INDUSTRY NEWS

City bonuses to be spent on bricks and mortar

Despite a gloomy outlook, city executives are expected to spend their Christmas bonuses on property investments, it has been reported.

Chris Carter, sales director of Property Brief, said that bonuses will support the buy-to-let market and help upgrade main homes.

Bonuses are expected to be 16 per cent lower than last year, however the more exclusive addresses will still attract new buyers.

"We expect the prestigious locations popular with these city workers, such as Chelsea and Knightsbridge, to deliver the best rate of growth in the new year," he said.

Cash will be directed towards investments rather than spent on holidays and flash cars, IFAonline has reported experts from the Homebuyer Show as saying.

Commercial property prices fell sharply in October and the latest figures suggest that private property values fell twice as fast in London, than across the rest of the country.

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