Hot Property News & Views Blog

"London, Europe’s most active commercial property market since the start of the global financial crisis, is losing some of its allure as high prices and prospects of a U.K. recession deter investors." -- Jan. 27 (Bloomberg)

There have been concerns over a recession which could cause the commercial property market in London to lose some of it's 'allure' according to a survey of 600+ investors, agents and money managers compiled by PricewaterhouseCoopers LLP.

Since the start of the austerity measures there has been a general belt tightening and this is going to have an adverse affect on London property according to RICS (Royal Institution of Chartered Surveyors). They also said that the property market could struggle for some time to come given latest fall in some of London’s property prices.

The importance of Commercial property in London cannot be under estimated. Commercial agents in London can offer quality office and retail space for a range of businesses. Commercial property undoubtedly adds more value to the United Kingdom economy than even the banking sector, according to recent research. It provides places for people to shop, play and work as well as playing a major role when it comes to funding retirement. It has been said that the property sector is a vital part in the UK economy. London is an attractive city to many as they can find the right employees for their businesses due to the face it attracts people from all over the world. Second only perhaps to New York, London’s vibrancy and diversity makes it one of the best cities in the world.

Due to the economic crisis however, commercial retailers are struggling. A number of suggestions have been made to help them get through the tough times.

Commercial agents in London who let retailers their premises have been encouraged to let their tenants move to a monthly payment system instead of a quarterly one. This could help businesses to manage their finances more effectively, especially after Christmas.

Sarah Cordey, a BRC spokeswoman states that many landlords still work on a quarterly system to collect rent for business premises up front. This can cause cash flow problems to many businesses and a monthly agreement can only help them, consequently the commercial agents in London as they are more likely to reliably get the rent on time. Direct bank payments offer a speedy solution to rental agreements so rent can be paid on the day it is due instead of before which again, could only help businesses that are feeling the pinch.

The value of commercial properties in London is huge, it has been estimated to be £516 billion, equating to twenty five percent of the Stock Exchange (London). It employs more than eight hundred thousand workers and five hundred thousand at least are employed in development, repair and construction alone. It is essential therefore that this sector is supported not only on a wider scale by legislation but also that that there support by Commercial Agents London to help businesses stay afloat and continue to prosper.

Who knows the inside track on London's prime locations? The long-standing local commercial agents – of course. Everyone's got an opinion, so what's yours worth?

Labels: property news

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