Property Seeks Long-Term Vision In Upcoming Election Campaign

Long-term thinking and more well-thought-through devolution.

That is what the real estate sector wants to see from politicians in the run-up to July’s general election, according to Melanie Leech, chief executive of the British Property Federation, the organisation with the biggest role in putting forward the sector’s views to the government. 

Policy details from the nation's Conservative and Labour parties will be pored over as election manifestos are released ahead of a 4 July poll. Those manifestos will focus on issues of great interest to the industry: corporate tax policy, housing and specific policies around sectors like life sciences and innovation. 

But after a government term that has been dominated by short-term thinking, the real estate industry is looking for one thing above all, Leech told Bisnow.

“What we are likely to get is a lot of detailed, short-term stuff, but what we would really like is some vision,” Leech said. “Our members are long-term investors, so it would be great to see some long-term themes that have that vision for the growth of the country.”

Leech is realistic that politicians in five-year election cycles are unlikely to propose policies that would take longer than that to bear fruit. But being able to “read between the lines” that a long-term growth plan is in place would be welcome, she said. 

A green industrial strategy and a renewed commitment to “levelling up” the UK’s poorer and wealthier areas are two potential examples, she said. The latter idea is likely to be retained but rebranded regardless of which party comes out on top. 

Devolution of power from Westminster to regional authorities as part of the levelling up policy, particularly in areas with directly elected mayors, has been particularly successful, forging partnerships between the real estate industry and the public sector, Leech said. 

An increased number of mayors were elected in UK cities this month. Leech said even greater devolution could be beneficial for real estate, if done well. 

“You’ve only got to look at what has been achieved in cities like Manchester, Birmingham and Leeds. Stuff is really happening there,” Leech said. “More mayors creates more opportunities for our sector.”