FROM the enquiries at our office over the past month, it’s clear that levels of confidence in the business community seem to be improving. There are now more encouraging signs that businesses feel we are entering a more stable period, such that they can look forward to some growth in their turnover and profitability, rather than continuing to ‘financially tread water’.

As the Government reported, the recovery is taking longer than anticipated, but as businesses become more confident this in turn is also helping to boost the residential housing market. In Wyre Forest area, residential property sales are increasing and are selling quicker as people are feeling more secure in their employment and the banks are making more funds available.

We are still not at a point where long-term growth can be expected, but if levels of confidence continue to increase at the same rate as they are now, then this is a very positive step forward. The recent hike in the stock market is concerning, as pundits predict that this could be a bubble soon to burst because the market has risen very quickly.

As the residential housing market gathers momentum then this in itself has a knock-on effect for manufacturing. People moving house often purchase new items to furnish their properties, which then filters through the whole chain back to manufacturers. A momentum then builds and gathers in the cycle of job security – move – spend – manufacture - job security etc.

The Wyre Forest area generally has a great future as more commercial, industrial and residential development takes place.

With many residential developments being built at the moment, and predicted to continue in areas such as the Horsefair in Kidderminster, this introduces more people to Wyre Forest. This, in turn, will create greater demand for shops and also provide a greater choice for companies looking to recruit new staff.

The centres of Bewdley and Stourport are also seeming to take on a new look of prosperity, and lettings and sales of retail properties in both towns seems to be improving.

It is hoped that this summer we shall see good weather which encourages tourism to both towns and will then again help to boost the local economy. Overall, there is a much more promising outlook for commercial property throughout the whole of Wyre Forest, and as new enquiries continue to be received for all types of commercial property.

The outlook for the next few months seems that the recovery will continue, as long as the crisis in the Eurozone countries and other world events do not have any knock-on effect on business confidence in the country.

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