No apologies for absence were received.

The minutes of the meeting held on Tuesday, 28 February 2023 were signed by the Chair.

No declarations of interest.

The Committee were provided with the RICS publication ‘Economy and Property Market Update’ as of May 2023.

The Service Manager (Regulatory and Property Servies) highlighted the following key points:

·       The report set out RICS view of the property market as of May 2023; the report was produced quarterly, and the next report was due in November 2023

·       The interest base rate reached a new high of 4.25% in the quarter however that number had risen by a further 0.75%

·       Inflation figures for June showed a reduction to 7.9% from 8.7% in April and May but it was still very high

·       The unemployment rate remained high with a slightly increased rate of 3.9%

·       The commercial market was gradually improving with slight improvements to rental income although capital values were still lower than they were a year ago

·       There was a belief within the RICS survey that the market was in the early stages of an upturn 

·       The number of mortgage approvals were below the pre-pandemic average and there had been some modest reductions in prices but the demand for rental properties was still very strong and outstripped supply

·       Overall construction activity was rising albeit private house building output was falling and infrastructure and public works were performing particularly strongly. However, labour and skill shortages as well as the cost of materials continued to be challenging and were factors which hampered development plans  

Members held a short discussion on a funding pot which the Council applied for some years ago in which tranches of funds were released over a three year period with the first year going to KCC and the second and third years going to district Councils. The purpose of the fund was to promote skills development in local communities; Members agreed that a need had been identified and the fund should be claimed to help fill the ongoing labour and skill shortage in the market as well as to give local residents job opportunities.

The Assistant Director (Corporate Services) suggested that the pot Members being referring to could be the UK Shared Prosperity Fund; the Assistant Director (Corporate Services) agreed to look to confirm if this was the case.

Members noted the report.

The Committee were provided with the RICS publication ‘Economy and Property Market Update’ as of May 2023.

The Service Manager (Regulatory and Property Servies) highlighted the following key points:

·       The report set out RICS view of the property market as of May 2023; the report was produced quarterly, and the next report was due in November 2023

·       The interest base rate reached a new high of 4.25% in the quarter however that number had risen by a further 0.75%

·       Inflation figures for June showed a reduction to 7.9% from 8.7% in April and May but it was still very high

·       The unemployment rate remained high with a slightly increased rate of 3.9%

·       The commercial market was gradually improving with slight improvements to rental income although capital values were still lower than they were a year ago

·       There was a belief within the RICS survey that the market was in the early stages of an upturn 

·       The number of mortgage approvals were below the pre-pandemic average and there had been some modest reductions in prices but the demand for rental properties was still very strong and outstripped supply

·       Overall construction activity was rising albeit private house building output was falling and infrastructure and public works were performing particularly strongly. However, labour and skill shortages as well as the cost of materials continued to be challenging and were factors which hampered development plans  

Members held a short discussion on a funding pot which the Council applied for some years ago in which tranches of funds were released over a three year period with the first year going to KCC and the second and third years going to district Councils. The purpose of the fund was to promote skills development in local communities; Members agreed that a need had been identified and the fund should be claimed to help fill the ongoing labour and skill shortage in the market as well as to give local residents job opportunities.

The Assistant Director (Corporate Services) suggested that the pot Members being referring to could be the UK Shared Prosperity Fund; the Assistant Director (Corporate Services) agreed to look to confirm if this was the case.

Members noted the report.

To move, if required, that pursuant to Section 100A(4) of the Local Government Act 1972 that the public be excluded from any items included in Part B of the agenda because it is likely in view of the nature of the business to be transacted that if members of the public are present during those items, there would be disclosure to them.

Part B

Items likely to be considered in Private

Resolved pursuant to Section 100A(4) of the Local Government Act 1972 that the public be excluded during the following items of business because it was likely in view of the nature of the business to be transacted that, if member of the public were present during this item, there would be disclosure to them of exempt information.

The Service Manager (Property & Regulatory Services) provided the Committee with the Property Information Dashboard and highlighted the changes since the previous Committee meeting.

The Committee noted the Property Information Dashboard.