Property market to bounce back in 2020
The UK housing market will bounce back in 2020 now there’s less uncertainty about Brexit.
This is according to Simon Lyons, who is chief executive of property development and investment group Enstar Capital, which is behind retail development plans for London’s Olympia and Paddington Station areas.
He said: “The biggest market mover is optimism, it changes everything.
“We now have stability and that counts a lot with foreign investors as they know they are not in for any surprises over the next decade.
“On the residential front, people will start feeling able to make decisions about moving that they have been holding off for the last three years. 2019 started off very gloomy but now we have lots to look forward to.”
He went on to say that retail business rates reduction measures in the Queen’s Speech will encourage High Street revitalisation.
He added: “The rates reductions are welcome but now is the time to be seriously bold to save our High Streets.
“We need to be flexible on business use so that we attract trade rather than leaving shops empty.
“We are on the brink of some very exciting times but we must ensure that any profit from the boom is shared around the country.”
Lyons wants retail property rates scrapped completely and grants given to young entrepreneurs to open stores rather than go to university.
He said: “There are empty spaces and we should be doing everything we can to encourage the entrepreneurship we know is out there. The public will come to the High Street in droves because they want to support local business and like that connection with local traders.
“There is also a lot demand for office space that has been waiting on the sidelines during Brexit and that will provide another boost.
“We have had a period of massive instability that ran people into the ground. Now, there is a lot of optimism in Boris Johnson so there is a great deal to look forward to in 2020.”