New analysis of commercial property transactions worth £100m-plus completed in London over a 12-month period reveals a fall in the total value and volume of deals, but the market holding relatively strong in the face of COVID-19 and uncertainty over the UKs impending EU exit agreement.
The report for the period July 2019 to June 2020, published recently by construction and design consultancy McBains, shows that there was a fall in the total volume of transactions, with 90 compared to 101 for the previous 12 months (July 2018 to June 2019). There was also a fall in the overall value of transactions, with the total worth nearly £7bn, compared to nearly £10bn for the previous 12 months.
However, the number of deals worth £100m-plus stood at 23, compared with 25 for the previous 12 months – but still much lower than the peak of 48 in 2017/18.
Clive Docwra, managing director at McBains, said: “Given that this report covers a turbulent period including continuing uncertainty over whether the UK will secure a Brexit deal, a general election, and COVID-19 with a lockdown, the London market is proving to be pretty resilient.”