New property development measures unveiled by the Chancellor have been warmly welcomed by property developers.
Plans by the Chancellor include further funding aimed to rejuvenate high streets and revamped planning permission plans aimed to speed up the process of property development in denser areas in and around London and across the UK.
Currently, the government has an ambitious target of delivering 300,000 new build homes a year by the mid-2020s. With new builds up by 12% in the third quarter of 2018, these new plans show an underlying commitment to providing support to property developers looking to expand their portfolio in highly-populated areas that are highly sought for by first-time buyers.
“We’re pulling all the levers available to build homes and opportunities in our communities,” said James Brokenshire MP, Communities Secretary.
“These new measures and funding mark our continued commitment to ensuring the housing market works for everyone and economic growth is shared across the country,” he added.
A notable measure that the Chancellor, Phillip Hammond, wants to introduce is new planning permission rules for properties in and around the UK high streets. Revamped planning rules will gradually be brought in, making the use of high street premises easier to change.
The government claim that new permitted development rights will enable high street buildings can change more quickly without having to go through a formal planning application process.
Furthermore, the government plans to allow buildings to be extended upwards in an effort to create new homes. Our housing predictions for 2019.
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