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The past three years have been busy across all sectors of property in Lancashire. The events of 2022 and the resulting economic turmoil have calmed the market somewhat, although stalwart areas and new regeneration areas are likely to buck the general trend.
Here we take a look ahead at what we expect from the different areas of Chartered Surveying work over the coming 12 months…
Home Surveys & Property Valuations
Despite the doom and gloom that has been portrayed in the national media regarding the residential property market, our assessment is that rather than the reported ‘crash’, activity has returned to ‘normal’ conditions and remains quite steady.
Our team of Chartered Surveyors and Chartered Valuation Surveyors are still in demand, and bookings for inspections can be ascertained by clients a few days in advance. During the height of the market during the Stamp Duty holiday, wait times had reached 2-3 weeks.
Demand for properties in certain areas, including pockets of the Ribble Valley and Cumbria, will always be high, allowing properties to continue to increase in value and sell. Investment into areas including Morecambe as part of the Levelling Up Fund are expected to deliver a boost to property prices in these areas.
Outside of moving or selling / buying properties, property valuations for probate purposes, as a result of divorce or for remortgages continue to be required at a steady rate. With the higher cost of construction materials and shortage of labour continuing to effect property rebuild prices, we expect to see an increase in demand for Property Reinstatement Valuations for insurance purposes.
Our team have previously worked on some large Asset Valuation exercises for local Councils – and we are already underway with more of these in 2023.
As one of the few firms of Chartered Surveyors that has developed a specialism in the education sector, our team are also frequently instructed to undertake valuations of schools / academies – both in the North West and throughout the UK, and we are currently progressing projects that are funded by SCA Funding and energy efficiency funding grants.
Schools / Academies
After another successful round of CIF bids in 2022, the end of last year saw us complete a busy schedule of CIF applications for new projects to commence in 2023. With the results expected in May, we hope for another busy summer of project management work as we oversee successful schemes.
In addition to CIF funding, other rounds of funding may become available. We are working with schools to provide advice on a continual basis as their School Building Consultants.
After a busy couple of years for commercial work over 2021 – 2022, there appears to be fewer commercial clients on the move at present. This is likely to be due to a general lack of stock, leading to fewer deals being done. There is still demand from firms / investors to rent and buy new premises – but there is little commercial property available.
Furthermore, there is less land around for commercial development and fewer speculative developers with appetite currently, as construction prices have risen.
Despite this, on the back of some excellent results for clients, enquiries for dilapidations advice remain consistent. Our reputation in Lancashire for Schedules of Condition, Pre-Purchase Surveys and Pre-Lease Assessments continues to serve us well. Having recently opened a satellite office in Swinton, Greater Manchester, we are starting to see new enquiries for commercial work being generated.
We are also keen to work with those clients that are investing in renovating / upgrading commercial premises; and can offer project management, development monitoring, employer’s agent services.
Contact our Chartered Surveyors
For more information about any of the services we offer, please feel free to get in touch with us. Our team are happy to provide advice on the type of report that is most suitable for you.
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