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Property chiefs welcome UK-wide upturn

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Leading property developers have reported the real estate market beyond the M25 is finally recovering

The annual British Property Conference will today hear that investor interest is spreading to regional centres after years of heavy focus on the capital during the downturn.

British Property Federation president Chris Grigg of British Land said: ‘A week may not seem a long time in property, but in this market, a few months certainly does. We have seen a real thawing in market conditions of late, and not just in London.

Buyers have started to look at real estate outside as well as inside the capital

He added: ‘The UK economy has done better than the pessimists predicted, and there is undoubtedly more bank finance out there now.

‘Meanwhile, domestic and international buyers have started to run the slide rule over more real estate outside as well as inside the capital.’ 

Karen Campbell of Manchester Airports Group whose Airport City scheme started on site last month, said: ‘Our promising £650m project sits at the heart of Manchester’s Enterprise Zone and is set to create 11,400 jobs over the next 10 to 15 years.

‘It will be the largest development scheme in the UK since the Olympics.’

Last month, the AJ reported increased confidence in speculative office development in Birmingham fuelled in part by the proposed High Speed 2 rail link to London.

 

Read the AJ’s regional focus: HS2 primes Birmingham for office big bang

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