Shops for Sale North London and the Economic Prognosis
With the chancellor’s autumn statement it looks like the recovery has properly taken hold in the UK, and most notably in North London. The lines are all drifting in the right direction, and although some problems still remain it seems that the bad days are over. Is now the time to think about beginning or expanding a business and searching for shops to rent in north London – or even for a shop for sale in London? If this is your plan then it’s worth bearing in mind a few points, both about the state of the economy as a whole and about commercial property London.
The first point is merely that the improvement is uneven, and London (and the southeast more generally) is racing ahead of other areas in both property prices and economic activity. This means that if your company operates outside the capital as well as within it, especially in Europe, then be warned that troubles elsewhere are not over. The happier news is that consumer spending is accounting for a lot of the upturn, so shops are in a good position to make the most of this. That’s not the best model of sustainable recovery, especially since household burden of debt is now at an all-time high, but it does suggest that retailers will continue to get a shot in the arm for a while.
However, this also tends to be the point in recoveries when smaller businesses really start to struggle because they run out of funds. They may have kept going so far by cutting staff and other overheads, and by running down savings. But with activity picking up though still not outstanding, some will find themselves against the wall. If they have the money then this might be a good time to take advantage of lower costs for shops to let in north London, or to look for a shop for sale in London. Both business and commercial property London prices are likely to continue lifting, now. But if you don’t have the money to do that, it’s still fairly unlikely you’ll be able to get a loan. Banks are lending more, but still not as much as required by small and medium businesses. With that in mind, it’s a difficult call. As ever, take advice from financial advisers and your accountant, and make sure that you find a reputable and well-connected commercial estate agent.
Please visit https://www.claridges-commercial.co.uk