Yorkshire property tipped to stay strong - commercial mortgages

17 January 2008

The commercial property sector in Yorkshire will remain strong this year despite the recent market downturn, local property agents and experts have predicted.

In news which may interest those with commercial mortgages, several of those involved in the industry told The Business Desk that the area would rise out the present difficulties.

Among these, David Newton, director of Barnsley based St Pauls Developments, acknowledged that "there is no doubt that what is happening in the wider UK economy is having some impact on the commercial property market", but added that reasonably healthy inflation and growth figures meant a recession would be avoided.

Richard Lewis, development director at Town Centre Securities in Leeds, said the commercial property business was "very strong" in the city and long-term finance and faith in the industry was what was needed.

The comments come as another commercial property fund has reported losses in December.

Norwich Property Trust revealed a return of minus 4.6 per cent in the month, Reuters reports.