It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead. It has become something of a tradition, given that we’ve been doing this now for over 30 years.
While none of us possess a crystal ball, it is uncanny how accurate some of these forecasts have been over the years.
Here we talk with Nicola Thompson, director at Leeds estate agent Adair Paxton.
Certainty in government always increases confidence in the housing market, so the overall Conservative majority in the election is very welcome news.
A lot of landlords had been considering selling their portfolios under a Labour government, because some of the party’s proposals for the investment and buy to let market, would be potentially being catastrophic for landlords. This also means we’re likely to see renewed interest from investors in 2020.
Although Brexit remains an issue, new stock has been very thin on the ground in 2019, but improved government certainty should help to persuade those who have been considering moving to take action. We expect prices to remain fairly stable in 2020, with a chance of some modest increases.
It should also be a particularly exciting year for Leeds city centre where tenant demand is currently soaring. Plus, after years of under-supply, work is now underway on several new, high-profile apartment developments that will help shape the future of the city centre’s residential property market and encourage even more investors, tenants and owner occupiers into Leeds.