Safe as houses? Thinking on the rise of investment into UK residential markets

Purpose: In recent decades, institutional investment has become increasingly focussed on residential property in the United Kingdom, reflecting interest in what was previously considered an “alternative” asset class, but is now an evolving and ever more complex sector. This short thought piece considers how such processes may be understood through investment-related research. // Design/methodology/approach: The UK residential market has experienced substantial capital inflows in the wake of the global financial crisis. This reflective piece suggests there is a need for more research into residential real estate as an institutional asset class to further unpack and understand shifting market dynamics within the United Kingdom. It offers insight into evolving market trends across a diverse range of investors and market sub-sectors. // Findings: This paper considers the diverse research opportunities within the residential investment markets, including, but not limited to, the private rented sector, build-to-rent and purpose-built student accommodation, presenting opportunities for burgeoning research. // Practical implications: The viewpoint suggests how this research lacuna may be bridged through additional research in not just the UK residential market, but also how investors may further integrate and operationalise UK residential assets in diversified or specialised investments, from domestic to international propositions. The suggested research agenda promotes enhanced understandings of residential markets and processes driving investment decision-making. // Originality/value: As the integration of residential property into vehicles such as Real Estate Investment Trusts, private equity funds and managed multi-asset portfolios continues to increase, there is an amplified need to understand the market context in which such investment flows occur, including the potential impact of COVID-19, Brexit and the cyclical evolution of real estate markets more broadly

Towards a Marxist understanding of the charity retail form

This thesis examines the development of the charity retailing form, adopting an open Marxist approach which can uncover the practices with create and reproduce this social practice. The ruptures and struggles which permeate capitalist society flow through the charity retailer and consequently through the body of the research. The labour processes within the charity retailer and the spatial representation of the urban form of the charity retailer within the built environment are the central research themes to be addressed. The research was primarily based around the relations at shop floor level and the various actors who reproduce these practices, such as volunteers, managers, area managers and those within the management hierarchy. The research decided to look at charities which have developed to become more professional and commercial in their response to charity and also retailing, to offer an analysis of a retail form under transformation. Mixed research methods were implemented, with both qualitative and quantitative analysis carried out through the software programmes NVivo8 and SPSS respectively. The research suggests that the charity retailer has become a capitalist charity retailer, which chooses locations conducive to profit maximisation and the availability of a strong volunteer base. The charity retailer exists through antagonism of rent/location, volunteer/management and capital/charity. The charity retailer is consistently struggling against the capitalist form of reproduction, attempting to negate the consequences of capitalist crises, however it is a form which is constantly subsumed and limited by the capitalist mode of reproduction

Emerging implications of online retailing for real estate:Twenty-first century clicks and bricks

Purpose – This paper aims to initially explore the effects of online retailing on corporate real estate strategies today, examining current trends and the approaches of leading edge retailers in this evolving marketplace. The UK has the greatest proportion of online sales worldwide. Design/methodology/approach – Context is provided through existing literature, and the methodology considers specific case studies. Information from financial reports, websites and evidence directly from retailers is derived to examine selected sectoral responses (food shopping, fashion retailing and department stores) to online shopping. The research considers the interface between the virtual and physical retail landscapes. Findings – The Internet is undeniably driving change, and large retailers have responded by embracing multi-channel sales strategies in which the adapted physical store remains a central element. Research limitations/implications – The case studies are arguably limited in their market assessment by examining only large retailers, but it is these retailers who occupy much of the real estate space in shopping centres. Data on Internet sales and retail space of individual retailers are not publicly available. This paper offers a qualitative introduction into ongoing research on the evolution of Internet retailing today. Practical implications – For large retailers, a multi-channel corporate sales strategy is enhanced by physical stores that can act as showrooms and collection points and enhance consumer service. Multiple retailers have a competitive advantage in the form of store networks and a recognisable brand that they can exploit to capture the sales opportunities the Internet offers. Originality/value – The paper is the first to collate and analyse corporate real estate strategic responses to online retailing. </jats:sec

Density, planning, and the emergent landscapes of purpose-built student accommodation in England

