The UK’s commercial property market is booming, with various regions across the nation enjoying increased activity and investment.
Recent research from prominent estate agent Savills suggests that the London market welcomed some £2.3 billion in investment in July alone, with total turnover for the year to the end of July reaching £11.5 billion.
This was predominantly thanks to increased investment from the Asia Pacific region, with buyers from this region accounting for almost half (46 per cent) of all investment in the first half (H1) of 2017.
Meanwhile, separate figures from North East England estate agent Garness Jones suggests that London is not the only part of the UK to have enjoyed an influx of investment over the summer.
The Hull-headquartered agency claims to have seen a “rush of activity” across the Yorkshire region in the past few months, which Dave Garness, Managing Director of the firm, says is indicative that “businesses in the area are thriving.”
Furthermore, recent research from leading national property adviser GVA has forecast that both the residential and commercial markets will welcome unprecedented activity in the West Midlands later this year.
The group’s Real Estate – Contributing to Growth in the West Midlands report reveals that weak sterling has encouraged unprecedented investment from overseas buyers in the region in recent months. In fact, around 40 per cent of the £1.4 billion worth of transactions recorded in the first half of 2017 have involved foreign investors.
It adds that “strong demand” will continue going into the future, amongst “a range of domestic buyers, including private individuals, local authorities and institutional investors.”
The report also argues that economic growth in cities such as Birmingham and Wolverhampton will “outpace the national average” over the next five years.