UK Commercial property falls again
Investment Property Databank (IPD) has reported that UK commercial property has fallen down tremendously in 2008. Reports have revealed that UK’s Quarterly Property Index has shown a drop of 26.4% in the values of commercial properties. This has been the maximum fall since 1987.
The value of shops, warehouses and office buildings are all in line with the levels of 2001 December. The IPD further stated that almost six years of growth have been lost due to the successive falls in the last 18 months. Another report revealed that the values had dropped down by 14.4%. This drop in property value was compared to last year’s quarter for analysis.
Ian Cullen the co- founding director of IPD stated that, in reality they had never tracked the capital decline at such levels. Even the total returns on the investments have fallen down by 13% in the last quarter and by 22.1% overall as compared to the other three months.
Many investors have withdrawn from the commercial property market, which has led to delays like funding. HSBC further claimed to have made a profit of £250m after buying back the London headquarters from some Spanish property company. However, it is the commercial property values that have shown greatest fall.
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