This mini review explores perspectives on density and discretionary planning policy in relation to the emergent landscapes of purpose-built student accommodation (PBSA) across selected English university cities. It examines the nexus between density in planning policies and transformations in student accommodation, presenting a research gap requiring further investigation. Our research builds upon limited literature on UK PBSA within which there has been inadequate interrogation of policy impacts on the substantial growth of this now mature market sector. By better understanding the relations between national planning policies and their local interpretations regarding PBSA, we can move toward improving understandings for urban futures. The intersectionality between the evolution of the PBSA sector and the planning system are currently underexplored. The paper highlights the proliferation, densification, and concentration patterns of PBSAs and their connections to the surrounding planning system. The emergence of privately developed PBSA in the UK is typically characterized by medium to high rise, and medium to high density development. Higher density PBSA has created a dynamic spectrum of impacts reflecting subjective perceptions of their emergence in university cities. Our mini review illustrates the growth trajectory and direction of the PBSA sector. We conclude with a reflection on the discretionary nature of planning policies for density that often create regulatory loopholes allowing PBSA to thrive as a niche real estate asset class but not necessarily as a local and social collective asset

Density, planning, and the emergent landscapes of purpose-built student accommodation in England

This mini review explores perspectives on density and discretionary planning policy in relation to the emergent landscapes of purpose-built student accommodation (PBSA) across selected English university cities. It examines the nexus between density in planning policies and transformations in student accommodation, presenting a research gap requiring further investigation. Our research builds upon limited literature on UK PBSA within which there has been inadequate interrogation of policy impacts on the substantial growth of this now mature market sector. By better understanding the relations between national planning policies and their local interpretations regarding PBSA, we can move toward improving understandings for urban futures. The intersectionality between the evolution of the PBSA sector and the planning system are currently underexplored. The paper highlights the proliferation, densification, and concentration patterns of PBSAs and their connections to the surrounding planning system. The emergence of privately developed PBSA in the UK is typically characterized by medium to high rise, and medium to high density development. Higher density PBSA has created a dynamic spectrum of impacts reflecting subjective perceptions of their emergence in university cities. Our mini review illustrates the growth trajectory and direction of the PBSA sector. We conclude with a reflection on the discretionary nature of planning policies for density that often create regulatory loopholes allowing PBSA to thrive as a niche real estate asset class but not necessarily as a local and social collective asset

Optimizing process and methods for a living systematic review: 30 search updates and three review updates later

Objective To describe the living systematic review (LSR) process and to share experience of planning, searches, screening, extraction, publishing and dissemination to inform and assist authors planning their own LSR. Many LSR do not publish more than one update, we hope this paper helps to increase this. Study Design and Setting A Cochrane LSR with an international author team that has been ‘living’ for two years, with monthly search updates and three full updates published in this time. LSRs are regularly updated systematic reviews that allow new evidence to be incorporated as it becomes available. LSR are ideally suited to policy-relevant topics where there is uncertainty and new evidence will likely impact the interpretation and/or certainty of outcomes. Results The key features of the process that require consideration are: specifying the frequency of searches and triggers for full updates in the protocol; stakeholder input; publishing and disseminating monthly search findings. A strong team, incorporating methodological and topic expertise, with core members that meet regularly is essential. Regular search updates make it important to have a clear cyclical schedule of activity. To achieve timely updates this process should be streamlined, for example, using automated monthly searches, and systematic reviewing software for screening. LSR provide a unique opportunity to incorporate stakeholder feedback. Conclusions We recommend that LSRs should be: justified; carefully planned including the timing of search updates, triggers for publication and termination; published in a timely manner; have a clear dissemination plan; and a strong core team of authors

Opportunistic smoking cessation interventions for people accessing financial support settings: a scoping review

