EU referendum: CBRE says UK exit of European Union will hurt property sector

Kasmira Jefford
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Leaving the EU could have a negative impact on the UK’s attractiveness as an investment location (Source: Getty)
An exit from the European Union could hurt property investment to the UK and damage London’s status as a world financial centre, a survey of investors has warned.

More than 60 per cent surveyed by property advisors CBRE said leaving the EU would have a negative impact on the UK’s attractiveness as an investment location, with fewer than one in 20 saying a Brexit would be positive.

CBRE’s head of UK research Miles Gibson said that with 60 per cent of the top 250 global firms based in London, the risk that companies may prefer to locate their headquarters within the EU, rather than outside it, was a key concern for investors.

He added the free movement of labour – in particular high-skilled workers – was a key benefit of Britain’s membership within the bloc and critical to the success of the UK economy.

The EU referendum bill passed its second reading in parliament this week however it still have several hurdles to pass through before the end of 2017, the latest date which is expected to be held.

Gibson called on David Cameron “to put a timetable on the referendum as soon as possible” warning the short-term uncertainty effects “could be large”.

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