Commercial property development activity 'rose last month'

Development activity in the UK commercial property market increased during November, according to new figures.

Research from Savills has revealed that development rose for the fourth month running, although the pace of expansion eased from the 27-month high which was seen during August.

Overall, the total commercial development activity index fell from +14.3 per cent to +9.2 per cent, as 21 per cent of firms reported a rise compared to 12 per cent signalling a decline.

The research also highlighted that the activity was confined to the private sector, as work on public projects and initiatives fell slightly over the month analysed.

Last month, Savills' head of commercial auctions, Simon Parker, said a number of properties are going under the hammer due to a large number of buildings heading into receivership.

He made the comment as the company discussed details of its latest auction, which took place on December 7th.