‘Property boom’ helps growth of Napthens team
A local property boom has helped the Plot Sales team at Napthens solicitors report almost 50 per cent growth in the last two years.
The team, part of Napthens’ Real Estate department, advises developers on acquiring plots of land for development as housing, and reports that between 2018/19 and 2019/20 it has seen a 49 per cent growth in fee income.
The Plot Sales team acts for around 20 housebuilders across the North West and, over the last year, has advised on more than 520 transactions with a total value of over £83million.
Jamie Allison, head of Napthens’ Real Estate department, said the increase in sales of residential development has come as local authorities across the region, have allocated and released land for development to meet housing needs and their required targets.
He explained: “Developers across Lancashire and Cumbria have risen to the challenge to meet the needs of local housing requirements.
“South Lakes, in particular, is proving a very desirable location and with North Lancashire and South Lakes meshing together economically this will create a powerful and important area of mixed development.
“For instance, the area in and around Morecambe Bay – partly thanks to the buzz of the forthcoming Eden Project North which has been in the press recently – will be a desirable residential area with plenty of exciting plans and opportunities for locals, investors, commuters and students alike.
“Setting the right conditions is crucial for our local prosperity and local authorities need to continue with accelerating plans for progress to be delivered.”
Jamie highlighted the work of housebuilders in and around South Lakes and Lancashire based on what the team have seen and transacted.
He added: “There are boutique, smaller builders who are working on very high-spec developments which are being sale-agreed so there remains a wide variety of choice of properties across the region from affordable homes through to executive, detached properties but we need to see more middle-priced options too to set the right conditions.”