Developer confidence pushes planning applications to new levels
The number of planning applications submitted in England has increased to its highest level since the recession, according to latest statistics.
Over 127,000 planning applications were submitted in the second quarter of 2010, a 7.7% rise on the Q1 figure and the highest figure since autumn 2008 when 135,000 applications were made.
Pat Fox of Bray Fox Smith says that this rise reflects renewed confidence among investors who are keen to capitalise on recovering land values, increasing rents and a stalled development pipeline.
“Developers work on a 18/24 month time cycle and they clearly see an impending shortage of good quality space coupled with pent up occupational demand.
“A classic example is in Central London where office rents have recovered very dramatically in the last six months and have reached £100 per sq ft in some cases.”
