With the dust barely settled in the Conservative and Labour war rooms after last year’s referendum, campaigning has begun in earnest ahead of June’s snap general election.
What does this election mean for commercial real estate? In short, it has the potential to bring about much needed stability for property investors. Confidence in the UK and specifically the London property market has been under close scrutiny in a Brexit world, with many firms announcing new offices within the EU or at the very least exploring options for redistribution of staff.
Despite the immediate market response to last summer’s referendum, the economy has performed perhaps better than expected, in part because a direction of travel was agreed, even if the details of any trade deals with Europe and beyond remain unwritten. By having an election now, businesses in all sectors will have a clearer line of sight as to the political agenda – whether the Prime Minister prevails and can continue on her hard Brexit journey, or a surprising result emerges which looks to soften the terms of the deal.
All businesses need certainty to make decisions. Even though a vote to leave Europe may not have been what many firms wanted, they have been operating on this basis for the past year. Labour insists the result isn’t a foregone conclusion, and the truth is a non-Conservative victory could make things much more confusing for UK plc.