There are many tales of gloom and doom for the property market, however in my view its by no means all bad news. I’m no stranger to property recession having experienced difficult times for property and businesses in the property sector in the mid ‘70’ and the early 90’s.
On both occasions the market re-adjusted, picked itself up and it was onwards and upwards for all involved. The same will happen this time.
In the private sector in spite of the difficulties in the house builder market we are seeing a relative “boom” with a number our property investment clients specialising in residential lettings and the acquisition and disposal of property suited to residential tenancies in particular. Full occupancy of the clients units has been achieved and trading in the units whether let or vacant is brisk with values remaining steady particularly in out of town centre locations.
Property portfolio management work seems somewhat recession proof in my view. Clients with a large and diverse and well located enough portfolio competitively priced will continue (and are continuing) to do good business.
In the banking sector whilst writing new business may be difficult those with an established track record and strong liquidity continue to obtain funds to invest.
In the public sector we are involved in a number of key regeneration projects which continue to gather momentum and which in each case when ultimately concluded will ultimately transform their environment and town centres they populate.
There have been and unfortunately will be more casualties of the current downturn but those that have seen and been in past recessions will weather this one and will come through them and inevitably be stronger for the experience.
The market is “down” but it’s undoubtedly not “out” and it simply presents us with a different set of opportunities to be grasped…