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F T: Manager Of Gov. Properties Thinks Market Is "too Weak To Support Extensive Sales"

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FT: Head of Government property unit (manages gov. properties) thinks property market is "too weak to support extensive sales".

Does he think prices will go back up to "normal" (2007) prices???

Who is this McCready?? An estate agent??


The government has created a property unit within the Cabinet Office headed by John McCready, which will work with the advisory panel. Mr McCready is head of the property unit at the Shareholder Executive, which manages taxpayer-owned assets.


The large sale of property from the government’s £370bn estate as a means of raising money to reduce the deficit has been played down by Mr McCready in the past, however.

In November, he said that where possible the government should try to retain ownership of its estate because this gave it the greatest flexibility and meant it could not be held to ransom by landlords.

The property market outside London was also too weak to support extensive sales, he said.

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This is very important. This gov. department will decide how much and how fast they will sell propertis from the government’s £370bn estate.


Government’s £370 billion estate costs around £25 billion per annum to run. The NHS and Ministry of Defence (“MoD”) estates comprise over half of this annual running cost. This estate is highly diverse, with substantial scope for efficiency improvement. As Government is the UK’s largest landowner and largest tenant it is important that there is clarity in what is expected from property and how it is to be achieved.

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  • 312 Brexit, House prices and Summer 2020

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