[P]roperty experts from law firm Napthens have advised on transactions across Cumbria and Lancashire totaling £160m in the last 12 months.
This total was across transactions which took place over the 12 months since May 2017, and marks a significant increase for the firm’s real estate team.
The team has revealed that the bulk of this work involved sales and purchases of freeholds, accounting for almost 70 per cent of transactions. More than ten per cent of the work involved bank lending and refinancing.
Jamie Allison, partner and head of Real Estate at Napthens, said the figures demonstrated the strength of the property sector in Cumbria.
He explained: “The market in the region is still buoyant and despite initial fears of a slow down due to factors such as Brexit or the recent rise in interest rates, we haven’t experienced this.
“Demand is certainly highest for industrial units and buildings, particularly freehold opportunities, which is what our figures are backing up.
“Residential development has also been active and continues to be so. Although, some developers have highlighted that the process for dealing with planning submissions can sometimes be slow due to the levels of volume they are seeing.
“Office premises remains slower as a market, and finding such premises can also be difficult. Areas including the South Lakes and Lancaster all have a strong demand, but there remains a lack of available stock.
“We can also see from our transactions that banks are willing to lend to those businesses with a sound proposition, but with more stringent terms with stress-testing on servicing and affordability, and lower loan-to-value ratios for new-to-bank customers – a reflection on how the banks are managing risk.”