There will be very little doubt that the speed of residential property development on UK land is set to rise markedly in the subsequent ten to fifteen years. However the Government's house-building plans - 3 million new homes on UK land by 2020 or 250,000 per annum for the following twelve years - are manifestly bold, given house-building levels are currently running at around a hundred sixty five,000 per year. The Government proposes that a meg new homes can after all be accommodated on 'Brownfield' English land, although many commentators question whether or not there's sufficient viable development land classified as 'Brownfield' for this proposal to be realistic. The implication then, although the Government is loath to admit it, is that property development on some Greenbelt UK land is inevitable.
It is not that UK land development isn't sufficiently lucrative for property development companies which explains why too few homes are currently being designed on English land. It's additional the actual fact that the UK land designing system is very restrictive and that the supply of development land is controlled by a terribly little cluster of UK land owners. The first barrier to increased house-building - the UK land planning system - has in several respects been addressed. To make sure that parochial objections (ie those sometimes raised by 'middle-class NIMBYs') do not inhibit the release of UK land for property development purposes, regional land coming up with bodies are inaugurated by the Government that set housing targets, to which native councils should adhere.
The inexorable decline of the British aristocratic category was widely reported in Nineties: ancient contents (objects, not folks) of crumbling stately homes were being sold-off so as to repair and maintain the family pile. A scandal involving a lord and an insurance fraud was maybe the smallest amount edifying spectacle, although the pained expressions on the faces of Britain's noble elite because the hoi polloi traipsed through their once private homes and on their land made for, now and then, uncomfortable viewing. But, to infer that UK land ownership in the twenty-first century is unfold evenly amongst the lots as a result of the decline of aristocracy would be an enormous mistake.
In his book, 'Who Owns Britain' (2001), Kevin Cahill takes an extended, exhausting examine UK land ownership. His findings surprised several: the Royal Family for example owns UK land love a mean-sized county. Simply six thousand folks own 2-thirds of the entire supply of UK land - forty million of the sixty million acres of UK land are owned by a clique comprised of the Crown, aristocrats and a few institutions.
Or, put another manner, seventy% of UK land is owned by 1% of the population. Some might say the extent of the concentration of UK land possession is feudal-like, or a minimum of unhealthy during a progressive, modern, liberal democracy with a dense and rapidly expanding population.
Cahill then goes on to put in context these figures on the degree to which owning UK land could be a privilege. The British population - circa sixty million - is housed in 24 million dwellings, that sit on just 4.four million acres (which is equal to 7.7% of the UK land provide). Justunder 4/5ths of these 60 million residents live to tell the tale 3.5 million acres, or 5.eight% of the total provide of UK land. It is also surprising many that solely eight% of UK land has been developed. That after all is not to say that the UK has 92% capacity for brand new homes: a large proportion of UK land is undevelopable due to the prevailing local environment.
What will all this mean then for anyone considering investing in land? It is not by any means troublesome to shop for land, however there is not, comparatively speaking, that abundant UK land obtainable (as the majority of it tends to stay with one owner instead of being actively traded). Certainly there has been a rise in the provision of land for sale as investment land in recent times, so the choice for the investor shopping for land has widened. But land investment remains a minority sport, from which some reap spectacular rewards.
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Aaron R Daniel has been writing articles online for nearly 2 years now. Not only does this author specialize in Land, you can also check out his latest website about:
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