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Yorkshire property sector confidence rises sharply

Property businesses in Yorkshire are responding to a resurgent housing market and are more positive about the growth of sector activity in the next three to six months, with industry confidence at its highest level since 2011, according to a new survey from Lloyds TSB Commercial Banking.

The latest ‘Property Matters’ report revealed that 57 per cent of small to medium sized property businesses in Yorkshire are confident that the market is recovering and that they will see an uplift in activity.

This contrasts heavily with the flat market conditions reported by firms six months ago.

The report also reveals that with encouraging attitudes and confidence in the growth prospects of the sector, a third of businesses in the region have increased their overall investment plans for the next three to six months.

SMEs in Yorkshire predict that their portfolio will exceed performance expectations, with half expecting an improvement as economic conditions recover.

Firms are also capitalising on residential market growth, with the ‘Property Matters’ report showing that residential lettings remains the region’s strongest performing sector, with over half (52 per cent) of Yorkshire property SMEs focusing their attention on this area.

Industry priorities are responding to growing consumer confidence, with more than a third (35 per cent) of local firms favouring housebuilding as the next best performing sector, overtaking out of town retail.

Ken Davies, relationship director at Lloyds TSB Commercial Banking in Yorkshire, said: “Confidence in the property sector is growing and is at its highest levels since our inaugural Property Matters survey was conducted in 2011.

“As a result it is encouraging to see that well in excess of half of the region’s businesses are predicting an uplift in activity across the sector, with increasing consumer demand for new build properties helping to drive growth in the residential market.”

This was posted in Bdaily's Members' News section by Mark Lane .