Small commercial deals boom amid Brexit real estate gloom

In the UK, commercial property auctions are setting records

TRD New York /
Oct.October 16, 2016 05:00 PM

It might not all be doom and gloom following Britain’s vote to exit the European Union. The UK’s commercial property auction market is heating up, attracting bidders from all corners of globe.

Britain’s 900 billion pound commercial real estate market was an early victim of the so-called Brexit, with investors pulling money out of commercial property funds, according to Reuters. And since the vote, average commercial property values have fallen around 3.5 percent.

But for commercial property auctioneers — who typically focus on smaller properties – things are looking sunnier.

Allsop, Britain’s biggest auctioneer, saw its biggest sale volume in a decade this month. Around 500 people attended a recent Allsop sale, while a further 6,000-odd investors bid remotely.

“People have asked whether the market might be approaching a peak, but sales like these show we are only just getting out of the blocks,” auctioneer Richard Auterac told Reuters. [ [Reuters]Christopher Cameron


Related Articles

arrow_forward_ios
From left: 60 Sloane Avenue, Domenico Giani, former head of security of The Vatican, and Vatican City (Credit: Wikipedia and iStock)

Real estate scandal rocks the Vatican

From left: London, Shanghai and Paris

In London, WeWork already reaping rewards of planned Brexit: Global property

From left: London, Shanghai and Paris

The TRD weekly global digest

London’s office market has proven to be surprisingly resilient (Credit: iStock)

Brexit is no longer slowing down London office developers

The Brexit effect in Amsterdam: High home prices and ultra-competitive bidding wars

The Brexit effect in Amsterdam: High home prices and ultra-competitive bidding wars

Simon Reuben, David Reuben and London (Credit: Wikimedia Commons, iStock)

The Reuben brothers have paid about $117M for a London office building

Wealthy investors to face stricter rules to obtain a “golden visa” in the U.K.

Wealthy investors to face stricter rules to obtain a “golden visa” in the U.K.

Despite Brexit, London retains top global rank for commercial real estate investment

Despite Brexit, London retains top global rank for commercial real estate investment

arrow_forward_ios