WHAT DOES BREXIT MEAN FOR DEVELOPERS?
Updated: Oct 18, 2021
Brexit has been looming for many months now and it isn’t going away. Obviously, England departing from the European Union is going to have an effect on everyone, especially business owners. But, unfortunately, no one is actually sure what this effect will be and what the fall out of Brexit will entail.
Thankfully, the vote for Brexit probably doesn’t mean that the housing market is about collapse, which is a huge relief for developers. Whilst there is definitely some uncertainty in the short term which may reduce house price growth, for the longer-term property investors and developers, this could be a good opportunity for investing. This uncertainty of the exact outcome of Brexit may cause property investors a little nervousness, but the fundamentals for UK property remain strong.
We are all aware of what has happened to the property market over the past few years since the referendum and of course, as developers, you will be up-to-date with what is happening right now but really the potential issues lie in the future. To put it incredibly simply, no one really knows what is going to happen which makes it awfully hard to prepare for. We aren’t psychic and we can’t tell you what is going to happen after Brexit, but we can advise on ways to improve your business now which may help you to prepare for this huge change and be incredibly beneficial for your company.
There is no denying that as developers you will need to be cautious about how you invest during this time, as long-term planning will be more crucial than ever. This isn’t just in relation to investing in new properties or land to develop but also the way that you run your business. There are a few different things you might want to consider over the next couple of months before we break away from the European Union.
Just because Brexit is happening doesn’t mean that all other aspects of your business as a developer stands still. The important thing to remember is that you need to ensure throughout this whole processes your new purchasers are happy. Ultimately, they will be feeling the uncertainty too and may even be contemplating their purchase and they will more than likely have their eye on the market the same way that you do.
The happier you can keep these purchasers, the more stability you have in your existing properties.
With all of the additional things you have to worry about throughout the lead up to and the fall out from Brexit, your purchasers and their needs are likely to get lost. You may want to consider outsourcing your customer service for this time period – with a company like After Build. This way, you can focus on other aspects of preparing your business for Brexit and let a professional company focus on your after care for new builds. This can take a lot of pressure off of your shoulders and make the whole process a lot less stressful.
As well as general customer service you still need to think about your responsibilities regarding defect management. You need to handle any issues found in your new properties even better than ever before to ensure that your reputation remains as it currently is, which will benefit you in the long run when it comes to selling more properties. If you think that you require assistance managing the builder’s warranty obligations throughout the Brexit period then outsource this too. We understand you may be worried about the extra expense of this but, many companies offer packages which are much more affordable than you may realise.
By focusing on an exceptional level of care for your current purchasers throughout this whole process you can trust that whatever the unpredictable changes turn out to be, your business hasn’t crumbled around you due to the panic in the lead up to Brexit. Don’t be afraid to ask for help to make your business as strong as it possibly can be. Stability and normality are key, focusing on what you have now and ensuring that you have a strong foundation to enter Brexit with will help you handle whatever the fall out of this departure throws at you.