An Essential Guide to the South West Property Market
This year, JLL took a slightly different approach to its Review, by providing an essential guide to the South West Property Market – where to live, where to work, where to buy and our predictions for the future.
Over 50 JLL clients and business contacts were in attendance to listen to the JLL speakers, Jeremy Richards, Hannah Waterhouse, Jon Neale and Paul Baker, and then enjoy an informal networking session over breakfast.
Cathy Francis, Director, Planning, commented on the residential market:
"The residential market in the South West has reflected the national picture in terms of price rises. There are however regional variations with Bristol house price rises of nearly 10% over the last 12 months. We expect similar increases in 2016 driven in part by the overall lack of supply. City Centre apartments both new build and conversions have seen the highest price growth with schemes in Bath and Bristol seeing over 25% increases in average sales prices. The investor profile particularly overseas investment has also changed with the UK seen as a safe haven and attracted to the region by inflated margins in London."
And on the student market:
"We have seen an unprecedented number of investment transactions in student housing portfolios in 2015, nearly £5 billion. JLL anticipate 2016 will revert back to trend at £2 billion. New student developers, investors and operators have entered into the regional market. With increased competition has come increased quality including new 'boutique' style accommodation. Similar the first generation schemes are now refurbished to compete on quality and price point."
Hannah Waterhouse, Associate Director, Office Agency, said:
"Speculative development is back in Bristol across all sectors. This is really encouraging and shows confidence in the Bristol market from investors, developers and occupiers alike. The headlines here are that we have seen a start on site for a 95,000 sq ft office at Finzels reach, over half a million sq ft is about to be built on the former rolls Royce site to provide industrial units and we are seeing a combination of new development and taking back retail space for leisure use across several of our shopping centres in order to cater for changing demand patterns."
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