Introduction
In this lookahead for 2024, we highlight the most notable upcoming changes in law and practice which are expected to impact the Construction, Real Estate, and Disputes sectors.
2023 was a year of considerable change, with the Building Safety Act 2022 bringing in some of the most significant changes seen in recent years across the property industry. With a general election looming, 2024 promises to be no different and Building Safety will again feature heavily.
ESG will remain high on the property agenda particularly in light of December 2023’s COP28 climate deal with businesses seeking to meet their Net-Zero and sustainability targets. 2024 is also likely to see interest rate cuts encouraging market confidence and stimulating investment activity in Real Estate and Construction.
In addition, a number of significant pieces of legislation are currently before Parliament, which may become law in 2024, including the Leasehold and Freehold Reform Bill which makes substantial changes to enfranchisement, lease extensions, right to manage, service charges payable under long residential leases and freehold estate charges affecting residential and mixed-use developments. The Renters (Reform) Bill also proposes considerable changes to shorter residential tenancies which will affect the private rented market as well as the living sector.
One point of interest is that 2024 is a leap year, with a leap day, which may have significance for property transactions as we detail further in our summary below.
Click on the images below to view our summary of what’s in store for 2024 across each of the topics.
If you have any queries, please get in touch with any member of our Real Estate and Disputes Team, our Construction and Engineering Team or your usual Charles Russell Speechlys contact.
