Retail property is in greatest demand, and according to David Erwin, head of retail investment at C&W/H&B, prime yields have potentially moved back in by a full percentage point, replacing the ground lost over the past two years. However, little stock is passing through the market to test these levels because owners appear unwilling to part with property for fear that they will not be able to reinvest the proceeds.
The firm's head of investment Andrew Gulliford said: 'There is now strong competition for most well-priced property, particularly in the retail sector, driven by a widening of the field, which significantly includes the return of the institutions as competitors to finance-backed buyers, who have been the primary players in the market for some time.'
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