JLL Residential

Election Reaction from JLL

London, 9th June 2017. Felicity Young, +44 (0)20 7087 5108 

Adam Challis, Head of Residential Research at JLL, comments: "The General Election has given the country pause to consider the type of government it needs in the Brexit negotiations. The right leadership is of course, crucial for the UK from a political standpoint, but will also directly impact the economic trajectory this country takes for many years to come.

"Under Theresa May, the UK has some political continuity, but a coalition Government provides the economy with less stability. The short-term impacts are uncertain and this could drag on housing market activity if clear political leadership does not emerge quickly.

"It is likely that we will see some ministerial shake-ups in the coming days and weeks. For the most part, big changes would be unfortunate with respect to senior housing market posts, notably the loss of Housing Minister Gavin Barwell. It will be crucial that the new champions of housing market policy in Government can reaffirm commitments to the current policy direction rather than to create further disruption or uncertainty.

"Importantly for housing supply, the policy direction as set out in the White Paper on building more homes across the range of tenures, will be upheld. Supporting new methods of delivery such as Build to Rent and off-site construction are also emerging and exciting sectors that will expand the pace of housing delivery.

"JLL believes the housing crisis deserves greater ambition and bold action from the new Government. This requires cross-party support to de-politicise solutions and to provide longer-term backing for new solutions.

"We call on government not to lose sight of the key domestic policy challenges. It is vital that the UK government can forge a deeper commitment to housing supply solutions, recognising the common purpose of a wide range of stakeholders in the private sector."