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Demand for UK commercial property is on the rise and the market has recovered from a ‘post-Referendum slump’ in activity, according to the Royal Institution of Chartered Surveyors (RICS).
The RICS has said that net occupier demand increased by +12 between late September and early October – up from just zero in July.
According to their quarterly market report, July saw several major property funds halt investors from withdrawing their investments – a move dubbed the ‘most visible casualty’ of the Brexit vote by Reuters.
However, a “rebound for demand” for commercial property from both British firms seeking additional space and foreign investors sweeping in to take advantage of the reduced value of sterling suggests that the market is beginning to prove resilient, according to RICS Chief Economist, Simon Rubinsohn.
“Overseas buyers look to capitalise on the opportunity to buy prime assets, given the significant discount provided by the weak pound,” the RICS has said.
This sentiment was echoed by a separate study carried out by Savills estate agents, which suggests that overseas investors accounted for 78 per cent of all commercial property purchased in London over the course of July, August and September.
Savills suggested that a weaker economic outlook could see commercial property prices dip over the next two years – but market analysts have argued that, while this may shake market confidence, a price reduction would also attract increased investment.
Analysts added that prices were only likely to fall by ‘up to ten per cent’.
Ben Menahem, Associate in OGR Stock Denton’s property team, said: “Undoubtedly the market halted over the summer after the Brexit vote, yet our firm were keen to maintain investor relations and pro-actively provide interim advice on any potential transactions. This has subsequently led to our international Hungarian clients securing new commercial premises in North London earlier this month”.
Almost half of all disputes between UK neighbours, including those involving ongoing abuse and arguments, are left unresolved.
Furthermore, one in five Britons have found themselves caught up in a neighbourly dispute at least once, while one in ten have become embroiled in a dispute which lasted 12 months or more, according to research from a UK insurance provider.
The study, dubbed A portrait of the modern British community, was carried out by Co-op insurance in a bid to provide a snapshot into neighbourly behaviours in 2016.
Worryingly, it revealed that a large proportion of Britons had been experiencing neighbourly disturbances on a regular basis and, worse still – many are failing to do anything about it.
77 per cent of Britons told the survey that they had been subjected to disrespectful behaviour, while three quarters added that their neighbours were regularly rude, intolerant or noisy.
44 per cent said that they had suffered excessive noise from their neighbours on a regular basis, while a further 22 per cent said that they had fallen victim to neighbourly abuse.
Meanwhile, 72 per cent added that their neighbours were inconsiderate when it came to parking their cars, while a further 19 per cent admitted to being embroiled in ongoing ‘parking wars’.
Boundary disputes and a failure to keep shared facilities properly maintained were also cited as common problems causing neighbourly tension in the UK.
Ben Menahem, Associate in OGR Stock Denton’s property team, said: “Communication here is key. Trying to build a polite, practical relationship with your neighbours at the outset, may well see these figures drop”.
For advice and support on any residential or landlord-tenant disputes, please contact Ben Menahem, Associate in our property team.