Much of this improvement in turnover reflected recovering confidence among UK-based investors, but non-UK private investors have been much less active after 11September. FPDSavills director Paul Cockburn said: 'The slowing and then stalling of the leasing market has affected the mood of investors who have a natural tendency to return to and retain their capital in their domestic market during times of uncertainty.'
Cockburn expects yields to soften during 2002, especially for secondary properties, reflecting the difficult leasing market. But he said: 'Assuming that the economy starts to recover and business confidence builds by the middle of 2002, we expect that this pricing adjustment will encourage buyers to speculate on the prospects of an improving leasing market and take advantage of the pricing of value growth opportunities.'
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