Decision Maker: Cabinet Member for Built Environment
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Annual update to the residential unit sums for
financial contributions in lieu of affordable housing
1. That the Cabinet Member for Built Environment agreed to increase the ‘per unit sum’ from 1st April 2015 by 14.2% reflecting the increase in residential values over the previous year and resulting in a new per unit sum of £287,000 (and £383,000 in the designated higher values areas – see map attached at Appendix B to the report).
It is important to have an up-to-date per unit sum in lieu of affordable housing provision to reflect changes in land prices over the last year, in line with the Westminster City Plan: Strategic Policies (adopted November 2013) and as set out in paragraphs 3.51 to 3.53 of the Unitary Development Plan (adopted January 2007) in order to ensure on-going and market sensitive financial contributions to the Affordable Housing Fund.
Publication date: 31/03/2015
Date of decision: 31/03/2015
Accompanying Documents: