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10/09/2008
Commercial property volumes down but 60 % better than residential |
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The credit crunch has affected the volume of commercial property on the market at auction but it is "still selling much better" than the residential side of the market.
That is according to The Essential Information Group (EIG) which provides the property industry with detailed information as to the results of all London property auctions.
David Sandeman, managing director for EIG, said that the types of buyers that are investing in commercial property is also changing from major investment companies to private individuals.
Mr Sandeman said that private individuals are "looking for property investments for their pension funds where they can see both: income return and capital growth".
He explained that commercial properties are "still selling much better than the residential side by 60 per cent but the volumes are down because there's not so much liquidity in the market".
Savills recently revealed that in July around 40 per cent of commercial developers indicated a reduction in overall activity compared to activity in June, while just 6.6 per cent reported a rise. |
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