For anyone involved in buying or selling a property, the risk of local development is important to understand. Property development can impact local infrastructure, the aesthetics of an area, views, traffic volume and of course, property value.
This impact isn’t always a negative, although we tend to be opposed to local development than for it! Disused buildings can quickly become eyesores and a magnet for anti-social behaviour. Developing these plots can have a hugely positive impact on an area, so understanding just what is planned and what has potential for planning in our neighbourhood is key.
Better the devil you know
How likely are you or your clients to be affected by property development?
We’ve taken the opportunity to analyse the results across our search reports in 2019 to give you an indication of what to expect going into 2020. The results are in and despite painful Brexit yo-yo-ing causing a slump in the property market last year, development risk was still a significant factor impacting buyers and sellers.
When we search for risk of development in close proximity to a subject property, we categorise risk as; negligible, low, low/medium, medium, medium/high and high. From our 2019 data, we identified that 31% of all properties analysed, had a HIGH risk of development in their proximity.
Depending on the report, this risk is either within a 75m radius of the subject property, or within a 75m radius of a property’s boundaries. DevAssess and DevCity analyse risk of development within a 75m radius from the centre of the property’s location. DevAssess Premium analyses risk within a 75m radius of a property’s boundaries.
Delving deeper into the individual reports, our DevAssess Premium results show that of all properties analysed for development risk, nearly 40% were at high risk. In fact, over 50% of properties analysed were categorised as having a medium, medium/high or high risk of development within the 75m radius.
When we looked at the DevCity data, the results were staggering. 87% of properties analysed were identified to be at high risk of development. In fact, the risk of urban development is so significant that of all properties analysed using this report, none were categorised as having a low risk of development in their area.
All of our reports are designed to enable buyers, solicitors and lenders to make informed decisions. The property market is changing and will continue to do so when the UK leaves the EU, but what will remain consistent is the need for housing. Take the guesswork out of development risk affecting yours or your clients’ property purchase.
Get in touch with the team today to discuss which report will suit your needs best.