Lots of insights coming out as the UK grapples with the brownfield emergency:
- Lots of engagement from MHCLG and GLA officers up here trying to unpick what’s happening. I have had a number of good conversations already explaining key barriers at the moment. Almost a triage situation with multiple developers large and small calling for more radical changes.
- Places for London have come out with an excellent initiative working with the MOD. Essentially looking to create a channel to get veterans into construction whilst also working with the Department on how their land holdings can come into housing supply.
- Big own goal from Housing Minister yesterday where he predicted the housing emergency. Not a popular figure.
- Sales market in dire straits with urgent calls for demand side support with very strong consensus that something needs to be done on stamp duty and sooner rather than later. Britain has the highest property taxes of any advanced economy.
- Tom Goodhall, CEO of Related Argent suggested that on average to pay for stamp duty you now needed to live in your home for 8 years!
- Lendlease believes land values for residential development are now either nil or in negative territory. That means land supply is severed from the housing market for brownfield delivery.
- Movements in the bond market is causing chaos for investors who are generally reverting to a wait and see approach.
- Huge concerns over the brownfield emergency in London and the Tower Hamlets led challenge to the LPG.
- Significant frustration over the Planning Inspectorate decision which knocked out Berkeley’s Peckham decision and Cllr Richard Livingstone’s comments on social media (he is the chair of planning) and well known sceptic of London new homes.
Keeps eyes tuned for more as we progress through the conference.
