Savills experts presented the latest trends in the property market to an audience of over 80 at The Metropole Hotel in Leeds today (Friday 12 September).

Paul Fairhurst, head of office at Savills Leeds, said: "Our 2014 to 2018 forecasts predict that Leeds, York and Harrogate commercial rental growth will outperform the national average. We also expect there to be opportunities to close the gap in value for 'secondary' commercial properties, where yields have yet to reach their full potential."

Mat Oakley, head of commercial research at Savills, added: "Commercial development around the top seven regional cities, of which Leeds is one, is also forecast; Small edge of city industrial estates, large regional warehouses and major shopping centres should see a boost in interest and activity. Demand is also currently exceeding supply for bulky goods retail warehousing."

From a residential perspective, Savills researcher Sophie Chick commented: "The total cost of housing in Yorkshire and the Humber is currently estimated at £9.1billion. Our mainstream forecasts predict that in 2014 values in Yorkshire will rise by 5% and by the end of 2018 by 19.3%. One of the main drivers behind this growth prediction is the gap between demand for housing and a continued lack of supply. However we are currently seeing much higher levels of development activity in the North due to government interventions and housebuilders refinancing."

Councillor Richard Lewis, executive member for transport and the economy at Leeds City Council, was a speaker at the event along with Mat Oakley and Sophie Chick of Savills.

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