Revealed: Local Authorities Pull Back From Property Investment As Brexit And Retail Woes Cool Appetite

Britain’s local authorities have been among the largest and most controversial investors in UK real estate for the past three years. But it seems that their appetite is cooling.

Investment in the commercial property sector by UK local authorities and county councils nearly halved in the first half of 2019, falling to £420M compared to £800M in the same period last year, according to figures compiled for Bisnow by data firm Datscha.

Datscha said this drop was broadly in line with declining investment volumes in the wider UK market: In the first quarter of this year, investment dropped 40%, Datscha said. It put the fall in council investment down to two factors: Brexit and the turmoil in the retail sector.

“I think a lot of this is down to uncertainty around Brexit, and you are seeing this drop across the board,” Datscha Head of Research Lesley Males said. “Also, local authorities have been quite heavy investors in retail, and they are maybe starting to heed the warning signs that this…

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