The independent research — conducted by Pureprofile among 105 property developers across the UK using an online methodology during August 2019 — revealed that developers felt that the Midlands Engine initiative had had a very positive impact on their plans to invest across the region.
“The Midlands Engine has clearly struck a chord with property developers who are very positive about the initiative and the huge potential it offers for the region, which is already home to around 800,000 large and small businesses,” explained Andrew Charnley, head of corporate relationships at Together (pictured above).
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Future investment in the region was found to be heavily focused on residential schemes, with 83% stating that the biggest opportunities were in houses, while 80% believed flats offered the best returns.
Around 42% of respondents were on the lookout for semi-commercial properties and 40% thought hotels would be successful.
Offices, retail units and restaurants were also seen as attractive investments.
However, 48% of developers were concerned about a property market downturn and 41% were worried about a lack of available sites in the area.
In addition, some 33% said that a lack of access to finance could hamper the Midlands Engine initiative.