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Commercial property sprouting growth

Green shoots in commercial property are emerging and an upturn in prices is expected to continue for some time, according to Prudential director of investment John Betteridge.

He said: “There have been dramatic falls in commercial property and now prices are increasing. Just as commercial property prices fell during the latter half of 2008 and the first half of 2009, on very little volume of transactions, what we are seeing now is exactly the opposite taking place. That may continue for a while, even though the occupation market is looking very sick.”

Defaqto economist Michael Baxter said despite “hiccups”, the global economy is likely to see an upturn similar to the 3.33 per cent growth seen between 1950 and 1973. He said: “I think the global economy probably is about to experience significant growth comparable to that period.”

Asked whether he supports FSA chairman Lord Turner’s calls for a tax to curb bank bonuses, Betteridge said acting independently of other global financial centres is “a silly idea”. He said: “The UK has always attracted very clever people. If you want a tax, then you need to apply it on a global scale. We do not want to destroy an industry that has become very important in the UK.”

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