Oil and gas crisis affects Great Yarmouth property market

Picture: John Giles/PA Wire

Picture: John Giles/PA Wire - Credit: PA

Ripples from the oil and gas downturn are being felt across the commercial property market in Great Yarmouth, with the town experiencing an oversupply of premises, according to a new report.

Robert Gibbs, of Birketts. Picture: Submitted

Robert Gibbs, of Birketts. Picture: Submitted - Credit: Archant

The Birketts Property Survey 2016 revealed the coastal town, which is the centre of the offshore gas industry in the East, also has surplus office and industrial space.

The survey, which was intended to take the temperature of the property market across East Anglia, received about 120 responses from developers, investors and professional service firms.

However it found while there was mixed feelings in the commercial property market – such as in Great Yarmouth – confidence in the residential property market was strong.

And across the region, 60% of respondents were reasonably confident with the prospects for the next 12 months, though 30% were unsure.

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Robert Gibbs, commercial property partner at Birketts in Norwich, said: 'Clearly the message coming through is the residential housing market is very strong. I suspect a lot of that is down to the help-to-buy scheme. However the optimism is not quite as great in the commercial and industrial market.'

The survey also found about 20% of respondents saw public sector spending cuts affecting their business, including a fall in demand for commercial property.

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Almost a third said reform of the planning system was key, and while 48% said a Brexit would negatively impact their business, 44% said it would have no impact.

The survey was carried out during March 2016, with most of the responses received before the final details of the budget were announced including changes to stamp duty land tax.

How has the oil and gas downturn impacted you? Email sabah.meddings@archant.co.uk

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