Wales bucks auction trend - commercial mortgages

17 April 2008

In news which may interest those looking to take out commercial mortgages, Wales has emerged as a region that appears to be bucking the trend for commercial auctions.

Figures from the Royal Institution of Chartered Surveyors (Rics) showed that in the fourth quarter of 2007 Welsh auctions produced a total property value of £23.8 million, compared with £19 million in the third quarter, the Western Mail reports.

Apart from Wales, Scotland was the only part of the UK to see a rise in commercial property auction values in 2007.

Commenting on the findings, the director of Rics Wales Cathy McLean said: "The increase in value raised at auction shows Wales is bucking the trend for reduced activity, demonstrating our commercial auction market here is performing much better than across the rest of the UK."

She added that the latest figures may also be a hint that confidence was returning in the market.

Earlier this week analysts Merrill Lynch predicted a return to positive returns by 2010, the Financial Times reports.