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Brexit is not what most property consultants would have chosen but we now have to take stock,
move on and maybe find opportunities. The keys issues for commercial property are uncertainty
No market likes uncertainty and we are bound to see some short term stagnation as people reflect
on their individual positions. Pre referendum we had seen the heat rise resulting in a shortage of
supply. The pause may relieve some of that heat and increase supply to a more balanced market.
Possibly a more pressing problem will be the delivery of new employment space much of which has
been funded by the EU. It’s crucial for the continued improvement of the local economy that the
central UK government fills that gap. It’s critical that our MP’s, especially those who voted Leave,
lobby Westminster to ensure the promises on funding are met.
House building is in a similar position. A continuation of the first half year demand for new homes
could have resulted in cost inflation. The uncertainty over peoples jobs and incomes will dampen
demand for a while which will again relieve pressure. BCIS are predicting a slowdown in building
which will curtail cost inflation and free up labour which had become scarce in some areas.
The key issue is to reduce the uncertainty as soon as possible so we take up the opportunities as
they become apparent.
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