Partly cloudy

Article Abstract:

The UK's commercial property auctioneers have experienced mixed fortunes in 1998. There were strong sales at the beginning of the year, but some difficulties emerged later on. Activity levels have been stable as the year comes to an end, as have yields. The decline in interest rates means that there are good prospects for investment in commercial property. Trends in 1998 have included strong interest from private investors in investments worth less than 1 million pounds sterling that property companies and institutions have been shedding from their portfolios.

United Kingdom, Commercial and Institutional Building Construction, Manufacturing and Industrial Building Construction, Commercial Buildings, Nonresidential construction, not elsewhere classified, Nonresidential Building Construction, Nonresidential Buildings, Management, Construction, Buildings, Commercial construction, Auctioneers

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ARAS yields record

Article Abstract:

The leading property auction houses in London, England, saw revenues rise to 75 million pounds sterling in the third quarter of 1997, from 29 million pounds sterling in the year-earlier period, according to Jones Lang Wootton's Auction Results Analysis System (ARAS). Volumes were up by 159%. The number of lots offered rose by 144%, but the number of lots sold was up only 137%, leading to success rates falling to 74%, from 77%. There was particular success in the retail property sector, where income rose by 171% to 57 million pounds sterling.

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ARAS reveals bumper totals

Article Abstract:

The number of lots offered at property auctions in the UK rose by 42% in 1997 from 1996 to 2,384, according to Jones Lang Wootton's Auction Results Analysis System. Of these, 1,836 lots were sold, giving a success rate of 77%, the same as in 1996. Sales at auction reached a value of 405 million pounds sterling, the largest annual total since 1989. Income from the sale of retail lots was 263 million pounds sterling, up by 52%, while income from the sale of office lots rose to 50 million pounds sterling, from 24 million pounds sterling.

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