‘Levelling Up’ and property market specifics

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The Government this week released their policy as  they seek to redistribute wealth and encourage economic growth and prosperity across the Country.  

At the heart of the ‘levelling up’ policy is greater investment outside of London and more focus on how policies can assist greater social mobility for individuals.

The press release sites the success of Birmingham, Tees Valley and Manchester with local mayors, Andy Street, Ben Houchen and Andy Burham and is looking to replicate this success with a ‘devolution revolution’.

With this in mind they have invited 9 areas to explore new county powers.  The first 9 areas invited to begin negotiations will be Cornwall, Derbyshire & Derby, Devon, Plymouth and Torbay, Durham, Hull & East Yorkshire, Leicestershire, Norfolk, Nottinghamshire & Nottingham, and Suffolk.

In addition, the Government also states it is focused on ‘radically improving towns and city centres across the UK’.  First to benefit from the regeneration projects will be Wolverhampton and Sheffield.

The White Paper press release, states:  “King’s Cross-style regeneration projects, transforming derelict urban sites into beautiful communities.”

Specifics for Property Industry.

In addition to macro-economic aims, the White Paper also specifies some individual policies for the housing market.

It sets in motion a consultation on producing a ‘landlord register’  - they effectively have one already with the deposit protection scheme and HMRC filing, but ultimately as with a lot of government intervention ‘a new brush is needed’.

The report also wants to improve the legal transactional nature of property purchasing – it highlights that around a third of all housing transactions fall through and pledges to improve the ‘expensive, time-consuming and stressful’ process of buying and selling a home.

It what looks like a pre-amble back to Home Information Packs (HIPS) that came into force around 2007 and were subsequently terminated just 3 years later due to complaints over their time consumption, cost and blurring of boundaries, the White Paper states: ‘….the critical material information buyers need to know – like tenure type, lease length and any service charges – are available digitally wherever possible from trusted and authenticated sources and provided only once. If necessary, the UK government will legislate.’

How we work

We have been on the road recently to Northampton and strengthened connections with agents and management companies.  When we source property for investors, we then want to ensure there is a seamless handover to the most suitable local estate agent and we also want to maximise our client’s return on investment.

We are visiting Sheffield this week on behalf of some retained investors and if you are looking for information on the area or are considering a different area for investment please do let us know.

‘Levelling Up’ and property market specifics