4 Aug

Northern property companies 'optimistic' about the future

Northern property companies 'optimistic' about the future

Many companies in the north of England are feeling more optimistic about the future, according to one property expert.

Steve Georgiou, a director at magazine publisher Property Executive, said that areas such as northern Scotland do not seem to have suffered as much as the rest of the UK in the recent property crash.

The latest Jones Lang LaSalle index revealed that returns in the second quarter of this year declined the least since the second quarter of 2008, falling by just 1.8 per cent, compared to a 6.4 per cent fall in the previous three months.

"There is a sense of optimism starting to appear within some of these areas," said Mr Georgiou, commenting on the situation in major cities such as Leeds and Manchester.

"People are starting to believe that things are slowly picking up"

In related news, the Investment Property Databank reported last month that in June UK commercial property capital values experienced their smallest decline since August 2007.

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