Welcome to our first edition of Real Estate Visions in which we forecast the key legal developments and trends that we think will shape the UK real estate market.
As 2020 draws to a close, this year's headlines have been dominated by the COVID-19 pandemic and Brexit but there are other important developments ahead which will have a real impact on the real estate industry in 2021 and beyond.
On the immediate horizon, with the encouraging roll out of the UK's COVID-19 vaccination programme and hopes of a return to “normal life”, the Government has announced that the restrictions on landlords' remedies for recovery of rent arrears will come to an end on 31st March 2021, but what will this mean for tenants?
Looking much further ahead, the Government's commitment to reaching net zero carbon by 2050 is shaping policy and legislation. This includes bringing forward the ban on the sale of new diesel and petrol cars and vans to 2030 - we consider the impact of the rise in demand for electric vehicle charging points, particularly for developers. We also look at climate change risk and why the property industry cannot ignore it.
Following Brexit and COVID-19, the Government's message is that Britain is open for business and that it will “build back better”. To further this agenda, there are plans for a fundamental overhaul of the planning system. The UK will need to continue to attract overseas investment and to promote its reputation as a secure, robust place to invest, but investors need to be aware of plans for a new public register of transparent property ownership for overseas investors in UK property. We expect to see these plans progress in the year ahead.
If you have any questions or would like to discuss any of the topics further, please don't hesitate to contact the article author or your usual Clyde & Co contact.