Burnham's Devolution Plans Signal a New Era for UK Regional Property Investment

“This is exactly the kind of structural shift that makes regional UK cities more compelling for serious property investment. For too long, decision-making power over housing, infrastructure and regeneration has been concentrated in Westminster, while the real opportunity and the real need sit in our regional cities.

“Greater fiscal autonomy at mayoral level means faster planning decisions, more targeted infrastructure investment, and a stronger pipeline of viable development sites. For investors and developers looking at the regions, that translates directly into reduced risk and greater deal certainty.

“We work with developers and landowners across the UK to originate quality projects, and the consistent message we hear is that local leadership with real financial firepower changes everything. Burnham's proposals, if implemented as signalled, would be a genuine catalyst for unlocking stalled sites and accelerating the kind of mixed-use, residential-led regeneration that regional cities urgently need.”

“Devolving more powers to mayors to take a more muscular approach to housing delivery and transforming their communities is certainly to be welcomed. As well as using these enhanced powers and the opportunities afforded by fiscal devolution to unlock stalled sites and get more homes built, there is also a golden opportunity to combine skills and training provision, housing supply, and the needs of business into one integrated approach to grow their local economies.

“We would suggest that mayors not only have a role to play in commissioning new homes, but in aligning them with the needs of key industrial sectors like defence, advanced manufacturing and life science, in how they train and retain the skilled workforce they need to continue to grow.”

“Today's announcement is a further positive step in incentivising mayors and local leaders to take a more strategic role in growing their economies, creating jobs, and improving their high streets and town centres. We await the full details in the Budget, but any new ability to retain tax receipts to fund greater infrastructure provision, align skills and education with the needs of business, and potentially build more homes is to be welcomed. However, to maximise these potential benefits for the economy overall, we still need to see comprehensive reform of business rates along with the continuation of a welcoming investment climate.”

“From a housing delivery perspective, any increase in the power of mayors to take a more active and strategic role in unlocking stalled development sites, funding enabling infrastructure such as transport links, leading on major regeneration projects, and being able to deploy a more interventionist approach to planning is to be welcomed as is the ability for mayors to play a far stronger role in shaping skills and education to better suit the needs of business and industry.”