Update on fees for balconies overhanging the River Thames

There have been ongoing discussions relating to the PLA’s licence fees for residential balconies which overhang the River Thames. These are fees required by the PLA under its legislation, set at a level informed by local property market conditions. Balcony owners have the chance to discuss or challenge proposed changes in fees, which happen periodically to reflect changes in the property market. There is an established arbitration regime to assist in cases of unresolved dispute.

We continue to be open in our approach of listening to the interests of all parties and are committed to an approach which is fair and reasonable to property owners, reflecting market rates and practices in other parts of the residential property sector. We are also keen to reach a broader consensus across those with residential balconies that overhang the Thames on what is a fair and reasonable approach.  

To that end, we have written to the President of the Royal Institution of Chartered Surveyors (RICS) asking him to appoint an independent surveyor to (i) examine and report on the PLA’s current fee charging methodology for residential balconies; and (ii) provide the PLA’s Board with recommended options for setting licence fees in the future. This review will need to take into account requirements under the Port of London Act 1968.  

While this review is ongoing, we propose to delay any upcoming five-year rent reviews and pause discussions on any ongoing rent reviews and challenges.

We will publish the conclusions of this work to provide transparency and predictability for both the PLA and licensees going forwards.