City and West End investment turnover highest since 2007

  Third-quarter investment turnover in the City and West End was the highest since 2007, according to Gresham Down.   Turnover across the two markets, including properties currently under offer, stood at around £1bn for each, with high levels of investment demand showing no signs of abating in the short term.   However, availability is at historically low levels, despite signs that more vendors are coming to the market.   The agent said previously withdrawn properties were now being re-offered on the basis of improving values, and expects prime yields to harden to 6% in the City and 5% in the West End by the year-end.   In Q3, prime yields remained at 6.5% in the City, with £0.57bn worth of investments for sale.   The Square Mile saw a turnover of £0.6bn over the period, with deals averaging at around £37m.   In the West End there was £0.99bn for sale in Q3 and a prime yield of 5.5%.   Turnover stood at £1.04bn, with an average deal size of £33m.   james.buckley@rbi.co.uk