David Tonks, International Partner and Head of the Cushman & Wakefield Birmingham office comments:
“The property sector has proved to be remarkably resilient across greater Birmingham since the Referendum and there are potentially a number of positives for business to be taken from the recent US election result. Fundamentally we are seeing a desire by many to operate ‘BAU’ (business as usual) and it is this attitude that will characterise the later part of 2016. Transaction volumes are down but there is still significant activity and sustained interest in major infrastructure and development projects involving arrange of sectors across the region.
The Chancellor’s commitment to increase the supply of housing and especially affordable housing is essential to the continued success of the City and the undertaking to invest £1.8bn in local infrastructure projects will directly benefit the railway network that underpins the strong demographic profile of the region. The funding highlighted by the Chancellor must be delivered to the market quickly if the positive sentiment that is so evident in Birmingham is to be harnessed and materialise as continued growth amongst our key sectors including finance, the professions, manufacturing and distribution.
Recognising the challenges that we face in Birmingham and the rest of the region, the announcements concerning a focus upon improving productivity in the key regional cities, continued development of the Midlands engine strategy, extra funding for the LEP’s and the prospect of a further devolution of power to mayoral controlled authorities all bode well for the city at a time when there are undeniably headwinds to be tackled.
Eleanor Deeley, Partner, Residential at Cushman & Wakefield comments on infrastructure for residential:
“The announcement of £2.3 billion infrastructure to open up residential developments is a policy which has the potential to deliver great benefits across the region both in urban and rural locations. There are sites within our region which developers are keen to develop for residential but are currently holding very large infrastructure both on site and off and this could open up many sites. The Midlands has a large number of brownfield sites as well as larger sites in the “Shires” which remain unlocked due to requirements for infrastructure. This could be the real key to unlocking residential development in the region.”
David Smeeton, Partner, Head of Investment at Cushman & Wakefield in Birmingham comments:
“The Chancellor’s continual references to the rebalancing of the economy between London and the Regions is hugely significant. The localism agenda is going to be critical to the continued success of the region. An extra £1.8 billion for LEP Funding and the proposed greater borrowing powers for combined authority Mayors means greater influence for the role in 2017.
The £390m earmarked for the Electric and Autonomous Vehicles is particularly significant from our Regions perspective as JLR’s entry into this market is well underway.”
