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20/11/2008
Retail property values 'falling faster than ever' |
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Commercial property prices in the UK fell by a record amount in October, it has emerged.
Property prices in the commercial sector fell by a record 4.3 per cent, according to the Investment Property Databank (IPD) UK Monthly Index for retail, offices and industrial real estate.
The retail sector suffered the largest decline during the month, falling 4.7 per cent, also a record monthly decline.
Falls in the retail sector outstripped the 4.3 per cent and 3.2 per cent declines seen in the office and industrial property sectors.
IPD director Malcolm Frodsham said that the pace of capital value falls over October "fully confirms market expectations".
Mr Frodsham claimed the industry is prepared for further in November and December.
However, offering a ray of hope, he said the "asset price deflation will soon have run its course" because of the rapid falls seen in recent months.
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