Annual Property Seminar discovers sentiment of East Anglia’s business community
24 March 2023
Over 130 delegates gathered in Ipswich’s Trinity Park Conference Centre for the annual Property Seminar hosted by Birketts, Fenn Wright and BDO yesterday.
The yearly event brings the region’s business community together to discuss key issues facing East Anglia’s commercial and residential property market.
Gathering sentiment from this year’s delegation, a survey was conducted to assess confidence levels and the key issues facing the UK property market.
When asked what are the key issues are facing the UK property market over the next 12 months, the top issue cited by almost 8 out of 10 (79%) respondents was UK economic performance. Coming in close second with almost three quarters (72%) of the vote was inflation, with cost of living third (60%).
When asked about confidence in the outlook for the commercial property sector for the next 12 months, the region’s business community showed signs of positivity. Voting out of five (with five being very confident and one being not very confident), the majority of respondents chose three and four.
However, when asked about confidence in the outlook for the residential property sector for the next 12 months, the sentiment was not as positive. Voting out of five (with five being very confident and one being not very confident), the majority of respondents chose two and three.
In his presentation, Stuart Raven, Partner in Birketts Commercial Property Team, examined the legacy on the industry of the COVID-19 pandemic and cited a collective desire to draw a line under the episode and move on. Of the findings, he said: “The sentiment appears to be one of resilience and commitment, despite the numerous challenges, which speaks volumes about the strength of our sector and our region”.
Peter Harrup, Tax Partner at BDO, added: “Whilst the results perhaps come as no surprise, we are incredibly lucky to be in a region where we have so many great businesses that have a track record of adapting to market conditions and we are very happy to support them.”
Fenn Wright Consultant Surveyor Mark Sargeantson said: “The results of the delegates’ sentiment survey reflect our view of the residential and commercial property market in the region and the particular headwinds we are currently facing with high interest rates and inflation. However, the underlying confidence in the property market is evident and will hopefully be sustained through this difficult period.”