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Affordable Housing & CIL Development Viability Study

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Affordable Housing & CIL Development Viability Study Affordable Housing & CIL Development Viability Study September 2012 Important Notice HDH Planning and Development (HDH) is the trading name of RS Drummond-Hay MRICS ACIH. HDH and officers from Durham County Council (DCC) have prepared this report for the sole use of DCC. The report is jointly authored by HDH and DCC in accordance with the Agreement under which HDH’s services were performed, HDH has lead on some parts of this project and DCC on others. No other warranty, expressed or implied, is made as to the professional advice included in this report or any other services provided by HDH. This report may not be relied upon by any other party without the prior and express written agreement of RS Drummond-Hay MRICS ACIH. Some of the conclusions and recommendations contained in this report are based upon information provided by others (including Durham County and consultees) and upon the assumption that all relevant information has been provided by those parties from whom it has been requested. Information obtained from third parties has not been independently verified by HDH, unless otherwise stated in the report. The conclusions and recommendations contained in this report are concerned with policy requirement, guidance and regulations which may be subject to change. They reflect a Chartered Surveyor’s perspective and do not reflect or constitute legal advice and Durham County Council should seek legal advice before implementing any of the recommendations. No part of this report constitutes a valuation and the report should not be relied on in that regard. Certain statements made in the report may constitute estimates, projections or other forward-looking statements and even though they are based on reasonable assumptions as of the date of the report, such forward-looking statements by their nature involve risks and uncertainties that could cause actual results to differ materially from the results predicted. RS Drummond-Hay MRICS ACIH specifically does not guarantee or warrant any estimate or projections contained in this report. RS Drummond-Hay MRICS ACIH trading as HDH Planning and Development Bellgate, Casterton Kirkby Lonsdale Cumbria. LA6 2LF [email protected] 015242 76202 / 07989 975 977 COPYRIGHT © This report is the copyright of RS Drummond-Hay MRICS ACIH. Any unauthorised reproduction or usage by any person other than the addressee is strictly prohibited Durham County Council Affordable Housing and CIL Viability Study. September 2012 Table of Contents Appendices – see separate document................................................................................................. ii Executive Summary.............................................................................................................................. iii 1. Introduction ........................................................................................................................................ 5 Context................................................................................................................................................. 5 Testing the Affordable Housing Target ................................................................................................ 5 CIL Economic Viability Assessment .................................................................................................... 8 Viability Testing.................................................................................................................................... 9 Viability methodology......................................................................................................................... 12 CIL Viability Assessment ................................................................................................................... 13 Alternative Models ............................................................................................................................. 14 Differential Rates of CIL..................................................................................................................... 14 Limitations of viability testing in the context of CIL and the NPPF .................................................... 15 Stakeholder Consultation................................................................................................................... 16 2. Residential Development Sites ...................................................................................................... 19 An area of differences........................................................................................................................ 19 Identifying a range of sites................................................................................................................. 20 The sites............................................................................................................................................. 21 Development assumptions................................................................................................................. 22 3. Affordable Housing and Other Developer Contributions ............................................................ 25 Affordable housing assumptions........................................................................................................ 25 Affordable Rent .................................................................................................................................. 26 Grant Funding .................................................................................................................................... 27 Development Economics of Affordable Rent ..................................................................................... 28 The Treatment of Re-lets and Other Funding Sources ..................................................................... 33 Other developer contributions............................................................................................................ 34 4. The Local Housing Market .............................................................................................................. 35 The residential market ....................................................................................................................... 35 New Build Prices................................................................................................................................ 40 Price assumptions for financial appraisals......................................................................................... 42 Newbuild House Prices...................................................................................................................... 45 Land values........................................................................................................................................ 47 Current and Alternative Use Values .................................................................................................. 48 i Durham County Council Affordable Housing and CIL Viability Study. September 2012 5. Residential Cost Assumptions....................................................................................................... 51 Development costs ............................................................................................................................ 51 Financial and other appraisal assumptions ....................................................................................... 56 Site acquisition and disposal costs .................................................................................................... 60 6. Residential Viability Analysis ......................................................................................................... 61 Financial appraisal approach and assumptions................................................................................. 61 Alternative use benchmarks............................................................................................................... 61 Appraisal results ................................................................................................................................ 63 Results ............................................................................................................................................... 63 Different levels of Affordable Housing and the Impact of CIL............................................................ 69 Developer contributions ..................................................................................................................... 71 County Durham Zone......................................................................................................................... 72 Durham City & Chester-le-Street Zone.............................................................................................. 73 Strategic Zone.................................................................................................................................... 74 Affordable Housing Target and CIL Rates......................................................................................... 75 Changes in the Housing Market......................................................................................................... 75 7. Affordable Housing Thresholds ..................................................................................................... 81 8. CIL Contributions – Commercial...................................................................................................
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