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04/02/2009
Commercial property plunges 'continue to set records' |
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UK commercial property values fell by a record amount last year, Investment Property Databank (IPD) has revealed.
The 26.4 per cent fall represented the largest drop since the index began in 1987, with capital values also falling by a record 14.4 per cent during the fourth quarter.
In the last year and a half, any growth that had been recorded during the property boom has reportedly been wiped out.
Capital values are said to be now broadly in line with December 2001 levels.
Malcolm Frodsham, IPD research director, said: "The last 12 months has set a number of unwanted records in real estate returns with the worst-ever year capping the worst-ever month and worst-ever quarter in IPD history."
However, he adds that the severity of the falls means that anyone looking to invest in commercial property will find it attractively-priced.
Meanwhile, the Royal Institution of Chartered Surveyors claimed in December that commercial property capital values could fall by 25 per cent in the next two years. |
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