Market confidence among housebuilders in the Thames Valley remains high, according to research recently carried out by law firm Blandy & Blandy.
72% of those surveyed said that their confidence in the region’s property market was high or very high, whilst 86% agreed that the Thames Valley market is more robust and resilient than the UK market as whole.
57% of developers singled out delays in the planning system as their current primary concern, with 21% citing rising interest rates and 14% the supply of land.
Despite these challenges, 55% foresee having a comparable number of sites under development this year versus 2022 and two-thirds believe that they will acquire new sites at the same level or higher as last year. Further demonstrating their confidence in the region, 80% expect the demand for new homes to remain comparable to or greater than the previous 12 months.
However, three quarters of housebuilders expect the number of new build homes coming onto the market to fall year on year, reflecting a general fall in properties for sale in the region. 64% of housebuilders anticipate that this will see an annual increase in property prices, with only 7% forecasting a drop.
John Dingle, a partner in Blandy & Blandy’s award-winning Commercial Property team, said, “It is very encouraging to see from our housebuilder survey that there is continued optimism and expectations of buoyancy in the Thames Valley market, despite the wider uncertainties.
“Whilst familiar and some new challenges are in play, the regional appetite for new development clearly remains strong, and indeed the team remains busy acting for both landowner and developer clients.”
Blandy & Blandy provides an end-to-end service for landowners and developers of all sizes, having advised on developments ranging in size from under ten properties to more than 2,000 homes, with associated infrastructure and amenities.
The firm is recommended in the UK’s leading guides to law firms, Chambers UK and The Legal 500. Blandy & Blandy has been recognised by Planning magazine as one of the top 15 Planning Law firms in the country and has twice been shortlisted for ‘Property Law firm of the Year’ at the Thames Valley Property Awards, winning in 2017.