Newspaper article Manchester Evening News

Brexit Fuels Drop in Confidence

Newspaper article Manchester Evening News

Brexit Fuels Drop in Confidence

Article excerpt

THE commercial property market in the north west has seen a drop in confidence and investor demand following the Brexit vote, according to the latest RICS UK Commercial Property Market Survey.

Both the investment and occupier sides of the market have been affected by the change in sentiment and both rent and capital value expectations have dropped.

Jeff Matsu, RICS Senior Economist, said: "Political and economic uncertainty in the aftermath of the referendum result has clearly dampened sentiment in the commercial property market, with the tone becoming visibly more cautious right across the UK.

"Nevertheless, following several years of strong capital value and rental gains, momentum had already appeared to be slowing.

"Whether or not the sharp deterioration in the RICS survey data is a kneejerk reaction that will unwind as the result is digested, or the start of a more prolonged downturn, remains to be seen. …

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