Berkeley Homes chairman tells industry not to expect any improvement just yet
The housing industry can expect another tough three years, despite whisperings of green shoots, according to industry experts.
Speaking at the Movers & Shakers breakfast this morning, housebuilding's great and good warned that the housing industry should not expect to see a marked rise in work or profits for a year and that pre-recessionary levels would not be regained for at least three years.
Tony Pidgley, chairman of Berkeley Homes, said most firms would “continue to bounce along the bottom” for some time to come.
He also warned of the danger of dealing with banks: “I would never have left Berkeley Homes in the hands of a banker. They will be your partner in good times and your worst nightmare in bad times,” he said.
“Having said that, for good companies with a good balance sheet, they will get money and banking will come back. But you have got to look at the risk.
“The public sector needs a boss,” Pidgley added. “It talks one job and does another. If you got rid of the public sector, I'd be happy. If you got rid of the bankers I'd be even happier.”
Pidgley was a member of the panel at this month's networking breakfast chaired by new CABE chairman Paul Finch and including chief executive of Crest Nicholson Stephen Stone, Kate Davies, chief executive of Notting Hill Housing, and David Brophy, chief executive of Ballymore Group.