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Property in for a Bumpy Ride as Economy Cools, Agent Warns

LONDON-The UK economy was cooling even before 11 September, although there are no indications that the UK will follow the USA into recession. According to Lambert Smith Hampton this means lower rental growth for the foreseeable future.

By Graham Parker | Updated on November 26, 2001

LONDON-New research from Lambert Smith Hampton maps the impact of the slowdown in the UK economy on the property market. With UK GDP growth for 2001 now expected to fall to 1.9%, businesses are in less expansionary mood, which is reflected in demand for property.

As the pressure on the supply of property has eased, rental growth has fallen markedly and LSH points to the latest IPD figures showing all property rental growth at 3.7% in the year to September 2001. Retail rental growth fell to 2.1%, and industrial to 3.1%. The office sector performed better although growth was down by almost half from 10% earlier this year to 5.9% at present.

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