VIDEO | Predictions for property in 2024

As the industry continues to grapple with high-interest rates, material cost inflation, planning delays, and political uncertainty, Alliance Investments and Place North gathered together a panel of leading property players to share their perspectives on the year ahead.

Participants

• Arik Agamian, global investment director, Alliance Investments
• Tom Stannard, chief executive, Salford City Council
• Lucy Noone Blake, director, Pear
• Ellie Philcox, director, Euan Kellie Property Solutions
• Howard Lord, managing director, CERT Property
• Andrew Pexton, regional director, Harworth
• Scott Griffiths, investment management director, Glenbrook
• John Hughes, managing director, Ask Real Estate
• Chaired by Paul Unger, publisher, Place North

Key points

• Local authorities can help the property industry by providing stability and consistency such as on ESG standards and residential land allocations; and also viability through greater certainty in the planning system
• The much-anticipated adoption of Places for Everyone into Greater Manchester’s planning system is one of the main factors that will unlock development and fuel developers’ ambition
• Housing demand across the North remains high, and despite higher than usual interest rates there are sub-5% mortgage and buy-to-let deals available which makes it an attractive market for investors and owners
• The institutional market has reduced its exposure to commercial property in recent years, posing a challenge to developers used to trading office assets following completion
• The hospitality market in Manchester is flying and bucking the national trend for closures, with dozens of bar and restaurant openings due in 2024. Developers are taking the leisure offer increasingly seriously, yet more needs to be done to support start-ups and hospitality careers
• Much will be said about the planning system this year but it doesn’t need reforming it merely requires properly resourced local planning authorities.

You can hear more highlights from the roundtable in the video at the top of this article, as well as on the Place North YouTube channel.