Commercial transactions down more than 26 per cent in year to date ‒ Savills

Activity levels from international investors have fallen slightly less, by 23.7 per cent over the same period.

However, in its latest Market in Minutes report, Savills noted that transaction volumes from US and Middle Eastern buyers had risen by 56.4 per cent and 14.8 per cent respectively in the first nine months of the year, compared to the same period last year.

This has coincided with increased activity from Malaysian investors too.

It said: “While the UK may be experiencing political uncertainty, this has not dented its safe-haven status to international buyers.”

The Savills analysis also found that prime yields across all commercial sectors have remained unchanged throughout September, from West End offices to retail warehouses.

However, the number of sectors expecting yields to rise has now increased from four to two, with M25 and provincial offices joining high street retail and shopping centres.

Savills explained: “Obviously, cyclical trends and Brexit uncertainty is coming into play, but in the case of M25 offices increased supply in some parts of the market is also having a bearing.”