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Real Estate Update: July 2021

As the country makes moves out of the pandemic and towards unlocking and restarting, we’re seeing some promising, albeit cautious, signs for the future.

The refinance market is buoyant and we’re seeing many funders being supportive of credit applications, particularly some of the alternative funders we work with.

In residential property, we’re all well aware of the strength of the housing market following the raising of stamp duty limits – and there is still strength in that market as stamp duty benefits continue through to September.

We’re seeing warehousing and industrial demand continue to outstrip supply, which is in turn pushing the cost per sq ft up and many of our clients are struggling to find sites with the requirement to grow or relocate.

In the leisure sector, businesses are reporting being busy with bookings as people start to venture out more.  However, this is coupled with frustration due to a) restrictions on operating capacity and b) the challenges around staff and talent with many shortages following a long time working with stuttered or full closures and restrictions imposed.

And finally, some good news following Lancashire County Council’s decision to not support Lancashire’s bid to become UK City of Culture 2025, as Preston City Council, Blackburn with Darwen Council and Blackpool Council as well as the Lancashire Enterprise Partnership stepped in.

If the county wins its bid, this would be an important accolade because that sort of status brings investment, opportunity, wealth and development to it. When Hull won, for example, it generated around £90million of inward investment as well as creating employment and making the place more enriched. If Hull can increase its tourism economy by over 9%, purely from winning this status won, we can surely do more.

Find out more about Lancashire 2025 on the official bid website.

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