The future of property

Property and Construction outlook report

Much like last year, the results of this year’s report once again, highlights concern around the uncertain political and economic environment and how this may impact the property and construction industry.

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Brexit and UK economy

At the time of the survey the United Kingdom (UK) was due to leave the European Union (EU) on 31 October 2019. However, deep uncertainty remains surrounding whether the UK will leave – and if it does, will it be with a deal or without. Our respondents are clearly calling out for stability in the political and economic environment. The general election on 12 December may result in a way forward regarding Brexit, or more uncertainty regarding our relationship with Europe.

UK tax systems and government

For a third consecutive year, the majority of respondents (65%) highlighted that the tax system is not favourable for property developers and investors, with a further 22% stating that they are unsure. This is due in part to the increasing complexity of the tax system, including SDLT.

Impact of technology

Earlier this year the Housing, Communities and Local Government Committee (HCLG Committee) warned the government that an over-reliance on traditional building methods will see the UK fall far short of its target to build 300,000 new homes a year by mid-2020s.

National versus London

Despite the Office of National Statistics (ONS) snapshot of the market report showing house prices in London dropping at the fastest rate in 10 years (dropping by 4.4%), findings from our research suggest the London market, although still affected by low growth, is the second most attractive region for investment in the next 12 months (20%).

Beyond British border

Almost 80% of our respondents operate UK only businesses, 93% had no intention to expand overseas in the next 12 months. There were a variety of reasons cited for not investing in mainland Europe including access to finance, planning regulations and the uncertainty surrounding Brexit.

Diversity in the sector

Data from the ONS and industry surveys show that the number of women in construction has not increased significantly over the past four years despite attempts to increase female representation.

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Stacy Eden

Partner, Head of Property and Construction

London

+44 (0)20 7842 7254

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