Bristol’s property sector today called for stability as the minority Conservative government prepares for crucial Brexit negotiations.
Gordon Isgrove, pictured right, regional senior director at international property consultants GVA’s Bristol office, said: “Whilst today’s result may not be the outcome the markets had expected, we urge all parties to act as a unified front to secure the best deal for the UK in exiting the EU and provide much needed stability and clarity for the markets and confidence for UK and overseas investors. 
“In the South West we need to continue to plan for growth and to alleviate our housing shortage. All parties recognise the housing problem in the region and we need them to work together to resolve and not consistently and systematically object to proposals in their constituencies. In addition, the South West needs to shout louder to get a better share of funding for strategically important infrastructure.”
Simon Peacock, pictured left, lead director for the South West & Wales at property consultancy JLL, and head of its Bristol’s office, said: “The UK has faced political uncertainty in very recent history and, notwithstanding the dramas that immediately followed the Brexit vote, the UK economy and property market remained very resilient. The IPD benchmarking index has regained almost all of the losses it sustained in August over the past few months.
“Investors in real estate look over the medium to long term. The UK is rated by JLL as the most transparent real estate market in the world. This is a result of liquidity, the history of political stability over the long term and respect for the law, as well as factors such as the strong economic fundamentals, long lease terms and the comprehensive professional and legal framework.
“The result suggests that the hard Brexit that many were assuming would now definitely occur looks somewhat less likely. That could be a longer term positive for the UK market.
“Sectors with long-term structural support, such as logistics and alternatives, will remain strong. If the pound remains weak, retail and hotels will benefit – alongside UK manufacturing. But as before, JLL continues to believe the UK offers significant opportunities for medium and long-term investors.”
David Westgate, group chief executive of Keynsham-based estate agency and property group Andrews, said while if a hung Parliament resulted in more cross-party cooperation solving the housing crisis then it would be welcomed by the property sector.
“Housing should be above politics and a hung Parliament could see more de-politicised debate take place. This should be welcomed,” he said.
“Whatever the long-term outlook in Westminster may be, the needs in housing and property remain the same. We need to ensure that more properties are built and that the conditions are in place to make this happen, whilst developers are given the confidence to progress with new projects.
“We also need to see an increase in the supply of properties coming on to the market and one way to achieve this would be via an urgent review of Stamp Duty which none of the main parties committed to before we went to the polls – now would be a good time to make that commitment.”
