Real estate urges policy overhaul as UK heads to polls

Real estate players are desperate for the next government to introduce pro-development policy and help the industry to deliver on its investment potential. A survey of construction professionals by consultancies Pick Everard and Lichfields found that 83% see policy or economic uncertainty as investment stumbling blocks. Some 55% of respondents said comprehensive local plan coverage should be a priority. Lichfields has previously said that just 22% of plans are projected to be fit for purpose by the end of 2025. Respondents also advocated for a long-term industrial strategy, public investment decisions on housing, clean energy investments and national grid capacity improvements as priorities. Gavin Mason, operations director at Pick Everard, said: “Our survey has been carried out against a backdrop of political and economic uncertainty, and in a market which is challenged by inflated construction costs, decreased public-led investment, increasing complexity in securing planning permission, continued shortages of skilled labour and a sector that is recording 4,000-plus insolvencies a year – the highest of any sector in the UK. “All of these issues will need to be addressed by the next government, which is going to have a key role to play in improving sector output.” Photo by Grant Falvey/LNP/REX/Shutterstock (5736053l)