Property Industry

Posted by The Gutter & Cladding Company on 30th April 2019 -

A recent survey from Property Week was largely declined by much of the industry. Of the 61 property-related businesses approached, only 8 of the commercial developers responded out of a possible 30, with none of the UK’s top ten housebuilders replying. Though they declined to comment for the survey, there are signs that leading housebuilders have mixed views on Brexit. 

In Galliford Try’s half-year results, published in the middle of February, the group claimed: “We consider that a controlled departure under the terms of a withdrawal agreement between the UK and the EU will have no significant direct impact,” before adding, “If the UK leaves without a deal, the biggest impact we foresee is the effect on our market.”

John Burns of development firm Derwent London claims that since Brexit is so hard to predict, the best thing to do is just to continue as normal. “We have been taking a fairly cautious view over the last few years,” says Burns. “On the development side, we’re always making sure materials are in place, but I wouldn’t say we’re stockpiling.” 

David Atkins on the other hand, chief executive of Hammerson, claims his business has, “carried out extensive due diligence and taken precautionary steps as necessary to ensure that we are as prepared for Brexit as we possibly can be”.

Investment management company JLL have formed a “Brexit working group” since the referendum result in 2016. “There is a general consensus that Brexit and especially a no-deal Brexit could lead to a delay in the supply of goods, price increases and, more generally, an economic downturn, although the likely depreciation in the pound could attract overseas investors,” a spokeswoman for JLL said in a statement. “The group meets regularly to consider developments and ensure that our risk and business plans are sufficiently robust and adaptable as the potential realities of Brexit emerge.”

As of March 28th 2019, the future of Britain’s relationship with the EU is uncertain, with Theresa May’s deal having been rejected by parliament.

 

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