Planning and Development activity
House builders, developers and institutions are now looking for strategic opportunities. Resources, both personnel and financial, have returned.
The streamlining of the planning system has helped reinvigorate future delivery, with a new wave of plan making underway. This creates opportunities, but a historic commitment to large strategic projects, which often have long lead in times, means that the system is still sometimes going to be slow to react. 2014 is a year for the more fleet of foot developer offering smaller, more market responsive schemes.
To date there has been a shortage in the supply of development land and in many cases that will continue but as more and more applications are processed this may lead to some local over supply.
In more rural parts of the region, development has been hampered by a lack of viability post recession. However, house price growth and the Government’s Help to Buy scheme are now bringing most areas back into viability, though this is subject to favourable planning negotiations with the local authority.
Many urban sites suffered through the recession and are now held by banks or administrators. These are being released as market conditions improve - expect to see more supply during 2014 as a result.