The 2015 Smith & Williamson property survey has revealed the property and construction sector in the UK wants to remain part of the EU, with only 15% of respondents indicating that a British exit from the EU would have a positive impact on the industry.

“The industry has traditionally been viewed as quite inward focused, which may make this finding surprising for some” says Mark Webb, chairman of the property and construction group at Smith & Williamson. “However, when considering that the key components of the sector are also cornerstones of the EU, access to labour and flexible working, it is less shocking. The survey highlights the concern within the industry that should a Brexit happen there is a very high likelihood of access to labour declining as margins are squeezed.”

The survey demonstrated that business confidence is growing; belief in commercial property over the next 12 months was close to matching confidence in residential property over the same timeframe, at 72% and 75% respectively.

However, for the first time in the history of survey, Central London is no longer the top cause for optimism with property experts some five percentage points more optimistic for Greater London delivering investment returns over the central areas.