Heron boss sees tough market

HERON INTERNATIONAL chief executive Gerald Ronson said he expects the property market to recover by 2014 / 15, but believes rents and sales will remain patchy before then, particularly outside of London.

Ronson said in a speech at the annual Heron lunch that insurers and overseas investors could take up the slack over the next year as the banks unload real estate used to secure massive loans that went bad.

“We are not out of the woods, in fact there is a lot going on in the woods, but we can now see the wood for the trees,” he said.