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Property

May 2012

Economic woes appeared to be at the forefront of property investors’ minds during April, particularly given indications that the UK had slipped back into recession. Total returns for the UK commercial property market scraped into positive territory during March (the most recent data available) at 0.2%, while values declined 0.3% on the month. Values have fallen 0.8% since November 2011.

The retail sector led the declines, with prices falling 0.5%. Despite a strong surge in retail sales during March – as a result of the short-lived warmer weather -– it was not enough to shrug off the downbeat news on the high street. The number of retailers forced into administration increased by 15% during the first three months of the year, according to Deloitte. Sluggish consumer spending, competition from online sales and an oversupply of marginal stores contributed to the failures.

Secondary markets are still particularly at risk from weak investor demand as credit conditions remain extremely tight and sales from banks start to increase. Valuations in the secondary markets are expected to be the weakest over the next 18 months; prices for prime properties are forecast to hold up much better.

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