A vote to leave the EU would push the price of construction up, according to London’s largest private housebuilder…
With the referendum set to take place tomorrow, Galliard Homes has issued a warning that a vote to leave would push construction costs higher.
The private housebuilding firm wrote to clients, suppliers, and corporate contacts to inform them of their concerns if the nation votes for a Brexit.
Managing director Don O’Sullivan said construction costs were likely to increase, stating he believes a 15 per cent rise would be seen. This would be caused by an increase in the price of materials, as well as expensive labour costs.
The company said: “If the UK is not part of the EU then industry construction costs could rise by up to 15 per cent since currently construction materials imported from and exported to the EU are free of duty and taxes.
“Many site/construction staff working in London are people who originate from countries across the EU.”
The firm also said a Brexit could impact the London property market.
O’Sullivan said: “This is clearly a big decision for all, with many competing factors and issues but we at Galliard Homes strongly believe that it is better for the short and long term growth of the London economy and the wider UK for the country to remain within the EU.”