Land Securities forecasts commercial property growth

Posted 19/11/2009

Commercial property group Land Securities has predicted conditions for property sale and purchase deals in the UK are set to see an improvement.

The company has become the latest commercial property firm to report improved fortunes in the last few months, which it attributes to an increasingly favourable market.

Francis Salway, chief executive of Land Securities, told the Telegraph that there are now “more buyers than sellers” in the sector, which he said will inevitably lead to improved prices.

Mr Salway forecast that this will pave the way for long-term recovery in the UK commercial property market, predicting that values are now set to rise for the next five years.

He said: “The increases will not be in a straight line, there will be ripples along the way, but we are increasingly confident.”

This comes after the British Property Federation last month suggested that the commercial property sector has already passed its “turning point” and is now on its way to recovery.