SECTOR FOCUS: PROPERTY


The report is published by Vickery Holman


Foreign students must be welcome


Devon business and education bosses have welcomed signs that the Prime Minister Teresa May is rethinking her insistence on including foreign students in the migration figures. For nearly four years the


Property predictions for 2018


The recently published Market Review, by Vickery Holman, takes a look back at the events of last year as well as a look forward to the ‘what ifs’ 2018 may hold for us in the commercial and development property markets. 2017 turned out to be pretty strong for


most commercial and development property markets, despite the uncertainty due to ongoing Brexit talks and the South West property market proved to be resilient - although political uncertainty post– election gave us a slightly longer summer slowdown period. Last year highlighted a lack of


One area of the market which saw a particularly ‘The South West


property market proved to be resilient’


supply as being an issue and this remains very much the case, particularly in the industrial sector, but also in the office sector where prime rent levels have supported some new development for the first time in years on pre-lets.


strong performance in 2017 was the investment sector, with prime yields dropping against a backdrop of a lack of quality supply. What will be of interest in 2018 is the impact of MEES, as legislation bringing into effect the requirement for Energy Performance Certificates (EPCs) to reach at least an ‘E’ from April 2018 before any new lettings can take place unless exempt. Enquiries from niche developers


seeking opportunities in the South West have included larger higher quality/added value, zero carbon,


custom build, ‘lock and go’ apartments. For an in depth look at the predictions for


2018, see the extensive Market Review document 2017-18, available on www.vickeryholman.com


Chief Executive of Clever Student Lets, Henry Hutchins, has been leading the South West business campaign for Ministers to drop international students from official immigration figures. The Government is under


serious pressure to change its policy following regional data by Clever Student Lets, Santander Bank, and the University of Plymouth, where the city could lose millions in foreign student revenue. Mr Hutchins said: “We must


keep up the pressure on the Government so Ministers understand that foreign students are a great asset to our local universities and economy. We need this foreign student market post- Brexit.”


www.cleverstudentlets.com


March/April 2018 Chamber Profile 23


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