London’s property leaders back May’s current deal over no-deal Brexit

The majority of London’s real estate sector business leaders think a no deal Brexit will have the biggest negative impact on their businesses. At the same time, they think the least damaging Brexit option is a straight no Brexit or a variation on Theresa May’s current deal with no delay. O

f 500 senior business leaders at the monthly Movers & Shakers London property networking breakfast seminar, 59 per cent said that of all the options on the table, a no deal Brexit will cause the most harm to their business. A further 21 per cent were also concerned about the impact that protracted negotiations and an extension of Article 50 would have.

On the flipside, only three per cent believe that a reversal to remain in the EU will be a negative thing and just four per cent believe forging ahead quickly with a version of the current proposed deal with no delays will cause as much damage as the alternatives.

David Jennings, chairman of Movers & Shakers, says: “It is no surprise that reverting to what was is seen by London’s property leaders as their desired choice. What is less expected is that despite the constant rhetoric about where the Prime Minister’s proposal falls short, the real estate sector would rather that was pushed forward than any of the alternatives. Clearly the uncertainty is now people biggest worry. As an industry, by and large we ploughed ahead with a business as usual attitude in 2018, but the message to MPs now is ‘stop quarrelling, pull your fingers out and just get on with it before too much damage is caused to our businesses’.”

The vote came ahead of the delegates hearing a key note address from Deputy Mayor for Housing & Residential Development, James Murray, and two panel debates on the future of investment and development in London and what to expect from the residential sector in 2019. Panelists included Mike Hussey, CEO of Almacantar; Bill Hughes, Head of Real Assets at Legal & General; and Fiona Fletcher Smith, Group Director at L&Q (London & Quadrant). Delegates at the event came from across the property spectrum, with a mix of housebuilders, agents, construction firms, investors, developers, lawyers, architects and professional consultants. This included directors and partners from the likes of Berkeley Homes, Mace, ARUP, Howard Kennedy, Winckworth Sherwood, Savills, Far East Consortium, Grosvenor, Knight Frank and Galliard Homes.