As per the new reports, value of commercial property in the UK did notice a huge drop by billions in 2016. This happened quite soon after the results came out where vote to the leave the European Union was announced.
As per the recent reports from The Property Industry Alliance’s (PIA), the overall commercial value of the properties in the UK, out of which retail accounts for 38 per cent, has plunged in 2016 by 4.6 per cent. This means the drop is from £926 billion to £883 billion.
Commercial property in the UK comprises of about 13 per cent of the value of all buildings in the UK. It also marks about 10 per cent of the total net worth. This colossal plummet was noticed especially after the result of Brexit was announced.
Bill Hughes the chairman of PIA stated that despite the huge drop, the industry of commercial property in the UK did mark a vital part of UK’s economy.