Commercial developers should consider building in Newbury because of the shortage of supply in the town, according to Savills associate director Richard Valentine-Selsey.
And he said residential buy-to-let landlords have been demonised by tax and stamp duty demands.
Mr Valentine-Selsey, who was due to address the Newbury Social event on March 17 which had to be cancelled, was instead, guest for the latest Thames Tap podcast, published today.
In an interview with UK Property Forums managing director Matthew Battle, he began by outlining three points about the effect of the COVID-19 crisis on the residential market.
He said all but the most committed buyers are being cautious in the short term, the practicalities of transactions have been made difficult for sellers and that the economic impact as a whole could affect developers’ affordability.
The residential rental market, he said, is in very interesting times. But he added: “The Government, over the last four or five years, especially under the second last chancellor George Osborne, have demonised the buy-to-let landlord and have tried to do their very best to push these people out of the market.”
On the commercial side Mr Valentine-Selsey explained the lack of supply he sees in the Newbury office market. He added: “It would traditionally indicate that a developer or investor should be considering or looking at somewhere to bring forward new office space because you would not have much competition and there’s potential for rental growth moving forward.”
The full podcast can be heard at:
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