Property: Post-election

In Rachel Reeves' first speech as Chancellor there was a clear focus on development to drive the growth agenda the Chancellor stating and that there is “no time to waste" to deliver a stronger economy.

When she turned to development, the Chancellor announced the reintroduction of mandatory local house building targets ditched following Theresa May’s time in office. To do that, the Government is not looking at changing laws but rather at updating policy, specifically the Nation Planning Policy Framework (‘NPPF’) that sits behind planning law. Why is that relevant? Well, although there will be a consulation period it means that the Government can move forward quickly with the proposed changes without needing to go through full Parliamentary and House of Lords scrutiny. Numerous Labour Party members have made reference to a review of the NPPF within one month of coming to office and today’s press conference reiterated the commitment.

There was reference to meetings over the weekend between the Prime Minister, Deputy Prime Minister and Chancellor to discuss and agree proposals around planning reform. Among the announcements, it has been revealed that the Deputy Prime Minster is to write to every local planning authority outlining expectations including universal coverage re Local Plans and a review of greenbelt boundaries & development policy to include, as priorities, brownfield sites and ‘grey belt’ areas within the greenbelt. 

The quasi ban on onshore wind farms in England will be lifted with onshore wind farms to come within the national significant infrastructure projects regime, meaning decision are made nationally, not locally. Not a surprise given the Government's stated mission of driving private sector investment into the Green Economy.

The Chancellor pointedly stated that “Our antiquated planning system leads to many important project tied up for years and years before shovels even get in the ground”. To counteract that, Labour has announced a task force for “stalled housing sites” including Liverpool Central Docks, Worcester Parkway, Northstowe & Langley Sutton Coldfield releasing a quoted total of more than 14,000 homes.

The pledge on 300 additional planning officers for LPAs made during the election campaign has been repeated. Rachel Reeves claimed that the Government had done “more to unblock the planning system in the past 72 hours than the last Government did in 14 years”. The sentiment behind the policy changes and urgent announcements is admirable, but there will be those that listened to today’s speech and questioned the speed at which funding will come through for the required strategic infrastructure and where the skilled workforce will come from to develop the 1.5M homes referenced. Rachel Reeves acknowledged that there is “much more to do, more tough decision to be taken”. All in the industry will be watching on closely to see what follows next. However after today’s statement we are clearly off to the races with a bang.