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London

JLL’s Queen’s Speech 2015 - priorities for the property sector


​Ahead of tomorrow's Queen's Speech, JLL has outlined what it believes should be key priorities for the property industry.

Unleashing the power of cities

Jeff Pearey, Lead Director in JLL's North East Region, comments: "It is cities rather than countries that are now competing for investment. In 2014, capital flows in to UK conurbations beyond London amounted to £28bn, a 70% increase on the previous year. Investors look at a city or a region and key indicators for growth such as infrastructure investment, an integrated approach to transport and access to a strong talent pool.

"Devolution will help shape the cities of the future – it offers them the ability, through strong leadership, to have greater control over local policy and parts of their budgets to help drive those areas that need investment to generate economic growth."

Tackling skills shortage and encouraging productivity

John Duckworth, responsible for JLL UK Occupier Services says: "Productivity will be key to unlocking further growth.  This will only be driven by a more skilled economy and by tackling skills shortages such as that looming in the construction industry. An important element of productivity will be around the distribution of cost, labour and growth across the economy. We see re-shoring and near-shoring as a key trend in this respect, and recent JLL research estimates that the potential jobs growth resulting from companies moving departments or processes back to and across the UK could create up to 400,000 jobs over the next ten years if momentum is maintained.

"However harnessing this and translating it into reality relies on a deep understanding of supply-side factors because a successful 'shoring' strategy hinges on the availability of skilled labour."

Housing

Adam Challis, Head of Residential Research at JLL adds: "The real job that begins now is to set out a clear plan to boost new home supply for the long-term. A stronger housebuilding sector is the only way to solve the UK's housing crisis, while also adding construction jobs. Creating bandwidth – and resilience – in housing delivery must be the main goal of the industry and political counterparts. But the 1,000,000+ new homes we need over the course of this parliament won't be delivered overnight; this Government needs to stay on track but increase the pace. We remain concerned about the expansion of Right to Buy. Government should be investing to create a vast quantity of new affordable homes, not taking stock out of the system."