Crest Nicholson CEO: Housebuilding Market Better in EU
Investors contemplating how London could look outside the European Union have already identified some potential victims: fast-growing British lenders that might have to face their first economic downturn as public companies. With the U.K. Treasury and some analysts predicting that a British vote to leave the EU on June 23 could cause the worst drop in house prices since the financial crisis, the banks could see their progress reversed as they’re saddled with bad debts. Crest Nicholson are among 17 homebuilding companies that say U.K. leaving the EU will be negative for first-time buyers, making construction harder and more expensive. Housebuilders say leaving EU “will create considerable uncertainty for Britain” and “investment will suffer,” according to e-mailed statement from Britain Stronger In Europe. Crest Nicholson Holdings Chief Executive Officer Stephen Stone discusses with Bloomberg's Anna Edwards in London and Manus Cranny in Dubai on "Countdown."
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