Average pharmacy prices rose last year despite cuts to funding in the sector, according to figures from specialist business property adviser, Christie & Co.

Prices across the sector have increased 12 per cent compared to 2015 and demand and lending remained strong, said the company, concluding that market activity has continued almost unaffected by the funding cuts.

“In 2016, Christie & Co achieved an average of 110 per cent of the asking price and eight offers on each pharmacy sold,” said Tony Evans, head of pharmacy at Christie & Co.

“As we go into 2017 we anticipate a further raft of sales as the funding cuts take effect, but we are confident that demand from buyers will continue. The sector continues to be a safe haven for private investors and family money, and banks are still keen to lend.”

Contractors will have to implement measures to compensate for losses to funding, but the outlook for 2017 looks positive, he suggested.

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