IQ-Magazine-Issue-12

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IQ property The Property Market how will it be affected by the new ‘National Infrastructure Plan’? Tim Mendes da Costa, lawyer in Greene & Greene’s commercial and residential property department, discusses how the NIP will affect the local property market In December 2014, the Coalition Government set out its new National Infrastructure Plan (NIP), detailing the long-term strategy for investment in the UK’s infrastructure. There are a number of elements of the NIP that focus on the property market and seek to ease the burden of the planning process on developers, namely: Simplifying the establishment of the ‘principle’: The principle of development will only need to be established once, to give greater certainty and allow locally-supported development to proceed more quickly. In other words, once land has been earmarked for development, it should become a simpler process to obtain the granting of planning permission. Speeding up negotiations: The Government will take steps to speed up Section 106 negotiations (a tool used by Local Authorities to divert some of the increase in land value derived from planning gain back to the public sector), including issuing revised guidance, consulting on a faster process for reaching agreement, considering how timescales for agreement could be introduced, and improving transparency on the use of Section 106 funds. Faster decision-making: The Government will keep the speed of major decisions under review, with minimum performance thresholds increasing to 50% for major decisions being made on time as performance improves. Streamlining systems and providing additional opportunities: Proposals will be published for consultation during the 2015 Budget to make processes clearer, faster and fairer, and making more brownfield land available for development. How this will affect the Bury St Edmunds’ Vision 2031 Project? If these proposals come into force, they should have a positive impact on the implementation of Bury St Edmunds’ Vision 2031 project, which sets out how the growth in the town can be managed over the next 20 years and beyond, bringing the town’s surrounding villages closer through new developments and transport improvements. Flood Risk Benefit To support this, it is hoped that the region will also benefit from the additional money being allocated to flood defences through the NIP. The Government has published its six year programme of investment in flood defences, allocating the £2.3 billion capital funding announced during the 2013 Spending Round. More Information please contact Tim on 01284 717437 ~ timmendesdacosta@greene-greene.com. www.greene-greene.com and follow us @greenegreenelaw. issue 12 | page 59
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Issue 12: Feb 15 - Apr 15
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