property trends seminar
28 march 2017
Leading property consultancy Bidwells hosted a Property Trends seminar in Cambridge in which a trio of experts gave their insight on the economy and property market and what the future may hold.
With Article 50 being exercised the day after the Bidwells event, one of the key messages from the seminar was that the Cambridge-London-Oxford Golden Triangle continues to experience strong growth and is well placed to weather the uncertainties of Brexit.
The seminar was held at the Moller Centre in Cambridge and focussed on the future economic and property market conditions which will affect the country both nationally and closer to home. Also included were the latest findings of the review of the Greater Cambridge Greater Peterborough Local Enterprise Partnership (GCGP) Strategic Economic Plan and its impact for public investment in the region.
Adrian Cannard, Director of Strategy the GCGP LEP outlined the extensive economic opportunities presented by the Greater Cambridge Greater Peterborough area. The area is not just successful in growth terms, but will be increasingly productive relative to other UK regions in the post-Brexit economy.
Key points included:
- The GCGP area is within the top ten most productive Local Enterprise Partnerships in the country with regard to economic growth and productivity.
- Growth in employment has been especially strong in the service, professional and technology sectors with more than 150,000 new jobs created since 2003.
- Manufacturing and public services are the only sectors to have experienced employment contraction over the past 10-15 years.
- The Cambridge technology cluster now contains more than 1,500 companies employing nearly 60,000 people with a combined annual revenue of £13 billion.
- Cambridge remains a magnet for new companies and jobs, bringing both prosperity and challenges, most especially in relation to infrastructure and housing.
- Multiple infrastructure projects around Cambridge, including the A14 upgrade, Cambridge North Station, improvements to the A10 and A428 and enhanced rail services to the city, will however, help reduce the stresses associated with rapid growth in coming years.
- Similarly, multiple housing projects, including Waterbeach, Northstowe, the North West Quadrant and Bourne Airfield, will significantly increase housing supply – which is essential to sustainable economic growth.
- The LEP has capital funding available to unlock barriers to growth and is keen to work with developers and companies in creating new projects and creating employment.