Queens Speech 2015- A mixed bag for property
Following the Queens speech earlier today, below is our experts take on how the proposals will affect the property industry.
The proposals laid out in today’s Queen’s Speech represent a mixed bag for the property industry. The stronger leadership likely to be provided with the introduction of ‘metro mayors’ is good news for cities, as it will empower decision making that affects local economies in a more meaningful way than ever before. However, confirmation of the EU referendum is likely to have a more negative impact. It will no doubt shake the confidence of business leaders, and the property industry is no different. In a recent CBRE poll of leading property experts, four in ten said their biggest current political concern would be an in/out vote. The market reacted positively to the majority Conservative government. It will be in the PM’s interest that this positivity is maintained following today’s State Opening of Parliament.
The Queen’s Speech is an important milestone when Government sets out its agenda for tackling the most pressing issues. Unusually in less than a month, there is one area where Government can feel it has made significant progress and leads the way for society and business to follow - equality. A 26% increase in the number of female MPs and the appointment of a significant number of women to ministerial positions provides inspiration for what can be achieved by removing the barriers that women face to succeed at every level. This is vital in business when so many sectors have very low levels of women represented such as property where only around 15% of qualified Chartered Surveyors are female. On the ten year anniversary of the CBRE Women’s Network and when more than 30% of our professional staff are women, we can be proud of some progress but just as the Government will do, we see this as the start of our journey. More is still needed to become a truly representative organisation that will equip us to thrive into the future.
The housing shortage is a major risk to the UK economy, and is a threat to London as one of the key drivers of the economy. Businesses are increasingly concerned about the cost of housing to their employees: in the last decade only 200,000 homes have been completed in the capital. The status quo is, quite simply, no longer sustainable.