The last decade has been a roller coaster ride of epic proportions for the whole construction and property industry. In the space of ten years we've had two property price booms interceded by a prolonged recession that still casts its shadow over parts of our country.
While the Greater London area survived intact and practically unscathed by the whole episode, despite the recent cooling off in the capital's market, other parts of the country are still struggling to see any meaningful rises in prices. If that problem wasn't bad enough, many landlords are sitting on a ticking time bomb, terrified about the prospect of interest rates starting to go back up to a more normal level.
It is, broadly speaking, an improving picture. Once the cause of endless negative headlines, our industry is now seen as a pillar of the economy. In fact, numerous reports indicate the broad construction and property industry is helping to keep the pound strong against the dollar. This is great news not only for estate agents, developers and contractors, but it is having a beneficial impact further down the supply chain as suppliers like Lagan Plant see an uptick in orders.
But, let us for once learn the lesson of history. If the last few months have taught us anything, it is that nothing is written in stone. War in Ukraine and rampant terrorism in the Middle East are introducing increasing amounts of scepticism. The Eurozone continues to struggle.
These are macro economic problems that can have a profound impact on landlords up and down the country. So long as the UK economic recovery persists, the market should, in theory at least, remain solid. But if instability persists and stagnation in Europe turns into deflation, as there are signs it is doing, uncertainty could pull the UK into the mire too.
And if that happens, the jury is out as to what we should expect.
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