Property Industry Provides Insight Into The Priorities For Kent

Proximity to London is the county’s strongest selling point, according to development industry experts who attended the recent launch of the Kent Property Market Report.

Eight out of ten of those who responded to an interactive survey during the event identified the capital as Kent’s biggest strength. The county’s connection to mainland Europe – thanks to the county’s network of ports – came in second place with 52% of the votes. In third spot was Kent’s high speed rail connections to and from London.

An audience of more than 225 property industry guests were asked for their views at the launch of the Kent Property Market Report, which is produced and published by leading property consultants Caxtons and Kent County Council; and endorsed by the Royal Institute of Chartered Surveyors (RICS).

Mark Coxon Director of Commercial Agency at Caxtons, said: “When it came to asking about future funding support for investment in Kent’s infrastructure, 68% felt there’d be no change on current levels. However, with the industry now more confident in the delivery of the £9bn Lower Thames Crossing, a situation that’s been strengthened by the recent Budget announcement, they may find themselves pleasantly surprised.”

When asked about the factors that would improve Kent’s economy, 57% of the guests saw the relaxation of national planning policy share top spot as the most important factor with the delivery of the Lower Thames Crossing. Half of all attendees (50%) want to see an improvement in the performance of UK Power Networks (UKPN) and the water and broadband companies, demonstrating there’s still more to be done to improve the attractiveness of Kent and Medway to potential investors.

Mark Coxon added: “It’s clear the property industry continues to see location as Kent’s biggest selling point with the ability to connect businesses to customers in London and mainland Europe easily and efficiently.

“Interestingly, the competitive value of land compared to elsewhere in the South East was seen as a commercial strength by nearly 40% of the property leaders in the room. However, in stark contrast, nearly seven out of 10 people (67%) felt the high value of land and its negative impact on viability was the biggest challenge facing Kent’s property investors and developers.”

When asked about Kent’s other challenges, 37% of property experts identified the amount of land earmarked as National Landscapes (formerly known as AONB) which can restrict development, with 33% of respondents identifying the challenge of achieving the Government’s biodiversity net gain targets.

A further 29% felt that both the poor perception of Kent at the hands of Operations TAP and Brock, and the lack of construction skills, were holding back the property industry.

When it came to the outlook for the residential housing market, seen by many as an economic bellwether, the survey showed 17% of the attendees felt that they would see greater levels of activity. A further 28% of the respondents showed little or no change, while 48% were concerned there would be less activity.

Following the Kent launch of the report, Caxtons held a London event for senior property agents and developers to highlight the opportunities to invest in the county. The event, which saw David McGougan, South East Development Director of Panattoni, highlight the firm’s latest Kent investment near Maidstone, was held at the offices of global real estate and investment management firm Jones Lang LaSalle.

For further information about the county’s property market, visit www.kentpropertymarket.com

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