19 November 2025
In this blog post our MD Dave Rainford explains more.
This year has been challenging across the sector. Despite the usual social media gloss, the 5am ice-bath brigade, spring to mind! Most developers, investors and lenders would agree that the reality has been far tougher.
The Planning System
The planning system remains in disarray. When committees are composed of individuals with no planning background, experienced officers must present their recommendations, and the outcomes speak for themselves. Until we move away from a process where political agendas, inexperience and NIMBY pressure override impartial decision-making, meaningful improvement is unlikely.
Developer Pressure
We know from experience that developers continue to face mounting pressures: Biodiversity Net Gain, CIL and affordable housing obligations, Gateway 2 delays, and rising build costs – all of which front-load risk and capital before certainty is even in sight.
Then comes Rachel Reeves. Acknowledging the issues is one thing, but consistently turning to business and property for additional tax revenue has already dampened confidence. As an investor said to me this week: “Why would I commit capital before I know what’s coming on 26 November? Will today’s valuation still make sense? Why complete on a site ahead of the Budget?”
Yet despite everything, the message is unchanged, we need to Build, Build, Build. Perhaps the 12th Housing Minister since 2010 will finally achieve what others haven’t. For now, we wait to see whether the Chancellor will deliver something that restores confidence.
Funder Frustration
Funders feel the same frustration. The appetite to lend is very much there, but pipelines are stalling. Planning hold-ups and increased equity demands are driving up costs, which delay schemes and make them unviable.
These conditions test lender relationships. Clear communication and a thorough understanding of what each funder can and cannot support become critical. This is where experienced advisors matter – people who can structure deals creatively, resolve problems, and keep schemes alive. It’s not work for the butcher, the baker or the candlestick maker …..let them stick to the sausages!!
How Can PMJ Help?
We provide flexible, independent funding solutions, helping good projects progress, even in challenging markets.
