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As the Chinese proverb says, “May you live in interesting times,” and following the recent referendum result, we certainly are.
Not even the Prime Minister visiting a Crest development in Wiltshire could stop the country narrowly deciding to leave the EU. Almost immediately following the vote, £8bn was wiped off the market capitalisation of the country’s four biggest homebuilders –Berkeley, Barratt, Taylor Wimpey and Persimmon. The drop was so drastic at Taylor Wimpey that it triggered a five- minute suspension in trading.
In the second-hand market a
plentific.com survey found sellers are now playing a ‘waiting game’ and homeowners are less likely to move in the next three years.
So has Brexit created a housing market where supply of homes is slowed and first-time buyers will find it even harder to get on the ‘housing ladder’? It is still too early to say, but as the English proverb says, “The proof of the pudding is in the eating.”
BREXIT
David Mote, Housebuilder & Developer news editor
Editor’s comment
Sector leads post- Brexit slump
the announcement of the Referendum result. The purchasing managers' index (PMI) for the overall con-
T
struction sector recorded its worst level for seven years based on pre-Brexit worries in early June, dropping from 51.2 in May to 46 where a score below 50 marks a contraction. Markit, which compiles the PMI together with the
Chartered Institute of Procurement and Supply, said there had been a “steep decline in residential building,” and major housebuilders’ shares saw substantial falls following the Brexit result (see story on page 5). Financial analysts offered warnings over the impact of
the data, “This is an absolutely dire survey that fuels serious concern over the construction sector," Howard Archer of IHS Global told City A.M. Joshua Mahony at IG commented: “Many firms have seen investment ground to a halt both before and after the Brexit vote." Tim Moore, senior economist at Markit commented:
"The extent and speed of the downturn in the face of polit- ical and economic uncertainty is a clear warning flag for the wider post-Brexit economic outlook.” The London property sector saw Standard Life Invest-
ments suspend trading in its £2.9bn UK property fund due to “exceptional market circumstances.” post-Brexit. The fund manager which had not taken the step since the finan- cial crash of 2008 Saudi that investors had been seeking to withdraw money in increased numbers since the vote.
HCA CHAIR
Lister appointed as HCA chairman
S
ir Edward Lister has been appointed as the new chairman of the Homes and Communities Agency, having been put forward by the Department of
Communities and Local Government as its preferred candidate for the important post. Following a DCLG committee hearing in June, where a
cross-party group of MPs examined a range of issues includ- ing the challenges facing the HCA, the committee concluded that Sir Edward was a suitable candidate for the post based on his skills and experience. For the past five years Sir Edward has been London's
deputy mayor for policy and planning and served as chief of staff at the Greater London Authority. His role included increasing public land disposals and developing new finance models to sustain investment in the capital's infrastructure. Speaking about the appointment, Communities Secre-
tary Greg Clark said: “The HCA has a big role to play in driving up housing. Sir Edward's experience and leadership that he brings to the HCA will ensure it is delivering the homes our nation needs.”
respond online at
www.hbdonline.co.uk
he housebuilding sector fell into decline for the first time in more than three years in June, leading to housebuilders’ share prices tumbling following
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