Agenda item

Economic and Property Market Presentation by Valuer CBRE

Kevin McCauley from CBRE to be heard.

Minutes:

The Board received a presentation from Kevin McCauley, Head of London research at CBRE. The Presentation provided the Board with a summary of impact of economic and political factors on the London property market. Members thanked Mr McCauley for an information and helpful presentation. The Chair requested that the PowerPoint presentation provided by Mr McCauley be circulated to the Board for information.

 

The Board discussed the likelihood of a Labour government and the effect this could have on the London property market and the British economy. Members noted that the capital controls which a Labour government, under its current leadership, would likely introduce could have a detrimental effect on the London property market. 

 

A Member of the Board commented that in his position as the Chairman of the City of London Corporation’s Planning and Transportation Committee there had been a large number of building projects which had been approved but that many of these had not yet begun construction and questioned the reasons for this. Mr McCauley explained that a combination of uncertainty relating to Brexit, availability of the required space and the ability to de-risk projects by pre-letting were the combination of factors minimising the completion of construction projects in London.

 

Replying to query from a Member, Mr McCauley confirmed that the fluctuation in the value of Sterling did not have a direct correlation with the investment property market.

 

RESOLVED- That the presentation be noted.