Bargain hunters urged to be cautious
INVESTORS keen to move in on Britain's bargain property market have been warned to be careful.
The Hongkong managing director of property consultants Richard Ellis claimed anyone wanting to make a quick kill would be disappointed.
Mr Christopher Palmer said yields were healthy but not high enough to ensure a quick return.
Richard Ellis is launching a big sales push this week for a London development.
Rock bottom prices, competitive exchange rates and low borrowing costs have sparked a flood of foreign purchases.
The vast majority of the action is centred on the capital.
Mr Palmer said: ''People who are potentially investing in the London market should try to follow various guidelines.
''They should not have an exaggerated idea of capital gains.
''We see the market this year recovering but it is really a market for investors or occupiers, rather than speculators.
''I see the market recovering by perhaps five per cent this year and another 10 per cent next year.''
