All the signs suggest confidence in property market is returning
It’s often said that property is a great barometer of the general wellbeing of the economy. Therefore, it’s great to hear that many of my Manchester property PR clients, from small construction companies to national loft conversion companies, are reporting a definite boost to enquiries and those all-important sales. Anecdotally, they say that although we are still not sure of terms - ‘getting Brexit done’ has increased consumer confidence – huge sighs of relief all around then.
Elsewhere, the latest data from NAEA Propertymark reveals the numbers of prospective buyers and sales agreed were up last December when compared to the previous year. The Halifax has also reported a slight rise in annual house price growth since the end of 2019 and the Intermediary Mortgage Lenders Association Mortgage Market Tracker also suggest the new government is helping to boost consumer confidence.
However, despite the confidence as the property market gets back to business as usual, it’s important to sound a note of caution. Brexit is not ‘done’ – we have under a year to get it done and we are no closer to understanding what that actually means in 2020, than we were in 2018. Personally, as a glass half full type of ‘gal’ I am optimistic that deals will eventually be decided that work for both the UK and the EU – once the posturing and name calling settles down.
In fact, data obtained from the Financial Conduct Authority (FCA) found that more than 1,000 EU financial firms will open offices in Britain. www.buyassociation.co.uk suggests major financial hubs will not just be London based but could also include Manchester, Leeds and Birmingham. Great news for Manchester – if, of course, the information is correct. Certainly, as I sit in traffic on the elevated Mancunian way, I never cease to be amazed at the sheer number of cranes I can see across the city skyline – another sure indication of development and market confidence.
Our fair city is the fastest growing UK city in terms of population and potential employment and is one of the construction centres of Europe – in fact, one investment website claims that currently, Manchester has more tall building construction going on than the whole of North America apart from Toronto! (Feel free to use this fact next time you are in the pub – especially if you are in the company of a Southerner).
And so here’s a call out to property developers, builders, commercial developers and indeed any affiliated professional working in this sector, now is a great time to take advantage of the Northern Powerhouse and as Manchester is right at its heart, I hope to see you soon.