Yorkshire marked as ‘land of opportunity’ for property
PROPERTY firm Savills has described Yorkshire as a “land of opportunity” for the property market.
In its 2014 to 2018 forecasts, the firm predicts that Leeds, York and Harrogate commercial rental growth will outperform the national average. It also expects there to be opportunities to close the gap in value for ‘secondary’ commercial properties, where yields have yet to reach their full potential.
Presenting the latest trends in the property market at an event at the Metropole Hotel in Leeds city centre, Mat Oakley, head of commercial research at Savills, said: “Commercial development around the top seven regional cities, of which Leeds is one, is also forecast; Small edge of city industrial estates, large regional warehouses and major shopping centres should see a boost in interest and activity. Demand is also currently exceeding supply for bulky goods retail warehousing.”
Looking at the residential market, Savills researcher Sophie Chick highlighted that the total cost of housing in Yorkshire and the Humber is currently estimated at £9.1bn.
“Our mainstream forecasts predict that in 2014 values in Yorkshire will rise by 5% and by the end of 2018 by 19.3%.” she said. “One of the main drivers behind this growth prediction is the gap between demand for housing and a continued lack of supply. However we are currently seeing much higher levels of development activity in the North due to government interventions and housebuilders refinancing.”
