Estate agency JLL has used its most recent market update to call on politicians to avoid policies that “paper over the cracks” in the property industry.
The firm said with the first wave of volatility and uncertainty spawned by the vote for Brexit coming to an end it was time ministers paid attention to rebuilding lost momentum in the delivery of housing.
Head of residential research at the agency, Adam Challis said: “We still have a housing crisis. A House Of Lords report from July 15 puts the requirement from 240,000 up to 300,000 units per annum.
“So, it’s potentially even worse than we thought, at a time when market factors will invariably make it more challenging to meet.”
He said that while new Prime Minister Teresa May understood the leadership qualities necessary to return confidence to the market and generate opportunities for business, her stock phrase “Brexit means Brexit” was “in truth, a meaningless statement” as it simply represented quite a range of possible outcomes.
He said only a narrowing of that scope would shape the economic impact of the vote, meanwhile the “systematic problem of housing supply” needed to be addressed.
Adam said: “New innovations in the housing market take time to achieve lasting results.
“Longer than political cycles, longer sometimes than market cycles. Genuine political leadership will mean that we do not get another set of knee-jerk, demand-side stimulus ideas that paper over the cracks of an industry that is simply not scaled to deliver 200,000-plus homes per annum.
“As is the case for both of the above examples, the best ideas need to be cultivated over time, often against quite vocal opposition.
“While focussing on issues abroad, our political leadership must be cognisant that some of the biggest opportunities for change in the next couple of years will start at home.”
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