Hopes for 2019: Certainty, intention and clear running
SO, the ongoing Brexit debate, again set to straddle the Christmas and New Year period as some dig in to read the detail of a weighty withdrawal document, has definitely worked to take a little of the shine off this traditional prediction and resolution season.
Instead, for 2019 my wish is for certainty, intention and clear running.
With that said, if you strip away all the exhausting noise and distraction generated by political debate, 2018 has actually been a positive year for us at Bruton Knowles, our best on record in Cardiff, and also for many of our clients, with some interesting trends emerging across commercial property markets.
Commercial valuations, social housing and building consultancy have been our strongest areas of activity in 2018 and are continuing on an upward trend.
Well managed properties in the tourism and hospitality sector (except for the majority of the casual dining market) continue to do well, no doubt due in part to the staycation trend that certainly boosted local economies in Wales over the year (a more positive outcome of the Brexit impasse).
Early in 2018, the looming introduction of Land Transaction Tax (the Welsh Stamp Duty Land Tax) at a higher rate for large transactions than in England, was seen as a possible brake on the market. We will have to wait a little longer to see if that comes to pass.
Reportedly, investment volumes have been down for Wales as a whole, but deals have continued unabated in the capital, with, for instance, Admiral’s HQ changing hands recently for a price in the region of £90m.
So overall, it appears that there has been caution with some investments but not to the extent that plans for development and expansion have been held back. This has been assisted in part by the bigger banks not adjusting their volume of lending, and that seems set to continue into the New Year.
Staying with the theme of looking back and looking forward, our next sponsored breakfast seminar at the Cardiff Business School will explore the subject of The Changing Face of Cardiff, to be held on Thursday, December 13, between 8am and 9.30am.
The event will take a look at how Cardiff has transformed its face and fortunes over the last decade and debate how the city is likely to evolve in the short and long term and how those changes, including housing and infrastructure plans, will impact the region.
Dr Brian Webb from Cardiff University’s School of Geography and Planning is the guest presenter for the day and there will also be an open forum for questions and answers.
Attendance is free of charge but places are limited so registration is recommended. You can register directly at https://bit.ly/2CSQNo8
■ Adrian James is a partner at Bruton Knowles property consultants and head of the Cardiff office. He acts for a wide range of clients in the private, public and institutional sectors and is a national spokesperson for the firm on all public sector issues