Too Early to Invest in British Property says Grovesnor

Grovesnor Group, a London based major property development company, have said that it is still too early to consider investing the £520million it has set aside for property acquisition into UK property.

Mark Preston, Grovesnors CEO said “People talking about green shoots of recovery have been spending too much time looking at the bulbs in their garden. By being patient, there will be more compelling opportunities coming in due course.”

The Group is owned by the Duke of Westminsters' family trust and had prepared for a downturn in property value by puttin aside cash for an acquisitins fund.  Despite the recent slump in both business and residential property, Preston is still clearly of the view that a prolonged period of negative price change in property is on the cards.

“This downturn is going to be long and hard,” Preston continued. “We’re approaching all planning with that view.”

Grovesnor reported a net loss in 2008 of over £450 million, largely as a result of property write-downs.