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London business property market booming

Shaftesbury Group, the prominent UK property operation, last week revealed business in the West End of London was especially brisk over the Christmas and New Year period. The company has announced a significant increase in new tenant agreements approved at rates at or above recent property values for the company's various assets. So what does this mean for the UK property market in general?

As we have mentioned on numerous occasions, there is no doubt that the London business market and London housing market is very different to that of the general UK. These two markets led the UK into recession and these two markets will lead the UK out of recession and to all intents and purposes operate as a sub economy just below the surface of the overall UK economy. This is not the first time we have heard positive comments and buoyant forecasts for the London business and London housing market but thankfully we are seeing sporadic signs of interest in the overall UK market.

While many UK property companies are still struggling to honour their various banking covenants it does seem as though the tide has turned and we are seeing fewer and fewer fire sales coming to the market.

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