Land Securities gives bullish outlook on property market
LAND Securities yesterday said it was certain there was a boost in confidence in the market and added there are now more buyers than sellers entering the market.
The property firm yesterday reported it had narrowed its pre-tax losses from £1.6bn a year ago to £4.6m in the six months to 30September.
The group posted a 1.4 per cent decline in its portfolio for the period – but added that it is outperforming its peers. Chief executive Francis Salway told City PM he believed that “prices will be higher in five years time than they are now – but they won’t rise in a straight line.”
Salway said he would take advantage of the forecasted price fluctuations to go into the market and buy. The group said it would complete three sites in the West End in 2012.