LONDON Dec 15 British commercial property
values rose in November for the second straight month since
Britain voted in June to leave the European Union, having
declined in the first three months after the vote, according to
a survey published on Thursday.
Fears for property prices in the immediate aftermath of the
Brexit vote had some investors rushing to pull their cash out of
commercial property funds, causing a temporary lock-up on around
18 billion pounds ($22.42 billion) in assets.
The British economy has shown unexpected resilience to the
Brexit vote, however, while a sharp drop in sterling has
attracted overseas buyers to the property market.
Commercial property values rose by 0.34 percent last month,
their strongest pace of growth this year, according to the MSCI
IPD real estate index.
This follows a 0.067 percent gain in October, after three
months of declines totalling more than 3.5 percent.
Total commercial property returns of 0.81 percent in
November were also at their highest this year.
The IPD real estate index is one of Britain's most widely
watched commercial real estate data surveys, and tracks about
10.5 percent of the professionally managed UK property across
all sectors, including retail and office property.
The November index was based on data from 3,130 property
investments with a total capital value of 44.6 billion pounds,
($1 = 0.8027 pounds)
(Reporting by Esha Vaish and Carolyn Cohn; Editing by Greg