The Brexit impasse is contributing to perceptions that the UK Commercial Property Market is in the downturn phase of the property cycle, according to the Q3 2019 RICS UK Commercial Property Market Survey.
The latest results show the highest proportion of respondents sensing the overall market is in the downturn phase of the property cycle since the series began in 2015 (+62% up from +53% in Q2), with anecdotal evidence suggesting that Brexit is having an increasingly detrimental impact on market activity.
Tom Holloway BA (Hons) MRICS, Director, Holloway Iliffe & Mitchell said:
‘Political uncertainty causing the market to slow right down in all sectors. However, the scarcity off. Freehold industrial units mean this sector is still very active when the opportunities come to the market.’
Simon Hake BSc (Hons) MRICS, Holloway Iliffe & Mitchell said:
‘New development on hold due to nitrate neutrality issues. Lack of industrial land for development. Difficult to predict market (in next 3 months or further ahead) due to political and economic uncertainty. Furthermore, no one knows the full impact of Brexit yet.’
Follow this link if you would like to receive a copy of the latest RICS UK Commercial Market Survey