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Institutions Cut Back on Property Investment

LONDON-The latest figures from the Office of National Statistics show that net property investment by UK institutions in Q2 2003 was just pounds 53 million ($88 million), a sharp reduction on the previous quarter's pounds 439 million ($730 million).

By Graham Parker | Updated on October 01, 2003

LONDON-Institutional investment in UK property fell sharply in the second quarter of 2003, according to new data from the Office of National Statistics. The ONS calculates that UK insurance companies and pension funds invested a net £53 million ($88 million) in quarter two 2003, down from £439 million ($730 million) in the previous quarter.

Hamish Whiteman, Director of Capital Markets at CB Richard Ellis, said: “UK institutions are holding fire in terms of property investment. The relatively bleak short-term outlook for rental value growth in the key London and South East office markets, allied to an already over-weight position in property means that most institutions are adopting a wait and see policy.”

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