Melanie Leech
Chief Executive, BPF
The Government has set out its stall very clearly, and property is at the heart of the agenda they want us to judge them by in less than five years’ time.
Building 1.5 million homes in that time is, to say the least, challenging but reflects the reality of our housing emergency.
Infrastructure building planning
The Government, when in opposition, heard very clearly that planning was a major barrier to delivering homes and the commercial and social infrastructure that supports sustainable communities. One of their first actions was to consult on changes to the National Planning Policy Framework including, critically, the restoration of housing targets. Other reforms aimed at easing planning constraints followed in late 2024. These changes are welcome and necessary, but not sufficient to ‘get Britain building’ at the scale needed.
Government now needs to
focus on ‘smarter regulation’.
Regulation to address structural challenges
Structural challenges, such as labour and material availability, remain, as do barriers beyond planning. Government now needs to focus on ‘smarter regulation’ — ensuring necessary processes are coherent and well understood, streamlined and resourced to deliver quickly.
Further, the property sector will have to find more innovative ways to leverage greater devolution to partner with regional and local government to create viable investment propositions; delivery happens locally not nationally.
Investment-driven industry efforts
Our sector, which contributes over £100 billion annually to the economy* and underpins all aspects of modern life, is fundamental to that delivery. Whether it’s creating a more productive economy, building new homes, regenerating town centres or reducing carbon emissions, BPF members have been investing in these priorities for decades. Collectively, we have the expertise, capacity and, crucially, the capital to significantly contribute to achieving them.
The Government will only unlock the full power of the sector if its various forthcoming strategies are truly integrated. Without that, it will not have the foundations or building blocks to deliver on its ambitious agenda.
This is therefore a year of opportunity for an industry accustomed to taking a long-term view. Its political importance has come to the fore in a way not seen for generations, but that still needs to be properly reflected in the national ‘Plan for Growth.’
*Source: UK Commercial Real Estate Economic Footprint, BPF, May 2024
