It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Kevin Hard, Managing Director at land promotion and property developers, Stagfield Group.
Sustainable developments are high on the political agenda right now and I don’t see that changing as we move forward into 2024. With Biodiversity Net Gain legislation coming into effect imminently and climate change and energy prices ever increasing, the focus is very much on providing innovative low energy homes, which helps combat the cost of living and creates desirable communities that people want to live in.
Our latest development, ‘Abbey Central‘ in partnership with Peveril Homes, is breaking new ground with 71 homes designed with low-energy and sustainable development at its core. We’re really pleased that the housing development has been highlighted as a blueprint case study by the local Council as to how future developments should be built in order to meet Carbon Net Zero goals.
The Bank of England’s recent decision to maintain interest rates at 5.25 percent is testament to the careful consideration being given to the state of our economy. This decision provides a degree of respite for homeowners who have faced 14 successive rate increases and could indicate the conclusion of a demanding period for savers and borrowers. Nevertheless, it is essential to approach this development with a certain degree of scepticism.
Amidst the challenging economic landscape, we can affirm that the Bank of England’s choice to halt interest rate hikes provides a ray of hope. The journey has been arduous for homeowners and savers alike, and this pause might introduce a phase of stability, presenting potential opportunities for those considering entry into the housing market. There is a likelihood that lenders will be motivated to provide more competitive mortgage rates. Notably, fixed rates below five percent are emerging in the market, particularly tailored for individuals with existing home equity to contribute toward a deposit.
