Europe

Caddick: “2008 all over again – what a mess”

Caddick Developments director Johnny Caddick has warned of “massive stagnation” in the property sector with the regions most badly affected.

The Yorkshire-based developer tweeted this morning: “2008 all over again. What a mess.”

Speaking about the tweet, he said it was a “potential overreaction”.

But he said: “Uncertainty is the worst thing for property. It creates stagnation.”

He added: “I think following 2008, the regions had a period of 7 or 8 years of recovery or stagnation, and we are just starting to come out of that.

“And I think anything like this creates shockwaves through the marketplace and has massive effects, even more so outside of central London.”

He said he was confident Caddicks’ PRS schemes would be delivered. But he said other sectors such as offices would be more badly impacted.

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