The commercial property market is being inundated with buildings that were previously owned by councils around the UK, according to the Daily Telegraph.
The newspaper referred to a recent report from property consultants Lambert Smith Hampton, where it found more than 100 of its 124 autumn auction lots were made up of public sector properties.
This included offices and industrial units, which were put up for sale in a bid to save money.
Head of auctions Simon Riggall said: “This creates a great buying opportunity – assets which have been tied up and unavailable are now appearing in the market.”
It is thought the cost-cutting trend has emerged ahead of warnings of the public sector cuts outlined in the Spending Review yesterday.
