House prices can be influenced by a variety of factors. For example, the location, size or build of a property can all have an obvious impact. However, hidden factors can also significantly affect a property’s value and one of those is the future developments opportunity.
In the majority of cases, purchasing a property is a long term investment, therefore it is extremely important that solicitors and conveyancers can easily access the best resources available to explore not just what the property is like today, but what may surround or impact it in the future.
At the beginning of this year, the UK Government announced ambitious plans to build more homes to fix a ‘broken housing market’. Other measures that have been announced in recent years include opening up more land for development, piloting public sector land auctions, streamlining planning applications with a fast track for major infrastructure projects and offering first-time buyers an equity investment towards the deposit on new build homes.
These measures, together with the Localism Bill that extends to a community right to build across England rather than just in rural areas, and the New Homes Bonus that offers cash to councils that allow new homes to be built in their area, demonstrate the Government’s determination to respond to the chronic national housing shortage, and to encourage property development.
Development is increasingly likely to result in future planning applications, which could have a substantial impact on your client’s current or prospective property. It might ruin their view, reduce their enjoyment of their property or affect its value positively or negatively.
93% of homeowners consider information on large planning applications in the local area of a house purchase as important and only 50% of people would welcome more homes of all types in their own immediate neighbourhood.
A planning search will highlight any planning developments taking place. However, it will not highlight surrounding areas that have development potential which your client may well wish to consider. To uncover development risk and provide your clients with a full picture of the investment they are making, Searches UK recommend DevAssess, just one of the valuable reports provided by DevAssist for property purchases.
The DevAssess report establishes the development risk within a 75 m radius and identifies the new build development potential of the subject property.
This advanced search combines existing planning data with a detailed investigation that reveals unexploited development sites. It informs homebuyers of potential construction activity and nuisance planning applications that could influence the benefits of the property. View restrictions or loss of privacy are not just inconvenient, but can also significantly reduce the value of some properties.
The report also brings attention to new build development potential of the subject property, which can reveal hidden value in the property.
- Unique, professional opinion about future development risks within a 75m radius of the property and any development potential of your client’s intended property
- Site specific mapping showing any identified site, together with density predictions
- Information about the size of each identified site, together with density predictions
- Includes a full PlansearchPlus report, providing information about current commercial and residential planning applications (including larger and ‘minor applications’ such as single storey extensions and dormer windows within the immediate vicinity), together with information on land use designations, rights of way, mobile phone masts, housing and neighbourhood data, together with crime, amenities and education information
- Aerial photography
- Available nationwide
Lisa Summerton, Sales Director, at Searches UK said:
At a time of uncertainty in terms of the market and future property development, it’s important to consider what may change in the future, which is exactly what the DevAssess report provides. DevAssess improves due diligence and helps buyers consider important factors of the property before committing to the purchase.”
To read more about this product or to view a sample report, please click here.
For more information about any of the products and services from Searches UK visit their website and follow them on Facebook, Twitter, LinkedIn or Google+. Alternatively call them directly on 0800 043 1815 or email them at [email protected] to speak to one of their dedicated team today.
This article was submitted to be published by Searches UK as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.