As the government wraps up a consultation on how to make property development more transparent, attention is turning to the hot topic of land banking [when developers buy land but don’t build on it for years].
With the UK facing a housing shortage and pressure to improve infrastructure, the government is introducing big changes to stop developers from sitting on land without using it. Here’s what’s changing, and what it could mean for developers and property managers.
New Tools to Tackle Land Hoarding:
I. Reforms to Local Charges [CIL]
Developers have long paid the Community Infrastructure Levy (CIL) to help fund roads, schools, and other infrastructure near new builds. But critics say the system hasn’t stopped land from being left empty. Now, councils have more flexibility to set charges based on the size and type of the project, and some are adding penalties if developers delay too long.
Government Cracks Down on Land Banking [Part 1]
As the government wraps up a consultation on how to make property development more transparent, attention is turning to the hot topic of land banking [when developers buy land but don’t build on it for years].
With the UK facing a housing shortage and pressure to improve infrastructure, the government is introducing big changes to stop developers from sitting on land without using it. Here’s what’s changing, and what it could mean for developers and property managers.
New Tools to Tackle Land Hoarding:
I. Reforms to Local Charges [CIL]
Developers have long paid the Community Infrastructure Levy (CIL) to help fund roads, schools, and other infrastructure near new builds. But critics say the system hasn’t stopped land from being left empty. Now, councils have more flexibility to set charges based on the size and type of the project, and some are adding penalties if developers delay too long.
ADAPT EARLY—PLAN SMART—BUILD FAST