An annual review led by Jones Lang LaSalle revealed that student housing and city centre accommodation are the primary driving forces behind a property market revival in Exeter.
The residential market in Exeter has enjoyed a recent flurry of activity, with student housing and city centre properties in particularly high demand.
Speaking at Jones Lang LaSalle’s annual review in Exeter this week, property experts confirmed that the residential market was the main driver behind a revival in market activity.
Charles Kislingbury, head of the Exeter office at Jones Lang LaSalle, said: “2013 was the Year of the Bed. The active markets of last year were those that saw people requiring a bed, whether this was residential to retirement or student to care.”
He added that student accommodation and permitted development rights are the “primary driving forces reacting to meet market demand”.
City centre living increasingly popular
Speakers at the Urban Jungle event also discussed the growing popularity of city centres as lifestyles become increasingly “mobile and 24/7”.
Mr Kislingbury said they have recorded a surge of activity in central areas as new lifestyles and flexible working patterns see people flocking back to the city centre.
This trend is not only visible in Exeter but also across the UK; according to the Manchester Office Agents Forum (MOAF), office take-up in the city centre jumped by 11.7% last year to 880,620 sq ft, revealing a renewed interest in living and working in urban centres.