The global trend of people moving back into urban centres and more flexible working patterns are seeing a rejuvenation of existing buildings in Exeter and Plymouth, according to leading property consultants Jones Lang LaSalle.
Speaking at Jones Lang LaSalle’s annual review in Exeter this week (Tuesday 4 February 2014) experts will explain how the increasing presence of a 24/7 populous and work culture is breathing new life into city centres across the world, and the South West of England is no exception.
Titled The Urban Jungle, JLL speakers will explore the trends influencing the property market.
Charles Kislingbury, head of the Exeter office at Jones Lang LaSalle says the main driver behind this market activity has been the residential market:
“2013 was the Year of the Bed. The active markets of last year were those that saw people requiring a bed, whether this was residential to retirement or student to care.
“These markets have responded well to government stimulus with the Right to Buy and Central Bank Funding being major factors.”
Jones Lang LaSalle will also report significant activity in the residential land markets across Somerset, Devon & Cornwall with all major house builders active with multiple outlets. The appetite for market ready land has seen land values rise in line with rising house prices.
“It seems that demand is outstripping supply” continued Charles Kislingbury.
“The activity in the housing market is not limited to land as the market searches out further opportunity. We have particularly seen increased activity in the central areas as the city continues to attract people back to the centre.
“Living styles are changing as our lives become increasingly mobile and 24/7.
“Our research has identified a clear change in our working habits and our living needs. This is seeing our older office stock enjoy a new lease of life as residential – following the government’s relaxation of regulations.
“Student housing and Permitted Development Rights are the primary driving forces reacting to meet market demand.”
The research will be presented at Jones Lang LaSalle’s South West Property Market Review at Sandy Park Conference Centre, Exeter from 6.00pm on Tuesday 4 February
