The consensus is that the commercial property market gathered momentum during 2014. We at Clark Weightman share that view having seen a phenomenal number of contracts close in the second half of the year compared to the steady but uninspired first. At the close of business in December we also had more deals with solicitors than at any other time during the year. Furthermore we saw a steady increase in the number of valuation instructions from banks during the course of the year which gave us the confidence to expand the business with the recruitment of another surveyor to carry out the bank valuation work. Emma Bennett (pictured to the left) joined us in the autumn and has been kept busy since her first day with us.
The national press always like to speculate about interest rates, but the smart money seems to be that interest rates will remain unchanged in the short term, with some commentators suggesting that rates will not increase until 2017 and then by only a small margin. This is good news for borrowers as the low cost of money and a degree of certainty as to how long rates will remain stable for is good for businesses who carry any level of debt. It’s bad news for savers though, but this is where the property market can benefit in that investors may look to release their cash from low interest rate deposit accounts and invest their money in bricks and mortar instead which will generate a higher return.
The economy continues to grow. The importance of Grimsby and Hull within the renewable industry continues to gather momentum and today is particularly significant in Hull as work officially starts on the Siemens Green Port Hull Project. This is set to create a 1,000 new jobs in the city and along with the Siemens investment there will be significant investment in the city from the construction industry and Siemens supply chain. We mustn’t forget that there has already been significant investment in Grimsby within this sector with more to follow.
And finally, the route for the Tour de Yorkshire was announced yesterday. This follows on from the success of the Grande Depart last year, with some of the worlds top cyclists and teams hitting the Yorkshire roads at the beginning of May. It’s even more exciting this year as some significant mileage will be covered on East Yorkshire’s roads. The momentum from last year’s Le Tour continues. It will bring many visitors into our region, not forgetting the huge TV audience. I’m disappointed that the Humber Bridge isn’t on the route, but you can’t have everything. When you look how the communities embraced the tour last year it promises to be a fantastic event on our very own doorstep.
To conclude, we have momentum, let that continue to make 2015 a momentous year!