Leaving the EU would be bad news for the economy and bad news for property

The EU referendum is a decision for individuals not businesses. As an individual, I don’t know whether the UK will be better off in or out of the EU in 20, 30 or 40 years’ time.

But as a business leader, I believe a decision to leave the EU will be very painful for our industry over the next few years.

We would face several years of uncertainty while an exit treaty is negotiated. History is clear as to the effect uncertainty has. It stalls business decision-making and that is bad news for the economy and bad news for property.

Demand will fall and values could plummet. We will be facing a downturn that could be deeper and longer than those of recent history, such as the early 1990s or the late 2000s.

The long-term impact of leaving the EU is unknown, but the near-term pain to our industry is all too clear to me. Those who are as yet undecided should reflect on whether the odds are worth it – what a ‘leave’ vote might really mean for themselves and their families, friends, colleagues, communities, customers and partners.

I will be voting to remain in the EU.

Rob Noel, Land Securities chief executive