VIDEO: MIPIM UK’s keynote speeches on the impact of Brexit on the property sector

Much of Britain’s mainstream and institutional property industry mooched around Earl’s Court this week, as MIPIM UK trundled on. Brexit and the economy were, obviously, quite the talking points…

So here’s a video of the big keynote speeches by economics guru Sir Howard Davies and Terra Firma founder Guy Hands addressing just these topics…

Around 3,000 delegates from 45 countries attended this year’s British MIPIM, including Gavin Barwell, Minister for Housing, Planning and London. The vast majority of speakers and people rigidly followed the “Britain is open for business” script…

Barwell told his audience, “Most people want to own their own home. I want a system that’s bottom up – we are going to build the homes that we need to build,” adding that “There’s huge potential for off-site construction, driving innovation and diversification in the market.”

Sir Howard Davies, Chairman of the Royal Bank of Scotland (RBS) opened MIPIM UK’s conference programme. This year, RBS announced it has earmarked £1bn of its £30bn real estate loan book to provide finance for the UK Private Rented Sector schemes. He told Earls Court that “We’ll see slower economic growth post-Brexit but the degree depends on the nature of Brexit. We are seeing signs of investors who were cautious immediately post-Brexit making enquiries once more.” Davies also warned that “The London property market may not be so buoyant if we have a downsizing of the City as companies consider moving headquarters abroad.”

Sir Davies was joined on stage by Guy Hands, Founder, Chairman and Chief Investment Officer at Terra Firma Capital Partners, who flagged that “The number one critical social issue in Britain is solving housing” and explored some of the possibilities for private equity investment. “I believe in a long-term investment approach to UK property because I believe in the UK and its strong long-term fundamentals, regardless of short-term volatility,” Hand said. “It’s not the referendum that matters, it’s what happens from this point on.”

Former England football internationals Rio Ferdinand, Bobby Zamora and current West Ham captain Mark Noble were also there, discussing their Legacy Foundation – a unique project that combines residential, sport and community-led development which aims to deliver up to 50% affordable housing.

Filippo Rean, Head of Reed MIDEM’s Real Estate Division: “In the wake of the Brexit vote, MIPIM UK has provided an ideal and timely platform for the British and international real estate community to come together to assess the future of the UK’s real estate sector. MIPIM UK is essential to attracting overseas investment into Britain and the message from Olympia was clearly that ‘Property UK’ is open for business.”

mipimuk.co.uk