Rising borrowing costs and a cloudy economic outlook are starting to weigh on the property market.
The increase in interest rates means a “recalibration” of commercial property values is under way, Mark Ridley, CEO at broker Savills, said. After that, “I think we’ll see the market stabilise quite quickly.” The UK is facing its longest economic slump since the financial crash, with inflation hitting a 40-year high. A number of big-ticket property deals have been pulled in recent months, including KKR and Mirastar’s attempt to sell 16 warehouses for more than £800m, according to media reports.
In addition, some large tech companies have pulled back on expansion plans, CEO Paul Williams said in a statement. Still, “there remains a broad range of businesses with active requirements”, he said.
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