Up to 13.5 billion of local authority assets will be redeveloped over the next five years as councils ‘act more like property developers’ in the face of on-going austerity, a study by think-tank Localis has found.
Local authorities should use their 170bn of land and property assets as an income stream to offset spending cuts and fund transformation rather than make a quick sale, housing and planning minister Brandon Lewis urged today.
Councils across England will redevelop 13.5bn worth of land and assets over the next five years as part of local plans to turn underused land into a source of revenue, an examination by Localis has found.
Councils are turning to property development to help balance their books in the face of funding cuts, but risk being short-changed by developers, according to a report.
Think-tank, Localis, today launches a major new report that highlights the potential for public land and assets to be used for developing new housing, reshaping public services, and boosting local economies.
The LGA has called for English councils to receive the same powers that a no vote in the Scottish independence referendum would deliver to Hollyrood.
Localis’ Chief Executive, Alex Thomson, is quoted in The MJ’s recent piece on the consequences of Scottish devolution for England’s regions.
Alex Thomson appeared on BBC Radio Stoke, discussing council chief executives’ pay.
The Local Government Associations (LGA) municipal bonds agency will help local authorities secure funding more easily and cheaply, new research suggested.
Localis’ Director of Policy and Research, Steven Howell, is quoted in The MJ’s recent piece on the reorganisation of local government.