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Credit crisis halves volume of property deals |
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HOME >> NEWS >> Credit crisis halves volume of property deals |
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 The UK property market is feeling the full force of the credit crisis - with the volume of investment deals recorded by property advisers Cushman & Wakefield halving.
Deal volumes in the UK were down 52pc in the first quarter of 2008 compared to the same period in 2007, with investors in a "cautious and demanding mood".
However, Cushman & Wakefield argues that activity in the UK market has now stabilised "after marked falls in recent months". Although down year-on-year, volumes in the first quarter were close to the performance of late 2007.
Michael Rhydderch of Cushman & Wakefield said: "Deals are taking longer and the due dilligence process is more protracted. Where funding is required the extra scrutiny put in place by the banks adds further to the delay and uncertainty of transactions actually completing." A mismatch between the expectations of buyers and sellers added to the slowdown, said Mr Rhydderch.
In its report the company also warned of "further pain" in the months ahead, although it expects the volume of investment deals to pick up towards the later part of the year. The property adviser forecasts investment deals will be "some way down on the 2007 record, but ahead of recent performance".
"Many investors will maintain a 'wait and see' attitude until they have greater confidence in pricing and the economic outlook. The current lack of distressed sellers indicates an economy that, although weaker, is not in retreat," added Mr Rhydderch.
Source: http://www.telegraph.co.uk/ |
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International Corporate Governance
This issue explores how governance attributes are directly related to the substantial variation - across both countries and companies - in ownership, investment and valuation. |
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