Musings of a London Property Search Agent

Property news junkies will know that UK commercial property values have been slipping for some time but it seems enough is finally enough according to an article in the FT today.

Global commercial property agents Jones Lang La Salle have stated that more commercial property is being withdrawn from the market than being sold with £309 million of property deals being concluded so far this year compared with £447 million withdrawn from the market.

So will residential property suffer a similar fate? Yes – if you listen to the likes of George Soros. We don’t think so, as long as the economy continues to remain constant. It all comes down to supply and demand and developments around Canary Wharf and Docklands and new and improved use of space throughout The City has increased commercial square footage throughout London. Simultaneously a slow move towards hot-desking, working from home and an increase in mobile entrepreneurs working from Starbucks et al has eaten away at demand, particularly for the mid to high end office space which predominates. The success of online shopping has inevitably also been a factor in the slide in commercial rates in the retail sector and with the credit crunch preventing many pension funds from investing, buyers of large portfolios are thin on the ground.

Our view is that, although the residential market in London and the South East is slow, there is still demand. Everyone is just waiting for a bargain – witness the packed residential auction rooms every month this year as investors finally get a look in and end-users or residential home buyers realise it€™s just not cool to pay more at auction than you would an estate agent.

Past clients will recognise our mantra: it is about buying the right property in the right location at the right price. If you need professional help – let this Property Search Agent help you; you know our number.

Technorati Tags: Buying at Auction, Commercial property valuations, London Property Search Agent, the City, the right location

Tags: Buying at Auction, Commercial property valuations, London Property Search Agent, the City, the right location