub-sectors posting capital growth compared with the previous month, JPMorgan analysts led by Neil Green noted.
Meanwhile, rental growth was strong, logging its strongest month since March 2022, “supported by moves in some of our preferred subsectors – Industrial and Mid Town & West End offices,” they said.
The November data also extended a long-running streak, with rents rising for a 57th consecutive month across all U.K. property.
Performance varied by segment. Offices remained the main drag on capital values overall, but JPMorgan said Mid Town and West End offices continued to outperform the broader London office market.
Looking back at the broader backdrop, JPMorgan reiterated that property values had already inflected in 2025, although momentum slowed later in the year.
In that context, analysts described the November update as “encouraging – particularly the rental growth seen in our preferred subsectors.”
This underpinned “continued re-rating potential” in several U.K.-listed property names it rates Overweight, including , , and ,” they added.