The British Property Federation has warned that the costs of complying with new EU environmental impact assessment proposals could threaten UK property investment and development.
The new plans have been drawn up to speed up the process in which the environmental, social and economic impacts of development are assessed before the plans are given the green light.
However, the BPF say the regulatory burden and additional costs of complying with the new regulations may actually slow down development, or even deter investors from investing in property altogether.
Three particular proposals are causing concern for the BPF, namely the mandatory screening of planning applications, the ongoing monitoring of environmental effects after a project is completed and the need to provide “reasonable alternatives.”
The BPF says there is very little benefit in producing endless alternatives of location and design to be examined, which would cost time and money.
Liz Peace, chief executive of the BPF, said: “Despite the best stated intentions to speed up the environmental impact assessment process, there’s a real chance these proposals will in fact have the reverse effect, while piling on additional cost and uncertainty.
“It remains to be seen how the UK government will respond to these proposals, but the last thing the property industry needs is another regulatory shock from a badly designed piece of legislation.”