Westminster Update - 11 June 2026

🏛️ Read our latest Westminster Update with our Head of Communications Dominic Curran as he reflects on a busy period in Westminster and the implications for investment, development and housing delivery across the UK.

In this edition, Dominic explores the impact of political uncertainty on investor confidence, concerns around emerging proposals on rent controls and property taxation, and why the Government must do more to tackle the viability crisis facing development. He also examines the proposed ban on retentions in the construction industry and what it could mean for quality, accountability and confidence in new buildings. Over to you, Dominic:

🗣️ Today’s resignation of the Defence Secretary doesn’t directly impact property. But as a sign of continuing political uncertainty, it is significant - it reminds us (as if we need it) of the fragile nature of the Prime Minister’s position, which in turn leads to damaging investor sentiment and less actual investment into the UK.

Our recent report with CoStar on investment into UK real estate bears out the scale of global capital that invests in UK property and infrastructure.

📊 It’s a message worth repeating - there is a huge amount of money being invested into the country and a huge amount again that could come here if the conditions are right. That means the Government has to tackle the viability crisis gripping most of the country. It has to reduce ongoing planning delays, get the Building Safety Regulator working faster, and go further on reducing the cost of building in a context where material costs have doubled in a decade.

Recent reports on rent controls and changes to property taxation from think tanks and would-be challengers to the Prime Minister need to be seen in that light - careless talk may not cost lives, but it throws markets and valuations into turmoil, in some cases wiping millions of pounds off the headroom that would otherwise have been invested in new homes.

⚠️ It seems the Government is determined to do further damage to the industry with its proposed ban on retentions in the construction industry in the Commercial Payments Bill, which had its Second Reading in the Lords this week. This is a classic case of a sledgehammer to crack a nut - in seeking to tackle abuse, Government is proposing a measure that takes away the ability of developers to hold contractors to account for defects. This will do nothing to build confidence in the quality or safety of new buildings. We will be pushing back hard against this.