Will the London property market remain globally competitive?

The subject of Brexit is never far away from the housing agenda at the moment and this is particularly true in London. Since Brexit, house prices in London, especially at the luxury-end of the market, have been falling and this is causing estate agents to get a bit twitchy and nervous. In light of this, the City and Westminster Property Associations have submitted a 52-point manifesto that is aimed at keeping London globally competitive as a property market once Article 50 is finally activated.

Selling a House

The Association represents 420 landlords, developers and investors and includes big players such as British Land, Land Securities and Soho Estates. Aimed at both the government and the Mayor of London, the manifesto (which has been dubbed the Growth Post Brexit plan) is calling for more investment in homes and infrastructure as well as better broadband connectivity and the bringing forward of Crossrail 2.

On a separate note, the manifesto has also warned against the implementation of any new tax and planning policies which could negatively affect business or reduce investment to the UK.

James Cooksey, the chairman of Westminster Property Association, stated: “Brexit brings into sharper focus the need to continue investment in London if it’s to remain the preeminent global city. Therefore, our recommendations on increasing housing supply, employment space and infrastructure delivery are critically important.”

It will be interesting to see how much weight this manifesto carries over the next 12 months.