Apologies were received from Cllr Jassal and Cllr Rana, with Cllr Metcalf and Cllr D Croxton substituting respectively.

Apologies were also received from Cllr Ridgers and Cllr Bungar.

The minutes of the Special Cabinet Advisory Committee held on Monday, 20 May 2024 were agreed and signed by the Chair.

No declarations of interest were made.

The Estates and Valuation Manager presented members of the committee with the RICS publication ‘Economic and Property Market Update’ August 2024 edition, which provided a quarterly assessment in relation to the economy, commercial property, residential property, and construction.

The Estates & Valuation Manager highlighted key aspects from the publication:

• The Bank of England’s decision to reduce the base rate to 5% at the beginning of the month was met with positive feedback and indicated that the economy was in a state of recovery. This was the first cut since the start of the pandemic in 2020. It was thought that there would be further cuts towards the end of the year subject to national economic performance.
• As of the end of august, the inflation rate rose to 2.2%, which was just below their target of 2%. This indicated that the rate of increasing prices was slowing down. This also showed that the impact of high energy costs and the peak in the cost-of-living crisis was starting to come down.
• The target for economic growth was in the range of 1-2%.
• In the most recent RCIS survey, the majority of respondents believed that the property market was in an upturn. In Q3 2023, the majority of respondents felt that market was in a downturn.
• The analysis of investment inquiries continued to show a positive trend for industrial and office assets, whilst the retail property market continued to struggle.
• Proactive lease management had led to very good tenant retention.

Following questions and comments from members, the Estates and Valuation Manager explained the following:

• The reference to repurposed office space was a national overview.
• Gravesham Borough Council were proactive with planning applications, but this summary focused on the national overview of planning.

The committee 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

The Estates and Valuation Manager provided the committee with an update on the property information dashboard and highlighted changes since the previous committee meeting.

Members held a discussion and had their questions answered by the Estates and Valuation Manager.

The committee noted the report.