UK - Property market experts are split on how the sector will perform over the next 12 months, new research reveals.
The study – Emerging Trends in Real Estate Europe 2004 – shows that only 31% consider UK real estate a “buy” while around 20% recommend selling. No-one, though, expects great returns.
The study – carried out by the Urban Land Institute and Price-waterhouseCoopers – says recent increases have been driven by the growth in the UK’s gross domestic product which surprised market observers.
Investment Property Data-bank says all property returns in the third quarter were 11.7% with retail at 16%, industrials at 11.8% and offices at 4.5%.
ULI’s UK district council chairman Anne Cavanagh said consumer spending and the resultant demand for space was driving up retail rents while levels in the industrial sector would be bolstered if manufacturing activity picked up.
She continued: “The office market is beginning to see a revival in occupier demand and rental falls are starting to bottom out.”
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