Real estate looks to ‘reset’ as Sunak calls election

Prime minister Rishi Sunak has called a general election for 4 July. British Property Federation chief executive Melanie Leech said the election, which is being called earlier than many commentators had expected, would be “a golden opportunity to reset the relationship between the real estate sector and the next government”. “Investors need certainty. An earlier election will give us that,” she added. Announcing the election, Sunak said: “Now is the moment for Britain to choose its future, to decide whether we want to build on the progress we have made or risk going back to square one with no plan and no certainty.” He added: “These uncertain times call for a clear plan and bold action, to chart a course to a secure future. You must choose in this election who has that plan, who is prepared to take the bold action necessary to secure a better future for our country and our children.” Speaking at the UK REiiF conference, Jace Tyrell, chief executive at Opportunity London, told EG: “At Opportunity London we need certainty to attract the next £100bn into London, so what we are going to get hopefully, whoever forms the next government, is some certainty on policy and get those investors to keep coming into the capital and invest in the infrastructure and housing that we desperately need.” Charles Begley, chief executive at the Westminster Property Association, said: “What we need from the next government is a planning framework which will really help unlock economic growth and prosperity for the whole country. We need sustainable development and we need government to help councils, and give them the tools to make decisions where they can drive sustainability, drive the growth that this country desperately needs.” LCA’s head of insights Nick Bowes said: “At UKREiiF this week there has been a real sense of the property sector desperately craving certainty and stability, with the prospect of a general election in the autumn already a hot topic of conversation. Yet few expected it to develop quite as quickly as it did and the breaking news has caused a real buzz. Like everyone else, we’ve seen the opinion polls, and many have already factored a change of government into their business planning. But with the election coming earlier than expected, there’s going to be a lot of interest in the coming six week campaign in whether we get more detail on the policies affecting the built environment.” Simon McWhirter, deputy chief executive at the UK Green Building Council, said: “With the linked environmental, nature and cost of living crises, this is the most important election in a generation. Our buildings are the nexus of how we can solve many of these pressing challenges while delivering homes, offices and public buildings that are warmer, more comfortable, cheaper to run, and which tread lighter on the planet. “This is the ‘built environment election’, and the UKGBC, with our members, have a raft of solutions that will allow a new government to deliver at pace and scale.” Adam Lawrence, chief executive at developer London Square, said: “We have been in limbo for so long. We welcome clarity. It will be good for the housing sector and business generally. We need a new government now with a clear mandate to drive the UK forward.” Paul Rickard, managing director at Pocket Living, said: “It will be a relief to the property industry and business more broadly that a general election has finally been called. The country desperately needs political certainty and a clear vision for both the economy and the housing crisis. “The main political parties must not only address the underlying issues in the planning system, such as the lack of planning resource, but be bold enough to put forward more fundamental reforms. With fewer than 2,500 SME homebuilders left in this country, the sector is staring into the eye of extinction and the need for pragmatic solutions has never been greater. “For example, our research shows that Pocket’s small sites policy, which would speed up planning with a presumption in favour of development on small sites for SMEs, could offer a vital lifeline to the sector and deliver up to 1.6m new homes. This would be one of the most effective ways to increase the volume of housebuilding, increase local delivery and employment, get more people on to the housing ladder and is endorsed by all leading housebuilders.” Photo by Wiktor Szymanowicz/Shutterstock (14014859c)