Changing strategies for the acquisition of residential development land

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Abstract
The supply of land is crucial to housebuilders. Very fierce competition takes place within the industry to acquire development sites. In growth areas, planning restrictions are often the main development constraints. Strategic context and national guidelines are often more important than site‐specific suitability in determining land release. Land‐banking for residential development has therefore demanded an increasingly sophisticated knowledge of planning machinery. Housebuilders have sought planning expertise, both by appointing in‐house planners and instructing planning consultants. Such expertise has been applied both in planning applications and appeals and also in seeking to influence the relevant policy framework. Indeed, opportunities to influence local planning policy are reflected increasingly in land‐acquisition strategies. The evidence suggests that, prior to the acquisition of freehold land, most residential developers seek to build up a portfolio of options in likely development areas and negotiate these sites through the policy process.