Finance specialist Together has found that almost two thirds (65%) of property developers plan to increase investment activity in the North substantially over the next two years, setting the region up to become the next hotspot for UK property development.
In a national study the North East tops poll where developers are looking to invest – 57% of developers earmarked the North East(which includes Newcastle) as Britain’s most opportunity-rich region. This was followed by the North West (42%), Wales (40%) and Scotland (38%), and trailed by Yorkshire and Humberside (22%) and the South East (13%).
In a survey with property developers it was found that they supportive of the government’s Northern Powerhouse initiative, with 96% describing it as having had a positive effect and 64% said it has been ‘very positive’.
James Forrester, managing director of StripeHomes, said: “The research showcases a golden opportunity for property developers and investors.
“The North East has been largely untapped in terms of development is previous years meaning if investors get in early they are likely to receive good returns on investment.
“StripeHomes was established as a business for the North East, by the North East meaning we have an unprecedented advantage over other developers as we have extensive knowledge of the region, the people who live here and the property market.
“It’s just one of the reasons why we’re building the likes of our Quayside View Studios development right in the heart of the city.”
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