DARK CLOUDS:
“2008 all over again. What a mess. Uncertainty is the worst thing for property. It creates stagnation.”
Johnny Caddick, managing director, Caddick Group
“The blunt truth is that many investors will sit on their hands until the dust settles.”
Jonathan Hopper, managing director, Garrington Property Finders
“If you are an overseas owner of UK debt, are you going to buy UK government bonds? This will mean a repricing coming into bonds, which will mean repricing in property, too.”
Colm Lauder, executive director, MSCI, on bond yields rising and falling rents
“The deterioration in the value of sterling overnight would have erased any gains over the last few years, compared to currencies pegged to the US dollar.”
Faisal Durrani, head of research, Cluttons
“History shows that external shocks can reduce sales volumes by as much as 20%, with sales volumes already down over the last year.”
Richard Donnell, research director, Hometrack, commenting on the London housing market
“A lot of decision-makers will say ‘let’s hold our fire for the time being’.”
Colin Wilson, head of UK & Ireland, Cushman & Wakefield
SILVER LININGS:
“I think that come the calm after the storm, London will still be seen to be the centre of the European financial world.”
Jonathan Goldstein, chief executive, Cain Hoy
“I believe the London commercial market will remain a good investment in the long term.”
Tomas Jurdak, UK chief executive, HB Reavis
“In or out of the EU, the need and the demand that the UK puts on its tech companies is going to continue.”
Argent’s David Partridge dismissing fears of a tech occupiers exodus
“Any increase in property yields may be temporary, because the inherent attractiveness
of the UK market will provide long-term support for prices.”
Miles Gibson, head of UK Research, CBRE
“Investors are likely to continue to be drawn to prime office assets in major European cities, including London.”
Mahbod Nia, chief executive, Northstar Realty Europe
“The best we can hope for is that the fall in value for sterling against the euro and the dollar will attract more inward investment.”
David Davidson, chairman, Cushman & Wakefield in Scotland
BLUE SKIES:
“In light of the anticipated appetite, particularly from foreign investors, LCP has decided to make a second share offering available for its quoted property company, London Central Apartments III.”
Naomi Heaton, chief executive, London Central Portfolio, said prime central London property values were likely to increase
“I am very bullish. We in the asset management industry business were faced with unnecessary rules and regulations. This will make it cheaper to procure new buildings in the UK. That will be good for development and good for construction.”
Richard Tice, chief executive, Quidnet, and supporter of Vote Leave
“UK real estate has, throughout history, been a fundamental part of our investment landscape and that simply won’t change.”
Out voter Nick Leslau, chairman, Prestbury
“Far from weakening the economy, lower sterling will boost British exports and British equities.”
Pippa Malmgrem, investor adviser and former economic adviser to George W BUSH
As it happened on EGI.co.uk 24.06.2016
05.00 Property reeling from Brexit
Following the UK’s historic decision to leave the EU, the Estates Gazette live blog covered all the reaction, including:
07.12 Time for plan b
“We need to act quickly and persuade the world we are as attractive to invest in as we were yesterday,” said Damian Wild http://bit.ly/290elVI
07.41 Regional benefits
Allied London chief executive Mike Ingall said regional cities could benefit if London’s position was adversely affected on the global stage. http://bit.ly/294VWx2
08.53 Property shares smashed
Property shares were hammered in early trading following the leave result in the European Union referendum. http://bit.ly/29eWZHM
08.45 A wake-up call
Pippa Malmgren, George W Bush’s former economic adviser, said Britain and the British property sector would emerge stronger from the result. http://bit.ly/292AbIC
09.45 Leslau hails momentous day
Leave supporter and chairman of Prestbury, Nick Leslau, hailed a “momentous day” in British politics. http://bit.ly/295jvSb
11.30 Brexit stage left
“What does this mean for the law?” asked three lawyers in environment, asset management and consumer regulation. http://bit.ly/29eXNMx
Clouds and silver linings
Follow the latest Brexit reaction at
wordpress.egi.co.uk/news/brexit
