CFI: Bridging
The divide between the North and South is no cliché
like we are experiencing now. recent research from
by Martin Kearns, head of strategic policy, Tiuta
there is so much talk of a ‘north/South’ divide in the uK that it often seems like something of a cliché to even discuss it. the fact is, as with most clichés, there is a significant element of truth about it, particularly in the property world where real and tangible differences exist. those who work and op-
erate ‘up north’ will read- ily admit that their market is completely different to that in which their Southern col- leagues conduct business. However, the uK is such a regional market that could you safely say the same about localities only a handful of miles apart.
London if we are looking however for a market which appears to operate outside all others and be governed by its own set of rules, then we must look to our capital, London. Lon- don is truly unique and, for many of those active in the commercial property market, London has often been the saving grace especially dur- ing difficult economic times
Jones Lang LaSalle seems to emphasis the unique place that London as a property market has – for example, at a time when demand for office space appears to be dwindling across the rest of the country, it appears that demand within the ‘Western corridor’ i.e. West London and thames Valley, is grow- ing. the agency stated that in
quarter two this year over 3.2 million square feet was required in this locale for office spaces larger than 5,000 square feet – this was a substantial 45% increase on quarter one. apparently, it is the large scale offices that are now much more in demand, perhaps as a result of busi- nesses bringing call centre operations back to the uK from india.
Purchase vs take-up and yet while demand is growing turning that de- mand into office purchase and take-up is a completely different kettle of fish. Jones Lang LaSalle readily admits that one of the reasons why occupation is not always the conclusion of such buyer interest, is the fact that deals can take significant time to complete. Plus of course we shouldn’t forget
“There is so much talk of a ‘North/South’ divide in the UK that it often seems like something of a cliché to even discuss it. The fact is, as with most clichés, there is a significant element of truth about it, particularly in the property world where real and tangible differences exist”
the difficulties many or- ganisations are having in securing the necessary fi- nance to ensure the deal happens. one would hope that any
operation looking for offices of significant scale has the necessary finance options in place to make this a reality. But this is not always the case, particularly in a marketplace where mainstream lenders can feel they have had their fill in terms of lending expo- sure. of course this is where lenders like us can step in to ensure that a deal completes rather than businesses being forced to put their plans on the back burner. Brokers too are a vital part
of this chain and their ser- vices can be just the lifeline that a business needs to turn this into reality. this is the same, not just in London but across the whole country. Yes, London often appears to ex- ist on another plane when it comes to the property market however the fundamentals of this business do not change regardless of where you are. opportunities do exist and it is up to all of us - lenders and brokers alike - to ensure we are providing the right qual- ity advice and funding ser- vice to those organisations who are seeking to expand and grow in this economic environment.
52 mortgage introducer AUGUST 2011
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