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London commercial property aided by overseas investment
According to recent reports, the pound's slide has continued to lure foreign investments into the British commercial property sector this year even as the UK prepares for Brexit.
Although the UK commercial property market has largely recovered from an immediate post-Brexit-vote slump, London has underperformed the wider market, with some projects being put on hold, property companies cutting rental growth forecasts and rents beginning to stagnate.
The Royal Institution of Chartered Surveyors (RICS) has indicated the possibility of negative growth for London commercial property values due to the common belief that the sector will be hit hardest. Nevertheless, continued demand from overseas investors meant that prospects for UK property were by no means bleak, RICS said, with 28% more respondents expecting to see a rise rather than a fall in property values over the next 12 months.
Written by Nick Dereka, Head of Digital, Prime People Plc.