THE resilience of the region’s property professionals is to be recognised at an annual event.
Barry King, chairman of Portsmouth Property Association, will give a keynote speech at the organisation’s annual dinner on March 1 at the Royal Marines Museum.
Barry, a chartered legal executive with regional law firm Glanvilles LLP, will say there is a ‘glimmer of optimism’ following the severest economic slump since the Second World War.
‘The word resilience springs to mind when I reflect on the property industry locally,’ he is due to say.
‘Your own businesses have come to typify this, defying the national economic malaise by getting on and doing. As a consequence, businesses had to adapt.
‘They are now fitter, stronger and more agile.
‘Granted, it has not been easy but it would appear that the property industry locally is tentatively back on its feet.
‘There has been plenty of commercial property activity; many business and industrial parks in Hampshire are thriving.
‘Yes, retail is struggling in the wake of internet shopping, and we need more innovative “Mary Portas” solutions to bring empty shops back to life following the post-Christmas demise of the likes of HMV, Blockbuster, Jessops and Republic.’
As for residential, things are looking up and will be of particular relevance to the 27 estate agents and 18 chartered surveyors who are PPA members, said Mr King.
In the speech he will go on to say: ‘UK house prices went up by 3.3 per cent last year, according to the Office of National Statistics, while HMRC reported that 932,000 properties were sold in 2012, up five per cent on 2011.
‘Yes, challenges remain with raising mortgage deposits and the squeeze on family budgets, but the latest figures do indicate increased transactional activity.’