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Property devt in UK hits a low

(LONDON) Property development activity in the UK fell for the first time in four-and-a-half years in November as worries about a weakening property market outlook spread to the commercial building trade, data showed yesterday.

In a monthly survey of industry professionals, property services firm Savills said around 22 per cent reported a drop in activity in November, compared with 12 per cent reporting a rise.

That left the Total Commercial Development Activity Index with a negative net balance for the first time since May 2003, Savills said.

Commercial property developers and building contractors were also increasingly pessimistic about future work prospects, with a third of those surveyed forecasting a fall from current levels of activity in the next three months.

 

Source: Reuters (Business Times 13 Dec 07)

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