The north of England attracted record levels of property investment in the first half of 2005 but is still punching below its weight.
According to DTZ director of research Joe Valente, the North attracted £2bn of investment by the end of June.
This was equal to the investment in the region for the whole of 2004 and was 5% of the UK total.
But that figure is still out of step with the north’s 20% contribution to GDP, so there is potential for further increases in investment, said Valente.
Speaking at the Property and Investment Business Show in Leeds yesterday, Valente said: “International investors have targeted London, Glasgow, Edinburgh, Birmingham and Manchester and now investment is spilling over to Leeds and Newcastle.
“There is potential for this to increase greatly because the North is not punching its weight in the investment it attracts relative to GDP.
“The greater levels of owner occupation in the north by local authorities and manufacturers, which still make up around 20% of the north’s GDP, are untapped sources of stock for the future as the trend for disposing of freeholds gathers pace.”
References: EGi News 15/09/05
