How will leaving the EU affect the property industry?

With the UK voting to leave the European Union the debate has started on how cutting ties with the EU will affect differing industries. Richard Carr has been in the property market for over 30 years and has looked at the pros and cons.

Pros of leaving the EU

  • Reduction in red tape for builders
  • Increase in opportunities for UK workers
  • Reduction in regulation
  • No EU constraints

Cons of leaving the EU

  • Many construction workers are from the EU
  • Potential skills crisis

Outlook

Richard Carr image of Leeds

What affect will Brexit have upon the property market?

On the face of it, if the government can ensure that migrant workers are still able to work in the UK and they also provide extra funding to get British people into workforces then the industry willflourish.

That opinion is shared by analysts in a recent propertywire.com article looking into the effects on the market.

Brian Berry, chief executive of the Federation of Master Builders, warned that the government has a responsible to ensure that the free-flowing tap of migrant workers from Europe is not turned off.

“If ministers want to meet their house building and infrastructure objectives, they have to ensure the new system of immigration is responsive to the needs of industry,” he said.

“Britain needs to train more construction apprentices so we are not overly reliant on migrant workers from Europe or further afield. That’s why it’s so important the Government gets the funding framework right for apprenticeships.”

Regulation

EU law has hindered the property market for a number of decades and managing director of Millwood Designer Homes, John Elliot, believes Brexit is good for the house building industry.

“I am excited to get on with the New World and see the back of EU laws which have been detrimental to us for over 40 years,” he said.

“One of the UK’s biggest assets is our home grown housing market and this will now be much better off out of EU regulation. For many years, the EU Habitats Directive has had an unnecessary impact on house building.”