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23/01/2009
'Lack of evidence' regarding commercial property |
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A spokesperson for Savills has claimed that there is a lack of concrete information to estimate just how far commercial property prices have fallen.
The IPD UK Monthly Index has revealed that commercial property returns ended December at -5.3 per cent, in the same month that saw a third consecutive record capital value fall of -5.8 per cent.
Meanwhile the IPD says that commercial property values fell by 27.1 per cent in 2008.
Savills' representative says the IPD has "probably underestimated" the extent of the fall as its data is based on valuations that are themselves taken from market evidence.
However, he claims that there has been "very little market evidence" for the past year and a half.
"I think on a national level we will see a further ten per cent fall this year, before they stabilise," he added.
The Royal Institution of Chartered Surveyors is forecasting a drop of at least 16 per cent in capital values in 2009.
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