How will Brexit affect the UK’s construction industry?
Brexit is the word on everyone’s lips, and the construction industry is no exception. We recently polled house builders asking how Brexit would affect their business in the short to medium term. 15% felt it would have a largely positive impact; 35% said largely negative.
One positive is the removal of EU regulations, red tape and subsequent unnecessary time constraints. However, there are fears about reduced access to labour and resources - the UK will need to forge new trade agreements with EU member states, which may have knock-on effects including a spike in building costs.
Loss of funding is another issue – most of the UK’s recent major regeneration and social housing schemes have been fully or part-funded by the EU, so we could see a slowdown in the delivery of affordable housing.
The good news is that despite this, our poll results also show that confidence hasn’t been dented – 50% felt Brexit would have no impact at all on their business.