London Developers are more optimistic about the future compared to this time last year. These latest figures come from the London Development Barometer.
In a survey of industry leaders which was conducted by M3 Consulting, 33% of respondents anticipated an increase in development activity over the next five years. This is up from 19% when the same survey was conducted last year.
However, 42% predicted that development activity would decrease, and 82% of respondents said that local and national governments were not doing enough to assist greater development in Central London. However, both of these figures are down from last year when 52% of respondents thought that there would be a decline in London Development, and 86% felt that governments could do more to encourage development.
In addition, the development industry remains sceptical about the positive effects of Brexit. Close to ¾ of those questioned (72.5%) said that they believed Brexit would have a negative effect on London property development. However, it should be noted that this is a decrease from the 80% who believed Brexit would have a negative impact this time last year.
However, over half of people surveyed (53%) said they believed Brexit would either not have any impact at all or would encourage investment from abroad in the London development market.
In terms of the priorities for respondents, planning policies were ranked as most important, followed by increased local authority funding, infrastructure investment, and transport. In addition, most responders agreed that there would be a rise in occupational demand in almost all sectors bar retail.
The sample for the survey was 235 industry professionals, of whom 70% held senior leadership positions within their companies.
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