Proptech has been buoyed by the short-term certainty that a Conservative majority has brought to the sector but concerns still linger over a Brexit fallout.
The industry woke this morning to news that Boris Johnson had crushed Jeremy Corbyn in this year’s General Election, securing an 80-seat majority – the party’s largest since 1987.
Proptech leaders welcomed the news but concerns have now shifted to how Brexit, now an inevitability, could affect the sector.
WiredScore president and managing director William Newton said that while he predicts a soft Brexit will now be on the cards, he warned proptech companies to keep an eye on the challenges surrounding how migration to the UK could affect attracting talent.
“Brexit is now an inevitability. It is no longer a question mark, we are moving in one direction. We will likely see a much softer Brexit that we would have seen with a much smaller Tory majority,” he said.
“Now he has the ability to create a coalition of slightly more moderate Conservatives to get Brexit and a big trade deal past. I think that this is broadly good news for those who wanted the softest possible Brexit.
“The big question for proptech will be what the implications are for visas for the right to work for EU nationals in the UK.”
Concrete VC general partner Taylor Wescoatt said that while it would be preferable to stay in the EU from a tech standpoint, the certainty of the election result amid a “a very difficult period that has significantly retarded investment into the UK” was welcomed.
“As much as leaving the EU is challenging for investment, workforce mobility, passporting and a capital flows standpoint, I think we’re looking forward to stability. If these results can deliver certainty in a business environment then let’s just get on with it.”
He added: “The UK is an innovative place, and we need to make sure it continues to be competitive and a world leader in solutions for the real estate industry.”
Alpha Property Insight founder Dan Hughes said he hoped the election outcome would “allow the UK to really focus on continuing to lead the world in the real estate technology space”.
He also welcomed the stability a Conservative majority brings. “The BPF Liquid Report published earlier this year showed that the UK was a leader on the world stage in terms of real estate technology, and that there was a real opportunity to use this leadership to address many of the biggest challenges that the UK faces as a nation.
“For this sector to thrive, we need the government to proactively support the sector, to be able to attract the right talent and investment into tech and to have a strong and active property market. Whether left or right, in or out, for the past few years we have faced huge political uncertainty which hinders all of these.”
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