land and property

Summit 2020: Land and assets for resilience

With only two days left of 2020, we here at CLES are thinking about hope in the darkness and the prospect of local economic reform as we commence the long journey to Covid-19 recovery. In this spirit we’re sharing write ups of our policy breakout sessions from November’s Community Wealth Building Summit. Following on from John and Ellie’s blogs, today Stuart MacDonald looks at how socially productive uses of land, property and assets can support post Covid-19 local economies.

How land and property assets are owned and managed is key to local economic outcomes. Concentrated land ownership, property speculation and landlord absenteeism all drive inequality. Wealth gained from land and property leaks out of local economies, contributing to a lack of resilience, as well as being incompatible with social and environmental progress.

England’s First Land Commission Focused on Community Wealth Building

Steve Rotheram, Metro Mayor of the Liverpool City Region, has today announced the establishment of England’s first Land Commission specifically established to review the use of public land for community wealth building, to be delivered in partnership with CLES.

Since the 1980s, land has come to be primarily treated as a financial asset, serving as a collateral against which banks create mortgage debt.   This has led to rising house prices and housing shortages, and has reduced overall productivity, with an increasing share of investment diverted to land from other more productive areas.