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Unlocking Development Sites Is Key Challenge, Says HTB's Syrett

Rob Syrett, head of origination for development finance at Hampshire Trust Bank (HTB), has stated that the main challenge in increasing housing delivery is not finding development sites, but keeping viable ones progressing. According to Syrett, many schemes with strong fundamentals and experienced developers are stalling due to planning delays, regulatory changes, funding issues, and shifting market conditions.

Syrett notes that most viable sites do not fail because of a lack of opportunity, but rather because circumstances change during the delivery process. He highlights that adaptability is crucial, as projects often need to change course in response to planning refusals or new local authority requirements. Syrett gives an example of a Manchester project where HTB supported the developer through several stages, including land purchase, bridging finance, and adapting to regulatory changes before approving development finance.

He emphasises the importance of lenders who can support a site from acquisition through to delivery, and who are able to adapt funding as project requirements evolve. Local knowledge is also identified as a key factor in unlocking stalled sites, as understanding the approach of specific planning authorities and local demand can help keep projects moving. Syrett suggests that lenders with a genuine presence in different areas can provide valuable insight and balanced assessments.

For small and medium-sized developers, Syrett points out that maintaining momentum is essential, as stalled projects can impact their ability to pursue future opportunities. He notes that many SME developers rely on capital released from current projects to move on to the next, and that revolving credit facilities can be effective in ensuring that slower or stalled sites do not halt progress on future developments.

This perspective is particularly relevant for UK letting agents and inventory clerks, as delays in development can affect the supply of new rental properties and business premises, impacting the wider property market.