Take comfort in the puppeteer

By 23 July we will have a new prime minister. And, unless something extraordinary happens (again), that new PM is likely to be in the shape of a blonde, floppy-haired, kipper-waving Boris Johnson. It is an appointment that could (or should?) fill us all with fear. This is a man who is seemingly unable to speak in full sentences, purposely ruffles his hair before going on air and will admit that the administration of power is not something that comes naturally to him. Somebody sound the warning klaxon. But, thankfully, if (when) BoJo does make the move to Number 10, he will have the sensible, considered, and all-round smart-thinking Sir Eddie Lister stood alongside him, making sure he doesn’t do anything too “Boris”. And for real estate, this should be especially happy news. Sir Eddie knows how real estate works. He’s been talking to and understanding the industry, what it needs and what it can deliver for years. He stepped in to keep Boris out of trouble while he was London mayor following the death of Sir Simon Milton in 2011, taking over as deputy mayor for policy and planning. In that role Sir Eddie became a facilitator of major urban regeneration projects and of useful, sensible and grown-up partnerships between the public and private sectors. Sir Eddie is a man who doesn’t just know real estate, he gets it and cares about it. At Homes England, where he has been chair since 2016 and has just been reappointed for a further three years, Sir Eddie has been instrumental in coming up with ways to speed up housebuilding and turning the governmental body into a delivery machine. He has taken a leave of absence from chairing Homes England to run Boris’s presumed transition into Number 10, with senior independent director, and Windsor & Maidenhead council leader, Simon Dudley stepping up to fill his shoes for the time being. Inside government there is relief that Sir Eddie will be sticking around for at least the first 100 days with PM Boris, working as his chief of staff. There should also be a sigh of relief from the real estate industry. With Sir Eddie at his side, Boris will deliver taxation changes that will be of particular benefit to the property sector. He has already promised to cut stamp duty for all house sales under £500,000 and will reduced the 12% stamp duty on homes of £1.5m-plus to “just” 7%. He is also considering a switch of the charge from buyer to seller. It is equally probable that he will pinch Jeremy Hunt’s pledge to cut corporation tax, all in the name of making sure that London and the UK remain a place where people want to do business and establish headquarters. And with this week’s warning from the Office for Budget Responsibility that a no-deal Brexit will push the UK into recession with economic growth falling by 2%, it is vital that PM Boris does everything he can to deliver some buffers for the UK economy. Sir Eddie too will be whispering in BoJo’s ear to make sure proper attention and investment is given to the UK’s infrastructure projects. “HS2”, Sir Eddie will whisper, “is a vital creator of value, we need it. Don’t listen to the naysayers. Push the button.” Devolution, investment in the country’s unloved small towns and a continuing focus on attracting inward investment will also be drums to be banged by Sir Eddie. So, while Boris’s buffoonery may not be to everyone’s taste, we should all take some comfort – at least for a short while – in the knowledge that a safe, sensible and smart pair of hands will really be pulling the strings. To send feedback, e-mail samantha.mcclary@egi.co.uk or tweet @samanthamcclary or @estatesgazette