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Prediction: Legal indemnity insurance will unlock the development potential of targeted grey belt land

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Legal Indemnities
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Prediction

The national housing shortage is high on the agenda of the new Labour government. Changes to the National Planning Policy Framework will be introduced as the government tries to realise its ambitious plans to build 1.5 million new homes by 2030. We anticipate that the restrictions about building on poor quality/unattractive greenbelt land (known as 'grey belt') will be relaxed. Grey belt sites are usually blighted by one or more title defects, including access issues and restrictive covenants which are unacceptable to funders. In order to unlock grey belt sites, developers will need to work with insurers to cover off the risks by the careful placing of legal indemnity policies.

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