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‘No-deal Brexit an opportunity for housing,’ claim sector figures
Senior figures in the social housing sector have claimed that a no-deal Brexit could be an opportunity for housebuilding.
At a Housing 2019 event on Brexit and housebuilding, in response to a question from Inside Housing, three of the four panellists argued that there could be positive effects if the UK leaves the European Union without a withdrawal agreement.
Brian Berry, chief executive of the Federation of Master Builders, responded: “If we went for a no-deal Brexit, the economy is going to shake and that means the government – of whatever colour – is going to need to invest in construction to keep the economy going.
“So it actually may be, ironically, a good thing for housing numbers because actually if government is funding more affordable housing to keep the economy going, that could increase supply. Who knows? But what a risk to be taking.”
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Boris Johnson, the frontrunner for the Tory leadership, has said that Brexit will happen on 31 October with or without a deal.
Vicky Savage, regional managing director for the South at L&Q, London’s largest housing association, said: “At the end of March, when we were very worried there was going to be a no-deal, we got a real spike in terms of footfall to look at our shared ownership, our outright sales homes.
“People had waited and waited and they could no longer be in their friends’ spare rooms. Consumers don’t always operate in the way you think they’re going to operate. So it could, again, be an opportunity.”
Jonathan Seddon, chief executive of Seddon Group, added: “The [private rented sector] will rub their hands if Brexit produces a downturn.
“Land will be cheaper, building will be cheaper, perhaps rents don’t move. They’ll be quite happy. The affordable sector is equally looking at that model thinking, that’s where we’ll move our stock to.”
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