[UK] HSF Advent Calendar 2024 – 24 Days of Real Estate Revels

Welcome one and all to another year of festive HSF real estate fun! We're raising the seasonal spirit even higher this year and graduating from our traditional 12 days of Christmas to a full advent calendar of property-related delights to get you in the mood for the festive period.

Over the next 24 days we'll be looking at some of the themes that have dominated the real estate market over the last year and will be looking forward to what 2025 has to offer. However, in the spirit of the season we'll also be throwing in some festive treats – sharing some of our team's seasonal traditions and even passing on some top tips for managing seasonal stress!

So what can you expect to see as each day brings a new door to open?

ESG issues continue to be at the forefront of our clients' minds as they look to develop strategies for the development of, and investment in, assets that help them to achieve their sustainability targets. As we open the doors of our advent calendar, we'll be taking a look at a number of ways in which we're helping clients to achieve those targets, including energy transition, green loans, and aligning developments to meet net zero carbon standards. 

It would be difficult to look back over the year without acknowledging the impact of the general election on the country and the real estate market. Promises of change from the new Labour government have already started to materialise, with the Renters' Rights Bill making its way through Parliament and which, if passed into law, would result in an overhaul of the short-term tenancy structure by abolishing assured shorthold tenancies and imposing rent controls. More fundamental reform of the leasehold ownership regime is also on the horizon, with the recent announcement that further provisions of the Leasehold and Freehold Reform Act 2024 will be coming into force in 2025, followed by a draft Leasehold and Commonhold Reform Bill in the second half of the year.

Other changes are also in the pipeline. The promised reform of the National Planning Policy Framework (NPPF) to unlock the stagnant living development market and "Get Britain Building" has been long awaited, and following the consultation on the NPPF which closed in September, all those with an interest in development in England will be eager to review the government's response to the consultation which we are told to expect by the end of the year.

The recent Autumn Budget was also the topic of much market discussion, with the government announcing its intention to introduce permanently lower business rates multipliers for high-street retail, hospitality and leisure properties from 2026-27. The government intends to fund this proposal through a higher multiplier for properties with rateable values above £500,000, which will include a high number of logistics warehouses, a mainstay of the investment market in the last few years.

In tomorrow's blog we'll be diving a little deeper into some of the more material legal and sector issues we've reviewed this year. Until then, we wish you all a joyful start of the festive season.