Are you capitalising on the opportunities of regulatory change?

Regulatory changes in the construction sector are moving at an unprecedented scale and speed, with intense complexity, causing significant upheaval to the property industry. ?

While change is often disruptive in the short term, the new regulatory landscape affords many opportunities for those armed with the right knowledge and willing to act swiftly. ?

We’ll explore some of the key developments in construction – including recent changes to Permitted Development Rights (PDR) – as we evaluate the hurdles and opportunities of the ever-evolving UK property market. ?

London Belgravia Group ’s Commercial Director, Alex Lyons , was invited to share his expertise on recent and future changes to construction legislation as a panellist on the BCM Agency Ltd Voices in Construction Insight Panel in April 2024.

Alex was joined by fellow experts in construction, insurance and building control from Build Insight , GeoGrow , Green Building Design Consultants and Hertfordshire Building Control .

The panel explored the evolving regulatory landscape in detail; read the full write-up here: Regulatory Changes in Construction – Hurdles or Opportunities? Evaluating the State of Play.

One of these regulatory changes is the recent relaxation of Class MA Permitted Development Rights (PDR) from 5th March 2024, a response to the pressing need to redevelop existing properties to accommodate the evolving needs of towns and cities across the UK. ?

The change demonstrates that the government recognises that to deliver additional homes, it must support developers and investors in facilitating this shift.

The streamlined ‘Prior Approval’ planning route will enable developers and investors to convert commercial buildings into residential or mixed-use. This is fantastic news for building owners and developers; however, with only an initial 3-year window, it’s important to act quickly to seize the opportunity.

Read our full article on the topic to learn more, which covers:

??The decline in the need for commercial properties vs high demand for residential units

??An outline of the changes to PDR

??The opportunity for developers and investors to fast-track projects to meet record residential demand

??How London Belgravia Group can help you take the next step with confidence

In an ever-hardening insurance market, property developers with off-plan sales strategies have faced challenges securing deposit release cover alongside their latent defect policies.

Recognising this, London Belgravia Group has sourced new, exclusive capacity to bridge the gap with the return of its innovative surety product, Deposit Release Bonds.

The brokerage’s DRB Calculator provides users with a comparative analysis and estimated saving projections versus traditional funding lines.

Read more here

Many thanks for reading the second issue of the LBB Property Update.

The London Belgravia Group is a leading provider of latent defects insurance and other construction policies. If you have any questions for anyone on the team, please get in touch today using our Contact page.

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