London residential market in fine health, reports Howard Kennedy Economic Breakfast Briefing
Developers and investors are confident of a continued growing residential property market in London and the South East, despite the increasingly uncertain economic and political environment. That was the upbeat message delivered at the Howard Kennedy Economic Breakfast Briefing on 25 January 2017.
A survey of the 60-plus delegates from the investor and developer community was undertaken throughout the Economic Breakfast Briefing gauging opinions on how the London and South East residential market is likely to shape up throughout 2017.
Sixty-five percent of delegates believe that the prospects for the city for the next three years are good, with just 35 believing them to be average. Nobody believed the London residential market would suffer.
International money will continue to play an important role, with 94% believing it to be a safe haven from across all corners of the globe.
The prime central London market is expected to continue to shine by 62% of delegates, with the remaining 38% believing it has peaked perhaps in part to over supply.
Jason Lewis, Partner and Head of Transaction Finance at Howard Kennedy and chair of the Economic Briefing, said:
We asked developers in the room whether they had seen a slow down in deal making since the UK’s decision to leave the UK. Just 36% have seen deals fall away, with the remaining reporting buoyant deal numbers; in fact, just over half reported an increase in the number of deals underway.
The biggest threat to residential development in London is not global financial uncertainty, but a much more domestic issue – planning. The length and uncertainty in the planning regime in England adds unnecessary cost, delay and frustration. Bold decision making from government is needed.
The Economic Breakfast Briefing organised and hosted by law firm Howard Kennedy, whose clients include some of the UK’s largest residential developers, with speakers including John Wyn-Evans, Head of Investment Strategy at Investec, David Galman, a director at Galliard Homes, and Roger Bright CM, Chairman of Curtin & Co.
Howard Kennedy has 53 partners and numbers 350 people in total and works alongside national and international clients across many disciplines, including banking, corporate and commercial, family, finance, employment, dispute resolution, intellectual property, private client, real estate and tax. Howard Kennedy has particular focus on the Financial Services, Media and Technology, Real Estate, Retail and Leisure, Sports Individuals sectors, and, through HK One, the firm’s legal concierge service for high net worth individuals with complex legal needs.
Matt Baldwin, Coast
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Daryl Atkinson, Business Development & Marketing Director