Britain’s historic vote to leave the European Union shook the nation on 23 June – but what impact has it had on the UK’s commercial property market?
Regulations to establish a flood reinsurance scheme were made in November and came into immediate effect. Flood Re is the system preferred by The Association of British Insurers and the Government to ensure that affordable insurance against flood risk is available for home owners whose properties are considered to be at high risk of flooding. It is anticipated that the scheme will start business in April this year and the catastrophic floods which we saw over the Christmas period demonstrate that a workable scheme needs to be implemented as soon as possible.
Last month the Government announced changes to the planning regime to make permanent the controversial Permitted Development Right which allows the conversion of office premises to residential without having to obtain a full planning permission. The Permitted Development Right was introduced in May 2013 as a temporary measure until May 2016 but has now been extended indefinitely and forms part of the Government’s drive to deliver 1 million homes by 2020. Whilst the Permitted Development Right may only deliver a small proportion of the Government’s homes target, the change will no doubt be welcomed by developers.