19 Aug

Most people "surprised" by lack of increase in distressed properties

Most people "surprised" by lack of increase in distressed properties

Most people are surprised by the small increase in the number of distressed houses coming to market, one property expert has asserted.

Michael Rhydderch, a partner at Cushman & Wakefield, which has 15,000 employees worldwide, said that distressed properties are attractive to investors at the correct price, meaning that their value has to fall quite considerably for them to attract bids.

His comments follow the publication of a report by the Royal Institution of Chartered Surveyors earlier this week, which revealed that over 75 per cent of respondents believe that more distressed commercial properties came to the global market in the second quarter of 2009 compared to the first.

"Most people are quite surprised by how little [the number of distressed properties] has increased to date," said Mr Rhydderch.

The news comes after CB Richard Ellis reported earlier this month that UK commercial property total returns increased for the first time since June 2007.
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