2007 saw the height of development activity across the three Northern England regions where 44,500 residential units were built compared to 23,350 in 2009. With population figures increasing year on year, residential development will have to return to and then surpass the levels seen at the height of the recent development boom, in order to meet projected demand.
(PRWeb UK) March 26, 2010
With few new residential developments in the pipeline, experts at national residential agent King Sturge warn that demand will very soon outstrip supply and push prices up.
King Sturge is releasing the latest edition of its North of England Residential research report and Head of Residential research Neil Chegwidden expresses concern over the lack of recent and planned residential development in Northern regions.
Chegwidden says, “2007 saw the height of development activity across the three Northern England regions where 44,500 residential units were built compared to 23,350 in 2009. With population figures increasing year on year, residential development will have to return to and then surpass the levels seen at the height of the recent development boom, in order to meet projected demand.”
Unless the residential development industry, which includes local authorities and planners as well as developers, responds appropriately the demand and supply imbalance in Northern England is likely to become exaggerated and lead to significant upward pressure on house prices in the years ahead.
The report covers the three Northern regions, Yorkshire and the Humber, the North West and the North East and looks into the economies and housing markets within these regions and Northern England as a whole. It also considers how residential development markets, and the main city centre markets in particular, have scaled back construction in the wake of the global financial crisis and question when and how the development pipeline might begin again in light of a recovering economy, growing population and stronger housing demand.
To download a copy of report go to: http://viewer.zmags.com/publication/ec72abf9
Notes to Editor:
King Sturge is one of the largest international property consultancies in Europe. In the UK King Sturge owns 22 offices and in Continental Europe it operates 20 offices in 13 countries. Together they form part a worldwide network of over 215 wholly owned and associate offices in 47 countries. Over 3,800 staff throughout these offices cover all property sectors and specialisms including plant and machinery, and residential.
In Europe, King Sturge operates in the major UK commercial centres and principal mainland European cities. In Asia Pacific, the firm has associations in Australia, Indonesia, Malaysia and New Zealand. In the Americas, King Sturge has business partners in North, Central and South America through King Sturge CORFAC International and ChainLinks Retail Advisors.
Through a joint venture with a wealth manager, King Sturge now has a presence in the Middle East. The office will initially be based in Dubai, concentrating on states in the Gulf Corporation Council: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
For further information please contact:
Régis Jacquemin, Corporate Communications Manager
+44 (0) 20 7087 5120
+44 (0) 7791 019 341
Neil Chegwidden, Head of Residential research
+44 (0) 20 7087 5507
+44 (0) 7970 355 757
Stephen Hogg, Partner, Northern England Residential
+44 (0) 161 236 879
+44 (0) 7971 245 041
NEWS RELEASE: NR 325