2016 Market Forecast: ‘Devolution Deals and the Northern Powerhouse agenda will dominate headlines in the North West’
Construction in Yorkshire and the North West is looking up this year. Gleeds director, Steve Green, shares his views on how the construction and property market is likely to shape up.
What is your top property prediction for 2016?
There has been a lot of activity in the residential sector here in the North West, sparked by a returnof funding to the market. I see huge potential in the private rented sector, with significant overseas cash providers now moving out of London and entering regional markets.
Which sectors do you see as leading the way in construction?
Healthcare is likely to be another influential sector. We've seen a couple of significant capital projects progressing recently, like the University Hospitals of Morecambe Bay NHS Foundation Trust’s £240m Estates Strategy, which was recently registered with the ProCure21+ Framework. Proposals to increase capacity in the primary care sector are being advanced through the Primary Care Transformation Programme, however, it is not yet clear how this will be impacted by the Manchester devolution agenda.
Do you anticipate any big ticket announcements that may affect the industry?
The Devolution Deals for the city regions, coupled with the Northern Powerhouse, will have the biggest influence in the North this year. I would expect this to drive initial investment in infrastructure and transport, healthcare and public housing through large frameworks. Once key strategy documents begin to take shape in the regions, we should start to see longer term investment plans evolving.