One of the most detrimental aspects of Labour's tenure was that it created a sense of dependency on the State.
This has been especially prevalent in the commercial property market, particularly with offices; quangos, local authorities and health authorities all used up their budgets and took large amounts of space on, driving up rents. Now they are shedding this space, leaving the market with a large overhang. There are few tenants on the horizon for this excess.
The real impact has been on our expectations, insofar as we now expect to be rescued/ helped by the government, or at the very least, be led by them. We desperately need to start believing in ourselves and look forwards. It is pretty clear that there is no help from government (the have too many issues of their own). Let us break this cycle of dependency and go out there and create jobs, wealth, opportunities and happiness!
As valuers, stop trying to cover your backs and down value everything. Take a prosaic view of the market and let purchasers buy and vendors sell. Carpe Diem, or even Carpe Noctem. Please.
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