On the night of the election, as the exit poll was announced, you almost hear a collective sigh of relief from across the country. Then, as the results came in, it became clear that the era of hung parliaments and political indecision was over. Whatever your stance on Brexit or the party-political divide, at least we all knew where we stood. Boris had won a majority, large enough to see him through a five-year parliament. Brexit will happen. End of.
But what else? What can we expect at the start of not just a new year, but a new decade? For business generally, those mothballed investment decisions can now be dusted off, clear in the knowledge that the direction of policy, in favour of enterprise and lower taxes, is set for the next four or five years.
But what should the housing and wider real estate worlds expect? What will a majority Boris Johnson government do, and what will it mean for investors, developers, architects, surveyors and the many other professionals in the industry?
Some elements were clear before the election. For example, widening home ownership, through extending Help to Buy and simplifying shared ownership schemes. Equally, the need to make people’s homes safer will generate a considerable change across building regulations.
However new themes have emerged, both in the manifesto and in the PM’s remarks since winning. These will shape much of policy, including housing and planning policies. Let me touch on just three.
Towns matter
First, the renewal of towns will now be a key priority. The big cities will no longer come first. It’s a reaction to the election, but it’s also a recognition that for too long smaller towns have been left behind.
Transport, social and local economic policies will change. Expect to see urban renewal embrace smaller, localised schemes which would previously have been overlooked.
Levelling up
Second, devolution of decision-making will be accelerated. The PM has been clear he has no time for top-down Whitehall plans. ‘Levelling up every part of the UK’ is the mantra and it means that along with new funding, powers will be devolved to more localities. Watch out for the Devolution White Paper, which promises to be quite radical. Some in business will fear this, but it echoes much of Michael Heseltine’s agenda – local decision-making, fewer government layers and an end to ring-fenced Whitehall schemes. There will be more mayors, and they will have greater powers.
Building places we want to live in
Third, there is a strong belief that in housing policy quality is as important as quantity. So alongside supply-side reforms, such as simplifying planning, there is clear ambition for local people to determine their own design standards. The final report of the Building a Better Britain Commission will carry real weight and we can expect changes to the National Planning Policy Framework, to enable communities to establish local design codes.
This, combined with the wish to empower local people, suggests a different operating environment in urban renewal. For example, the manifesto talks of supporting communities living on council estates who want to take ownership of the land and buildings they live in. Power to the people, indeed.
There is more – not least around substantial investment in both strategic and local infrastructure; in seeking greater foreign investment in our towns and cities; and in reforms to the leasehold and private rented sectors, to root out bad practice and rogue landlords. Getting these policies right, means the property world needs to speak loudly and clearly.
Mark Prisk is a former MP and housing minister
