Property professionals in south-east Hampshire are to be praised for their resilience by the man who heads up Portsmouth Property Association (PPA).
In his role as chairman, Barry King will be giving a keynote speech at the annual dinner of the organisation, which has 140 members, with an upbeat message.
The evening black-tie event, one of the highlights of the business calendar in and around Portsmouth, takes place at the Royal Marines Museum in Portsmouth on Friday, March 1.
Barry, a chartered legal executive with regional law firm Glanvilles LLP, will say there is a “glimmer of optimism” following the severest economic slump since the Second World War.
“The word resilience springs to mind when I reflect on the property industry locally.
“Your own businesses have come to typify this, defying the national economic malaise by getting on and doing.
“As a consequence, businesses, including some here tonight, had to adapt. They are now fitter, stronger and more agile.
“Granted, it has not been easy for members but it would appear that the property industry locally is tentatively back on its feet.
“There has been plenty of commercial property activity; many business and industrial parks in Hampshire are thriving.
“Yes, retail is struggling in the wake of internet shopping, and we need more innovative ‘Mary Portas’ solutions to bring empty shops back to life following the post-Christmas demise of the likes of HMV, Blockbuster, Jessops and Republic.”
As for residential, things are looking up and will be of particular relevance to the 27 estate agents and 18 chartered surveyors who are PPA members, said Mr King.
“People have had enough of sitting on their hands because of the prolonged economic uncertainty since the global financial crash in 2008, and this has been borne out by some encouraging data.
“UK house prices went up by 3.3% last year, according to the Office of National Statistics, while HMRC reported that 932,000 properties were sold in 2012, up 5% on 2011. Meanwhile the Council of Mortgage Lenders predicts a slightly higher amount of sales for this year.
“The influential Royal Institution of Chartered Surveyors is also reporting an upward trend, based on newly-agreed sales in January.
“Cheaper mortgage lending is being helped by the fact that interest rates are at a historic 300-year low, with the possibility the Bank of England base rate may remain frozen at 0.5% for another four years.
“Rising rents and demand for occupancy are driving buy-to-let sales as well.
“Yes, challenges remain with raising mortgage deposits and the squeeze on family budgets, but the latest figures do indicate increased transactional activity.”
To date more than 120 people have already reserved places for the PPA’s annual dinner.
Dating back to 1920, the PPA is open to property-related businesses with professional standards.
