UK real estate sector grows for third year

The UK real estate sector has delivered its third consecutive year of outperformance for the first t...

The UK real estate sector has delivered its third consecutive year of outperformance for the first time since the late 1970s, augmented by weak equity markets. At the same time, the commercial property letting market has deteriorated over 2002 as demand has fallen off, according to Schroder Salomon Smith Barney (SSSB). Michael Prew director of European property at SSSB, said: 'There is a lot of false hope built into the commercial property market. Supply continues to be strong and there is as much oversupply as there was in 1993 at the depth of the last property slump.' However, it ...