London Property Market Is Said to be the First to Recover

Mike Slade, Chief Executive Officer at Helical Bar Plc – one of the leading UK property firms – said that London, the country’s capital and its major financial district is expected to be the first city to recover from the crunch. He added that the company is keeping a close eye on London market and is planning to start new building developments in a couple of years.
Moreover, Mr. Slade highlighted that it is the first time since 1990 that Helical Bar decided to focus on London commercial property market in order to benefit from property prices and rents, which will skyrocket upon market recovery. It is interesting to note that the latest data, provided by Investment Property Databank Ltd, prices on London offices have dumped by as much as 50% since 2007, which represents a great opportunity for property investment.
Mr. Slade claimed that the company is going to become London-centric just as it did in the early 1990’s, when Helical Bar Plc undertook a risky move by building an office in the capital without having a tenant right after the property recession.
According to the data, presented by property brokers, prices on office rents in London have fallen as much as 30% since 2007; Peter Bennett, City Surveyor, believes that the City is still about 2 years away from the launch of new commercial property developments, which is being proven by the fact that the construction of 2 largest UK skyscrapers (“Cheesegrater” by British Land Co. and “Walkie Talkie” by Land Securities Group Plc) has been postponed.
The shareholders’ meeting, held by Helical on June 22nd revealed that the company’s yields on its major commercial properties in London declined after 2 years of increases. Company’s analysts also believe that values of the property outside London and the West End, owned by the company, will experience a further decline as well as rents will.