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SOUTH WEST TOPS THE UK LEAGUE FOR COMMERCIAL PROPERTY AUCTIONS

Most regions show a bounce-back in buyer-interest

The last quarter of 2007 saw the South West top the UK league table for the number of commercial properties sold at auction.

With 178 commercial properties successfully sold at auction in the last quarter of 2007, the South West led a nation-wide bounce-back in interest from buyers.

These are the latest findings of the RICS (Royal Institution of Chartered Surveyors), which recorded a national increase in commercial property auction values from £292 million in Q3 of 2007 to £487 million in Q4.

Matthew McKaig, RICS Director for the West, said:

“This suggests that the South West is still viewed as a strong regional economy, with attractive commercial prospects.

“It is too early to tell if the near term pick-up in auction activity heralds a return in confidence in the mainstream market. The last quarter of the year typically sees an increase in activity at auction houses, with this year being no exception.   But the South West has performed well.

“On-going credit problems are likely to continue to weigh down on commercial prices in 2008, as investors and occupiers remain cautious. The knock-on impacts from financial constraints should be less acute for auction sales, as smaller lot sizes are less exposed to weakness in the commercial business and mortgage market”, said Mr McKaig.

ENDS             3rd April 2008

For further information please contact Violet Ridge, Sturgess Van Damme, on 01275 349011 or email violet@sturgessvandamme.co.uk