Commercial property at "turning point"


28 May 2008
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Commercial property values may now have reached their lowest point, according to market professionals.

Quotes carried in the Financial Times Advisor have suggested an increased optimism in the market, which has suffered dramatic corrections of late.

Gerry Ferguson, head of UK property fund management at Scottish Widows Investment Partnership (Swip), told the paper he believes there is more of a floor in the market.

"There was a sharp correction in the property market but I believe we’re at a turning point," he said.

Swip's investment director of UK equities, Christopher Bamberry, noted fewer banks were forcing sales, which had helped prevent commercial property prices falling further.

The paper reported he told a roundtable event on commercial property investment: "We have not seen a lot of forced sellers come to the market."

Mr Ferguson said looking forward, "returns will be much more secure than they have been in the last three to four years".

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