Aim: The aim of this work was to systematically scope the evidence on opportunistic tobacco smoking cessation interventions for people accessing financial support settings. Methods: We searched MEDLINE, Embase, PsycINFO and the Cochrane Tobacco Addiction Group specialized register to 21 March 2023. We duplicate screened 20% of titles/abstracts and all full texts. We included primary studies investigating smoking cessation interventions delivered opportunistically to people who smoked tobacco, within settings offering support for problems caused by financial hardship, for example homeless support services, social housing and food banks. Data were charted by one reviewer, checked by another and narratively synthesized. Results: We included 25 studies conducted in a range of financial support settings using qualitative (e.g. interviews and focus groups) and quantitative (e.g. randomized controlled trials, surveys and single arm intervention studies) methodologies. Evidence on the acceptability and feasibility of opportunistic smoking cessation advice was investigated among both clients and providers. Approximately 90% of service providers supported such interventions; however, lack of resources, staff training and a belief that tobacco smoking reduced illicit substance use were perceived barriers. Clients welcomed being asked about smoking and offered assistance to quit and expressed interest in interventions including the provision of nicotine replacement therapy, e-cigarettes and incentives to quit smoking. Six studies investigated the comparative effectiveness of opportunistic smoking cessation interventions on quitting success, with five comparing more to less intensive interventions, with mixed results. Conclusions: Most studies investigating opportunistic smoking cessation interventions in financial support settings have not measured their effectiveness. Where they have, settings, populations, interventions and findings have varied. There is more evidence investigating acceptability, with promising results

Capitalization rates and transaction activity in international office markets: a global perspective

Based on a sample of office markets in 33 cities across 16 countries for the period 2007-2015, this paper explores variations in commercial real estate transaction activity and asset pricing in international office markets. It is argued that there are complex interactions and feedback relationships between asset prices, transaction activity, market conditions and local institutional structures in real estate markets. Commercial real estate pricing is modelled using data on capitalization rates. The relationships found are consistent with previous research in terms of the importance of drivers such as government bond yields, yield spreads and real estate rents. Consistent with information network effects, it is also found that larger and more mature markets tend to have lower cap rates and, thus, higher asset prices. The results for transaction activity are less clear cut. Results from econometric analysis of turnover rates suggest that the same explanatory factors do not determine transaction activity to the same extent as cap rates. When purged of possible joint determinants, there is no evidence to support the view that cap rates affect market turnover rates or that turnover rates affect cap rates

