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EP has slowed most of its development work

Tamar Wilner, Regeneration & Renewal, 10 October 2008

National regeneration agency English Partnerships (EP) is slowing "most" of its development programme as a result of the current turmoil in the property market, according to its chief executive.

John Walker told Regeneration & Renewal that EP is slowing down most of its projects in response to falling land receipts and developers' reluctance to build. "There's no point in us putting money upfront if it's not going to get built out," he said. "I've never seen anything change so rapidly in such a short space of time."

Walker said EP's land receipts for the third quarter of 2008 were down against budget expectations by single digit percentages, as occurred in the second quarter. But he refused to forecast the shortfall by the end of the financial year, as he had in the summer, when he predicted a nine per cent shortfall (R&R, 1 August, p1). "I'm not even going to project at the moment, because who knows," he said.

It has emerged that EP's pilot to devise brownfield strategies with councils will hit, with its £1 million spend being stretched from one to two years.

- See Feature, p18.

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