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CENTRAL LONDON IS ‘TOO HOT’ SAYS DEVELOPMENT SECURITIES

CENTRAL LONDON IS ‘TOO HOT’ SAYS DEVELOPMENT SECURITIES

Published: 02/05/2014

Development Securities has pumped £70m into projects in Greater London and the South East, but will not touch prime central London which has become “too hot”.

The property group, which sold off assets worth £260m this year, announced £19.5m profit before tax for the financial year ending 28 February, up from £0.8m last year at its preliminary results.

Following a series of 12 new acquisitions, the company reported a £10.7m increase in its net asset value (NAV) to £328.3m.

Land Registry figures released on Wednesday show that national house prices fell 0.4pc from February to March this year. UK values were up 5.6pc year-on-year, and property in London continued to rise by 12.7pc over 12 months, fuelling fears of a bubble.

Meanwhile, serviced office providers Regus reported first-quarter revenues up 19.4pc to £393.2m. Occupancy rates stayed strong especially in mature cities such as London where there is a lack of office space and little room to expand.