Landlords and property investors have a lot to consider when looking for the best area to buy property, and the state of the local economy is a crucial factor. When people are employed, demand for property rises, and there is greater confidence in various local matters.
While there are genuine concerns about a national recession, things are slightly more optimistic in the Peterborough jobs market. This is seen in the number of companies hiring new employees and advertising positions.
A notable company looking to employ in Peterborough is Crown Bevcan, an organisation that makes beverage cans. The company is looking to employ up to 280 new employees in their new manufacturing centre, which has a value of £150m. Other companies looking to employ in Peterborough include Whirlpool, Selco, Poundland and Selladoor Venues.
Chris Knights, from East Anglia Jobcentre Plus, said: “Lots of employers are coming to us for help to fill their vacancies. If there is a recession looming then we are not seeing any sign of a slowdown. While we are in the festive season, we’d expect to see a slight increase in vacancies but the employment scene has been this robust all year. I am surprised and also very pleased.”
We want to see a vibrant and exciting Peterborough
Another indicator that the employment scene in Peterborough is improving comes from DWP figures relating to Universal Credit. Universal Credit figures, which include unemployment benefits, have dropped by 20% in Peterborough in the past 12 months.
Mr Knights said: “Our coaches are busy helping employers fill seasonal and permanent vacancies in hospitality, retail, logistics and caring. We have a number of Job fairs over the next few weeks offering a variety of jobs. We are getting 140 employers wanting to join our jobs fairs and all have a good number of vacancies on offer.”
Around 125 jobs might also come to the local area thanks to FI Real Estate Management (FIREM), who are behind a £5m business park development.
Tim Knowles, managing director of FIREM, said: “Our ambition at Lynch Wood Business Park is to build on the vibrancy of the campus that is already serving the needs of the thriving business community in Peterborough. We are currently undertaking consultation with the local community to support our application to create new commercial space at Lynch Wood Business Park. Subject to planning, the new space will include flexible leases for local start-ups and businesses looking to expand in the city.”
Just Lets – Here to Help
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
The team at Just Lets Peterborough continue to operate remotely to ensure we can continue to serve you and your tenants throughout this covid period and beyond. Please contact us through our usual channels – email us at peterborough@justlets.com or call us today on 01733 346255.
