Strength of Yorkshire commercial market hailed - commercial mortgages

11 June 2008

In news which may boost those seeking commercial mortgages, the market in Yorkshire has been described by an economist as being much more robust than some commentators have suggested.

Roger Bootle, who is the chief economic advisor at accountants Deloitte, told an audience of property professionals in Leeds that the speed at which the market had undergone a correction could be seen as a positive thing, as this meant that the process could be over and done with quickly and the "malaise" would soon be over as new investment poured in, the Business Desk reports.

"There is a boatload of money waiting to come into this market once the price is right," he added.

He warned that inflation could rise above four per cent, but said it would quickly fall back from that peak as it was "narrowly focused" on the costs of food, fuel and utilities.

Another optimistic view which has been expressed about commercial property has come from the chief executive officer portfolio managers Young Group, Neil Young.

Mr Young commented that the sale of the City Pride pub in Canary Wharf for redevelopment at a cost of £32 million was a sign of "continuing confidence in the area".

Young Group owns a residential development next door to the pub.