LREF 2017: Great Portland Estates chief executive Toby Courtauld was joined today by Brockton’s David Marks in criticising the new government that is being formed post-General Election, writes Nick Johnstone.
Speaking at the London Real Estate Forum, both Courtauld and Marks – Brockton co-managing director – voiced their concerns about the potential for disarray from a weak coalition, and the effect this could have on investment.
Courtauld said: “The total lack of political leadership keeps me awake at night. If you look at the cabinet, it’s the same old names on the merry go round, but I think we are rather fed up with this lot.
“It is clear that negative campaigning is not going to win you an election.”
Prime minister Theresa May has formed a coalition with the Democratic Unionist Party after failing to win a majority in the House of Commons last Thursday.
David Marks said: “What should worry everyone is a lack of quality stable leadership in this country.”
Indicating that he was not prepared to vote Conservative at the vote, he said: “I did spoil ballot because I couldn’t bring myself to vote for a party I’ve voted for all my life.” He added: “a hard Brexit would be a disaster.”
In a wide-ranging discussion about the broader fluctuations in the London investment market, Stephen Down, head of London investment at Savills, said he felt that the market was in an “extended late cycle” and would maintain stability over the near term. He said that the election, “as painful as it was,” had created just “ripples” in a larger journey in which overseas investors were still attracted to the pricing of London property.
The panel agreed that it was particularly difficult for domestic players to buy in the central London investment market, and that “value add” opportunities to buy buildings and turn them around were increasingly difficult to find.
