Showing signs of good health
The property sector in Lancashire is in a healthy position despite political uncertainty in Westminster, according to law firm Napthens.
In total, property experts from the firm advised on £164 million worth of deals across the North West over the last 12 months – up from £160m the year before.
Preston topped the bill for high value activity, with more than £30m worth of freehold sales, and more than £16m worth of leasehold sales activity.
In east Lancashire, the firm saw freehold sales activity grow by 70 per cent, with more than £17m worth of freehold acquisitions and £12m worth of refinancing work completed.
Activity was also strong on the Fylde, with a 32 per cent rise in quarter one alone from last year for transactions, including £10m of freehold purchases.
Jamie Allison, partner and head of real estate at Napthens, says: “A growth in the real estate sector is extremely positive news for the local economy. It is great to see banks are still willing and able to support asset holders and lend a hand to further developments and expansion.
“Some of our agency contacts are saying there is a slow-down in the market and while we understand why, some sectors are thriving. We are seeing hives of activity across the region, from bank lending all the way through to the granting of leases.
“Our teams continue to be busy executing transactions for a diverse client base, proving that uncertainty down in Westminster is definitely not stopping our clients in Lancashire from expanding and taking on new ventures.
“If anything, the real challenge is finding good quality premises, particularly warehouse and industrial spaces, while top quality office locations remain at a premium.”