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Industry responds to General Election result

Following last week’s General Election result, BSRIA is urging the major political parties to recognise the construction industry “big ticket” items including key issues around housing, energy and the environment and skills and to work together on these crucial issues.

Chief executive Julia Evans said: “The drive towards collaboration demanded by the outcome of the election must mean a more inclusive approach to the big construction related issues of the day. This must be seen as an opportunity to test policy assumptions and reinvigorate the drive towards positive outcomes for the environment and for the carbon economy.

She underlined the issues of the housing shortage, energy bills and the shortage of skilled workers in addition to Brexit.

She added: “…as we move forward, we must not lose sight of the fact that it is crucial that the construction industry’s voice is heard in the Brexit deliberations. What is evident is that the ‘construction industry is open for business”.

Meanwhile, London Central Portfolio Limited said there will undoubtedly be an impact on the UK and London housing markets and that the UK looks set to face an extended period of uncertainty, historically unattractive to inward investment.

In addition, sterling is likely to continue in a weak position in the current political situation which may encourage more active investors to take advantage of discounted prices in the property and stock market.

Nevertheless, it is anticipated that transactions will continue to fall in Prime Central London whilst investors assimilate the new situation, particularly at the luxury end and in the new build sector, already battered through the introduction of new residential taxes.

For the domestic housing market, outside Prime Central London, the recent evidence of a downturn by most data analysts, due to concerns over a weakening UK economic position and rising inflation, is unlikely to be reversed in light of the current events.

15 June 2017

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