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Commercial property market 'has hit peak'
Commercial property market 'has hit peak'
Experts at Land Securities have suggested that the UK commercial property market may have reached a peak and prices could fall in the future.
Firms who want to invest in business property could benefit from cheaper commercial mortgages if the research proves to be correct.
In total, UK commercial property is worth somewhere in the region of £710 billion but could see a downturn if demand falls, the experts said.
Chief executive at Land Securities Francis Salway said that some properties are now declining in value.
"Now a small proportion of properties will be worth less than they were six or nine months ago. This is a big deal. We have had four years when everything was going up," he told the Times.
The official added that high streets and popular shopping centres had fared best over the last year.
Demand for central London property was also high, the report stated.
In other news, Land Securities said that its portfolio was valued at £14.8 billion for the year up to March 31st.
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