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.