Missed our property event? Here are our top five takeaways
- AuthorJulia Lock
At the start of this month, we proudly co-hosted our annual property event in the heart of Lincoln on ‘the next footings in the local property market’ for the next 12 months.
The annual event provided an expert update for those interested in property matters locally, including investors, developers and those with residential lettings.
With over 50 delegates, the event was well attended. After a hearty breakfast with views of the city’s skyline at the DoubleTree by Hilton, attendees were given presentations from Savills Estate Agents, Streets Chartered Accountants and our very own property team.
Our Head of Commercial Property Julia Lock and Associate Partner John Roper gave excellent and informative presentations on the key upcoming legislative changes expected to the UK’s planning laws together with a general commercial property update.
For those who didn’t manage to attend we’ve put together our top five takeaways from the event, so you can stay informed:
- The Government is not meeting its annual target for new homes. The National House-Building Council, which registers 80% of new homes built in the UK, announced earlier this year that it registered 155,000 additional homes in 2017-18. Using this as a guide, that would put total new builds for 2017-18 at 217,000. This is a long way under the Government’s target of 300,000 new homes per year.
- A major overhaul of the National Planning Policy Framework has been launched. With the political consensus in Westminster that the Government needs to build more new homes, this legislative overhaul aims to help increase supply. The new changes will completely transform the landscape for developers and landowners. Final outcomes have yet to be announced, but at this stage, we expect that optimising the use of land by creating well designed spaces and strengthening protection for the green belt will be at the heart of the new draft framework. There will also be greater emphasis on converting planning permissions into new homes more quickly.
- Developers, take note! The government is changing the way developers contribute towards infrastructure projects. Currently, developer contributions are raised via a system of planning agreements and/or the Community Infrastructure Levy (CIL). The Government wants to make the system more transparent, accountable and responsive to market conditions. The consultation period for the proposed changes ended on 10th May 2018. Further announcements are expected to be made soon.
- A shortage of bricklayers is hindering the growth of new homes, amongst other factors. Government and developers are considering different, modern alternatives to reduce the reliance on bricklayers and skilled construction workers. One option is to consider increasing the usage of modular units, which are put together in factories. This would reduce on-site labour costs and the need for more bricklayers.
- Japanese knotweed – a growing issue for land and homeowners! There have been two separate legal cases involving the destructive plant in the last two years. Last year, Network Rail was held liable in private nuisance and had to pay damages after Japanese knotweed on its land grew close to neighbouring houses. The damages included the reduction in value of the affected properties too. Nip it in the bud quickly!
If you would like to contact our expert property teams in Lincoln and Newark, call us on 01522 512123 & 01636 673743 respectively.
This blog was co-written by Head of Commercial Property Julia Lock and Associate Partner John Roper.
Contact our experts for further adviceJohn Roper