Planning for a change

It would have been tough to miss the changes to use classes and the planning system announced this week. It seems to be part of a broader agenda/policy statement.

One of the great challenges for property is knowing the direction of travel in terms of government policy. It is fair to say that in the low interest rate environment, this has been the number one challenge at least since 2015.

We are all wary of governments (and indeed people) that say one thing and do another. And there have been at least as many knocks as there have been bits of good news in the past few years for investors and developers.

However, the actions do seem to be following the words at the moment from the current government. It isn't just the "boosterism" that Boris is such a big fan of, but actual movement in the direction (upwards!) Of permitted development.

This is genuinely positive for the sector; however the spectre of covid is by no means under control as yet and many countries have seen an uptick in cases.

Things seem to move painstakingly slow and just as gyms reopen it then seems visits to Spain (mainland anyway) are back off the agenda. It is the pace of all of these changes that people find a challenge but it is also where the opportunities will be created.

Planning class changes will mean different and new permitted development over the next years of this government I am sure and the intent by grouping several use classes together seems to be aligned with the "build build build" motto.

Most importantly it signifies progression and positive appetite for development which will serve the construction industry and as the high street needs reinventing - and fast - it makes sense!

Things look promising on this front for some real change and hopefully it will also keep the industry in work, throughout what will no doubt be a tough couple of years.

Prices have seemed to creep up but also there's just the first flickers that maybe there is more stock and fewer buyers in this last week than in the preceeding month/6 weeks.

Deals are starting to drop in and enquiries are on the rise, particularly for portfolio sales. Looks like an interesting few months ahead but the fiscal firehose is still very much connected to the hydrant!

The mixed messages will still continue and I'd just urge everyone to stay alert and rational, and to do their research. More and more than normal!