Antidepressants for smoking cessation

Background The pharmacological profiles and mechanisms of antidepressants are varied. However, there are common reasons why they might help people to stop smoking tobacco: nicotine withdrawal can produce short‐term low mood that antidepressants may relieve; and some antidepressants may have a specific effect on neural pathways or receptors that underlie nicotine addiction. Objectives To assess the evidence for the efficacy, harms, and tolerability of medications with antidepressant properties in assisting long‐term tobacco smoking cessation in people who smoke cigarettes. Search methods We searched the Cochrane Tobacco Addiction Group Specialised Register, most recently on 29 April 2022. Selection criteria We included randomised controlled trials (RCTs) in people who smoked, comparing antidepressant medications with placebo or no pharmacological treatment, an alternative pharmacotherapy, or the same medication used differently. We excluded trials with fewer than six months of follow‐up from efficacy analyses. We included trials with any follow‐up length for our analyses of harms. Data collection and analysis We extracted data and assessed risk of bias using standard Cochrane methods. Our primary outcome measure was smoking cessation after at least six months' follow‐up. We used the most rigorous definition of abstinence available in each trial, and biochemically validated rates if available. Our secondary outcomes were harms and tolerance outcomes, including adverse events (AEs), serious adverse events (SAEs), psychiatric AEs, seizures, overdoses, suicide attempts, death by suicide, all‐cause mortality, and trial dropouts due to treatment. We carried out meta‐analyses where appropriate. Main results We included a total of 124 studies (48,832 participants) in this review, with 10 new studies added to this update version. Most studies recruited adults from the community or from smoking cessation clinics; four studies focused on adolescents (with participants between 12 and 21 years old). We judged 34 studies to be at high risk of bias; however, restricting analyses only to studies at low or unclear risk of bias did not change clinical interpretation of the results. There was high‐certainty evidence that bupropion increased smoking cessation rates when compared to placebo or no pharmacological treatment (RR 1.60, 95% CI 1.49 to 1.72; I2 = 16%; 50 studies, 18,577 participants). There was moderate‐certainty evidence that a combination of bupropion and varenicline may have resulted in superior quit rates to varenicline alone (RR 1.21, 95% CI 0.95 to 1.55; I2 = 15%; 3 studies, 1057 participants). However, there was insufficient evidence to establish whether a combination of bupropion and nicotine replacement therapy (NRT) resulted in superior quit rates to NRT alone (RR 1.17, 95% CI 0.95 to 1.44; I2 = 43%; 15 studies, 4117 participants; low‐certainty evidence). There was moderate‐certainty evidence that participants taking bupropion were more likely to report SAEs than those taking placebo or no pharmacological treatment. However, results were imprecise and the CI also encompassed no difference (RR 1.16, 95% CI 0.90 to 1.48; I2 = 0%; 23 studies, 10,958 participants). Results were also imprecise when comparing SAEs between people randomised to a combination of bupropion and NRT versus NRT alone (RR 1.52, 95% CI 0.26 to 8.89; I2 = 0%; 4 studies, 657 participants) and randomised to bupropion plus varenicline versus varenicline alone (RR 1.23, 95% CI 0.63 to 2.42; I2 = 0%; 5 studies, 1268 participants). In both cases, we judged evidence to be of low certainty. There was high‐certainty evidence that bupropion resulted in more trial dropouts due to AEs than placebo or no pharmacological treatment (RR 1.44, 95% CI 1.27 to 1.65; I2 = 2%; 25 studies, 12,346 participants). However, there was insufficient evidence that bupropion combined with NRT versus NRT alone (RR 1.67, 95% CI 0.95 to 2.92; I2 = 0%; 3 studies, 737 participants) or bupropion combined with varenicline versus varenicline alone (RR 0.80, 95% CI 0.45 to 1.45; I2 = 0%; 4 studies, 1230 participants) had an impact on the number of dropouts due to treatment. In both cases, imprecision was substantial (we judged the evidence to be of low certainty for both comparisons). Bupropion resulted in inferior smoking cessation rates to varenicline (RR 0.73, 95% CI 0.67 to 0.80; I2 = 0%; 9 studies, 7564 participants), and to combination NRT (RR 0.74, 95% CI 0.55 to 0.98; I2 = 0%; 2 studies; 720 participants). However, there was no clear evidence of a difference in efficacy between bupropion and single‐form NRT (RR 1.03, 95% CI 0.93 to 1.13; I2 = 0%; 10 studies, 7613 participants). We also found evidence that nortriptyline aided smoking cessation when compared with placebo (RR 2.03, 95% CI 1.48 to 2.78; I2 = 16%; 6 studies, 975 participants), and some evidence that bupropion resulted in superior quit rates to nortriptyline (RR 1.30, 95% CI 0.93 to 1.82; I2 = 0%; 3 studies, 417 participants), although this result was subject to imprecision. Findings were sparse and inconsistent as to whether antidepressants, primarily bupropion and nortriptyline, had a particular benefit for people with current or previous depression. Authors' conclusions There is high‐certainty evidence that bupropion can aid long‐term smoking cessation. However, bupropion may increase SAEs (moderate‐certainty evidence when compared to placebo/no pharmacological treatment). There is high‐certainty evidence that people taking bupropion are more likely to discontinue treatment compared with people receiving placebo or no pharmacological treatment. Nortriptyline also appears to have a beneficial effect on smoking quit rates relative to placebo, although bupropion may be more effective. Evidence also suggests that bupropion may be as successful as single‐form NRT in helping people to quit smoking, but less effective than combination NRT and varenicline. In most cases, a paucity of data made it difficult to draw conclusions regarding harms and tolerability. Further studies investigating the efficacy of bupropion versus placebo are unlikely to change our interpretation of the effect, providing no clear justification for pursuing bupropion for smoking cessation over other licensed smoking cessation treatments; namely, NRT and varenicline. However, it is important that future studies of antidepressants for smoking cessation measure and report on harms and tolerability