Prices now deterring overseas investors within UK commercial property.
Though not in actual negative, but the it is reported that the Royal Institute of Chartered Surveyors (RICS) said buyer enquiries though still rising, was at its slowest pace since the third quarter of 2013. This is being put down to a slow down in foreign buyer interest for UK commercial property.
The main reasons thought to be causing the slowdown are the fear of falling property prices and legislative changes to taxes including stamp duty.
Of course, lot unknown due to come in 2016, the low interest rates will keep commercial property prices steady and on an upwards trend, but most certainly foreign investment to central London property will be cautious and will monitor the situation closely.
Simon Rubinsohn, RICS chief economist, is quoted as saying “For the time being the real estate sector seems largely insulated from the turmoil affecting financial markets. Indeed, the prospect of a ‘low for longer’ interest rate environment provides further comfort for those parts of the property market where values are looking a little stretched and arguably more vulnerable to a material shift in monetary policy.“
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