Philip Woolner, Joint Managing Partner, Cheffins comments:
“The fact that the UK is about to enter a situation with a hung parliament is bound to have ramifications for the property market, however we can safely say that Cambridge’s incredibly strong demand for housing, high levels of employment and strength as one of the key pillars in the UK’s economic recovery ought to mean we are somewhat protected from the impact which may be felt elsewhere in the country. As devolved powers for Cambridge begin to be put into practice, we should see over the coming months an increase in housing delivery and improvements to infrastructure which is what the region so desperately needs. Both the Conservative and Labour parties are planning on bringing in measures to increase housing delivery which ought to help address our affordability issues and chronic shortage of stock within the UK. Too many of our population are faced with the issue of never being able to afford their own home, and should politicians deliver on their promises, hopefully this level of development ought to help tackle this increasing problem. When it comes to property transaction levels, there will be much talk of a drop in activity within the market however I would forecast that Cambridge will continue to see high levels of demand and will buck the trend in comparison with other areas of the country. For commercial property, occupiers may take longer to commit to transactions until the political landscape settles, however Cambridge and its micro-economy has weathered the storm throughout countless political changes and we are lucky that we are the home of some of the world’s largest corporations and can offer some of the best talent in the tech and science fields. This is what brings companies to Cambridge and I wouldn’t expect that to stop any time soon.”
Simon Gooderham, joint managing partner, Cheffins comments:
“As the political landscape for the UK continues to be unclear, it is essential that the government works together to support farming which is the lifeblood of rural economies. Farmers need security when it comes to farm support payments and trade deals with other countries. All of the main parties have pledged to secure trade deals across the EU and other countries but the exact detail of these needs to scrutinised and they need to ensure that these will be of a profitable nature for the UK’s farmers and not allow uncontrolled import of cheap food and produce which would then undercut our own industry. Proper engagement with key industry bodies such as the Country Landowners & Business Association and the National Farmers Union will be paramount to ensure that the government has a clear understanding of the issues affecting food and farming so that we secure the best possible Brexit deal for our industry.
We will be continuing to encourage farmers to look into diversification schemes, secure alternative investment streams and review opportunities for land and buildings as the political landscape remains unclear. Cambridge and East Anglia will continue to be one of the most sought-after locations in the country due to high levels of development and investment, and this will help underpin land values and create new opportunities for rural businesses. Immigration is another key concern for many in the rural industry who rely upon seasonal workers from the European Union. The NFU is calling for an early immigration bill and many farmers will be looking to ensure that they can secure the labour needed at key times in the farming year. ”
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