A government review of planning policy, designed to consolidate policy statements, circulars and guidance documents into a single concise National Planning Policy Framework.
A situation where a loan becomes worth more than the asset it is secured against.
Neighbourhood or Locality
The environment of a subject property that has a direct and immediate effect on value.
An area that is subject to the same, or similar, market forces.
A geographic area of properties sharing important location characteristics defined for purposes of market analysis or modelling (typically with fewer than several thousand properties). Broadly, in practical terms, a Neighbourhood is a contiguous area around a subject property from which a valuer would be most happy to select sales comparables. (All VOA usage).
Neighbourhood Group or Locality Group
A group of Neighbourhoods / Localities (not necessarily contiguous) which can be modeled together; i.e. where they are subject to similar market forces. In practical terms, if the subject property is within one Neighbourhood, the other neighbourhoods in the neighbourhood Group are where a valuer would seek comparable sales if insufficient sales are available within the immediate neighbourhood.
Under government proposals communities will be able to develop a plan which, if it succeeds both at an independent examination and at a public referendum, can be adopted through a Neighbourhood Development Order that gives it statutory basis within the local development plan documents.
Neighbourhood Development Order
This mechanism enables communities to define specific developments or types of development which will have automatic planning permission without the need for any application to the local authority, as outlined in the Neighborhood Plan. For more complex cases they will be able to grant outline permission so that the right to develop would be established and only the details would need to be approved.
New Homes Bonus
A government scheme designed to create an effective fiscal incentive to encourage local authorities to facilitate housing growth. For every additional new build home built, the local authority will be paid a grant by central government equal to the average council tax for that property band for the following 6 years.