Total returns on the IPD UK monthly index fell by 3.7% in December, compared with November, the largest drop on record. Capital values were down 4.2% month on month, the real estate measurement company said.
Total returns on the IPD UK monthly index fell by 3.7% in December, compared with November, the largest drop on record. Capital values were down 4.2% month on month, the real estate measurement company said.
IPD said the decline in UK commercial property values represent a 'continuation of the steeping falls seen over the past few months'. The index was down 3.6% month on month in November. December's drop is the biggest since the index began in December 1986.
Overall, the figures represent a -5.5% total return on investments in UK commercial property last year and annual capital growth of -10% in December, IPD said.
'The staggering feature of this year's headline result is the pace of market reversal which it reflects,' said director Ian Cullen in a statement.
