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Best value: Will new proposals solve the challenge of land value capture?

The proposed infrastructure levy is the latest attempt to capture the development value of land, note Tony Crook and Christine Whitehead. But will it better previous mechanisms?

Why do land values increase? There are three reasons: first, growth in economic activity and prosperity; second, provision of infrastructure, which creates productivity and greater opportunities; and third, planning consent that enables the realisation of higher-value opportunities.

In our discretionary planning system, this last is when development values finally crystallise. Until then,.....Sign Up or Login to read full article

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