Hangover cure: Last year’s credit crunch left the property industry in turmoil. In its third London supplement, EG looks at what 2008 holds for the capital’s market
What a difference a year can make. When Estates Gazette published its second annual London supplement this time last year, the party was still in full swing, with 2007 promising to be another good year for the property market.
Investment transactions were still rocketing, yields tightening, leasing activity establishing higher rents, and developers buoyed into action.
But by Q4 the last dance was over, the main lights had come on and all that was left to do was to start picking through the debris. End-of-year results showed investment volumes taking a dive, take-up faltering and rental figures keeping a lower profile.
Weighed against tougher market conditions, what does 2008 hold for the capital’s property market?
This year’s supplement not only looks at the predictions for the year and considers London’s position against some of its international counterparts, but also examines the effect of growing construction costs and changes in the amounts developers are expected to contribute in 106 agreements.
And then there is mayoral candidate Boris Johnson, going head-to-head with Ken Livingstone in the May elections. He tells us his thoughts on what he would do for London’s property market if he gets into office.
Our second profile is Lee Polisano, arguably one of the most important architects in London, who takes time out from designing some of the capital’s most prominent schemes to talk about the challenges of designing and building in the city.
His profile also serves as a reminder that there is still very much in the London market to be excited about.
