The snap election and the effect on commercial properties

Immediately post the Brexit referendum, there was much speculation regarding the effects the vote would have on the property market. However, as the dust has settled and the market has stayed relatively stable, speculation has turned to the impact of the upcoming election.

The general consensus between market experts is that it will have a positive influence on the industry. This theory is based on the additional certainty an election will bring. Many specialists believe that the election will reveal a direction in the market, informed by which party wins and the policies aligned with them. However, they also warn that no outcome is going to fix the current lack of construction skills in the UK, which is one of the biggest factors to have an effect on the country’s commercial market post-Brexit. Nevertheless, while the constant talk of uncertainty has undoubtedly caused a slowdown of deals, the election is being seen as a potential way to steady the market.

Eugene O’Sullivan a Chartered Surveyor and Managing Director at Morgan Pryce says; “I have seen many market downturns in my time. While the election will slow the market between now and the 8th of June, long-term I believe the effect will be positive.”

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenant