Brexit – The Bespoke Viewpoint
Brexit – The Bespoke Viewpoint
What a month it has been – the referendum result took a lot of people by surprise, and there has been a lot of speculation ever since as to what impact Brexit will have on the construction industry, and on building contractors like us.
A few weeks have passed and the dust has started to settle, and we now have an opportunity to take a rational, level-headed look at the prospects for the years ahead. From our point of view, whilst there is still a lot of uncertainty to be resolved, there are also plenty of reasons to be positive about the future.
Ahead of the referendum, much of the construction industry favoured remaining in the EU. Our industry is often one of the first to feel the effects of economic turmoil, and the big unanswered question before the vote was to what extent the confidence of consumers and their willingness to put their money into property would be affected by Brexit.
For us, the key point to remember is that the fundamentals of the housing market are exactly the same as they were prior to the referendum. Demand for high quality homes (like those built by Bespoke) is very strong – and with supply limited, this situation is unlikely to change in the immediate future. Residential property remains hugely valuable and quality new build schemes will continue to represent a strong investment opportunity.
What’s more, in recent years we have seen an ever-growing trend towards people wanting to build their own homes rather than simply purchase one. When we speak to our clients, it is obvious that having a home built to suit the exact needs and desires of their family is often a long-cherished dream that means a lot to them. This dream is not something they will easily give up on because of the current negative newspaper headlines.
As residential new build specialists, Bespoke will also benefit in the months and years to come as a result of government legislation enacted this year (which we discussed on the blog a few months ago). Local councils will now help to encourage new builds by assessing demand and making suitable land available for self-builders in their area. The government has made a commitment to double the number of self-build homes by 2020, and legislation like this will help to make that pledge a reality.
Now that the outcome of the referendum has been decided, we will get on with doing what we do best – building exceptional new homes for our clients. In our daily work converting barns and creating award-winning eco-friendly new homes, we have got used to dealing with unexpected challenges along the way. But we do not ever get knocked off our stride, we just get on with the job and proactively find ways to overcome the obstacles in front of us.
We see Brexit in the same light – there will undoubtedly be challenges and bumps in the road, and we will need to be adaptable, innovative and positive in the way we work. But we see a bright future ahead, and look forward to building many more dream homes in Bristol, the South West and Wales in the years to come.