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JLL Property Predictions 2016: Yorkshire

​​What's in store for Yorkshire's property market?

JLL makes its predictions at our annual event

We were delighted to welcome over 100 business professionals to our 2016 Yorkshire Property Predictions event at Aspire in Leeds on 26 January. Our JLL experts were also joined by Lucy Thornycroft, CBI regional director for Yorkshire & Humber, who shared her views for the growth of Yorkshire's economy and business.

Our predictions for the year ahead include:

  
Jon Neale
Head of JLL's UK Research

"There is no doubt that nervousness has increased as we move into 2016. Volatility in the equity markets and the imminent EU referendum are adding to investor and occupier nervousness. However, the UK should still see robust growth of over 2% this year, with low inflation, rising wages and expanding firms helping to buoy demand across the spectrum.

Leeds is well placed to benefit – while it will lag behind London, it will remain one of the strongest cities outside the capital and is well placed to serve companies looking to 'nearshore' outside of the M25. Higher graduate retention rates, and greater infrastructure and skills investment through the devolution packages, will further help the position of both Leeds and Yorkshire in the longer term, with benefits for both commercial and residential markets."

Lucy Thornycroft.jpgLucy Thornycroft
CBI’s Yorkshire regional director


 

"The EU referendum, infrastructure and skills are the biggest risks on attracting inward investment to Leeds and Yorkshire.

Most business want to remain in a reformed EU, a Brexit and prolonged uncertainty would certainly have a very significant impact on inward investment.

In a recent CBI survey of Yorkshire business just under half (46%) of respondents reported a lack of skills is threatening to have a major impact on the UK's labour market competitiveness.

 Key pieces of the UK's infrastructure are viewed as internationally weak, with energy and transport seen in a negative light when compared to our rivals. 99% of firms say the quality or cost of infrastructure has a significant impact on their investment decisions, so it is important infrastructure remains high on the political agenda. 67% and 57% expect energy and transport to worsen in the next five years, meaning business expects a decade of decline in key areas."