November 28, 2017 - Comments Off on UK Budget Brings More Land Into Play
This budget is possibly one of the most interesting for small developers in recent years. There are huge number of proposals in there which promise to help those who want to make the best of small sites. Most notable of all is that Philip Hammond, the Chancellor the Exchequer says he expects local authorities to bring forward 20% of their housing supply as small sites. For people with spare acreage; with that extra bit of room that they want to benefit from its good news. Hammond's ambition is that it will speed up the building of new homes and support the government's wider ambition to increase competition in the house building market. For a while developers have had it their own way and turned their noses up at pockets of land which they may have had to work harder to sweat. Those days seem to be over.
And what kind of new land is coming into play? The government has made it very clear that it will introduce planning reforms to ensure underused land in our cities and towns is capitalised upon, which if they deliver on is exciting for anyone who has been sitting on a spare bit of land and been unable to work it. For example, the government say they will change their policy to support the conversion of empty space above high street shops which is interesting but also that they will allow the conversion of land designated currently for retail into housing. There will also be instruction from the government to local authority to allow commercial buildings to be demolished and replaced with homes. The whole move is towards greater freedom and that can only be a good thing.