Europe

Lettings: how long does it take to do a deal?

The EU referendum vote has hurt property markets in the UK’s six biggest regional cities more than the rest of the UK and London

Since the announcement of the EU vote, office and retail properties in the UK’s six biggest regional cities are taking longer to fill, with the percentage of buildings letting within three months of coming onto the market halving.

Just 3.4% of properties put on the market in Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester in Q1 2016 let during the period, compared with 6.4% in Q4 2015.

Outside the big cities, the UK’s regional markets have seen a steady slowdown, with the number of properties letting within three months peaking in Q3 2015.

Over the longer term, both London and the UK’s biggest cities have reported a slowdown, with the number of buildings in London letting within six months of coming onto the market falling for four consecutive quarters.

Over that period, the six biggest cities posted a peak in lettings in Q3 last year.

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