16 November 2016
Property market to remain steady
Low interest rates and improved employment rates should keep the property market on a relatively even keel over the next couple of years a leading economist claims.
Property developers, investors, and various professionals from across Wales gathered at the Principality Building Society’s economics breakfast seminar in Cardiff to discuss the economy in Wales and the rest of the UK.
Ed Stansfield, chief property economist at Capital Economics, was cautiously optimistic about the economic and property market outlook for the UK.
Mr Stansfield said:
“There is likely to be some moderation in the pace of economic growth over the next couple of quarters that is likely to be both modest and short-lived. Employment is expected to hold up well and combined with the prospect of an even longer period of ultra-low interest rates that will help to underpin both property prices in both the residential and commercial sectors. So, while the best days of the property market upswing are almost certainly now behind us, it is too soon to be anticipating the next correction.”
Peter Hughes, managing director at Principality Commercial, said:
“As the biggest building society in Wales, we are keen to support and see Welsh businesses grow. There are challenges ahead with external factors such as Brexit, but as a business we are in a solid position to deal with any turbulence. To this end Principality Commercial remains firmly open for business and the emphasis the division places on long term relationships is really valued by clients in these challenging times.
“Activity in the year has been varied and – in keeping with the Society’s purpose of wanting to help people prosper in their homes there has been a wide range of housing projects supported from affordable and rented properties through to homes for older generations. We will continue to work with a range of developers in Wales to invest in schemes that provide jobs and homes to the people of Wales.”