This will mean thousands of new homes being built and billions of pounds being invested in infrastructure projects and property development.
· Major changes to the planning system
· Commercial properties can be converted into residential housing
· The Home Building Fund announced
The Prime Minister also announced changes to the planning system in England which will come into effect from September via changes to the law. These changes will mean people are able to build better homes in the areas where they want to live. These are the most radical reforms to the planning system since the Second World War and have been widely welcomed across the board.
The changes will mean property owners will be able to build additional space above their properties with a fast track approval process, subject to neighbour consultation. This is in contrast to the system that exists at present which is lengthy, time consuming and often puts developers and individuals off.
In addition to this, existing commercial properties, which includes vacant shops, will also be able to be converted into residential housing more easily than at present. Builders will no longer require a normal planning application to demolish and rebuild vacant and redundant residential and commercial buildings if they are to be rebuilt as homes.
The Government also announced The Home Building Fund which aims to help smaller developers access finance for new housing developments. This Fund will receive an additional £450 million boost which is expected to support delivery of more than 7,000 new homes across the country.
All of the measures being taken are being done so in an attempt to kick start the construction industry and speed up rebuilding to inject the economy with cash as it attempts to recover from this unprecedented situation. Boris Johnson has pledged to put jobs and infrastructure at the centre of economic growth with a commitment to building and construction.
This will be a welcome change for those in property development who often struggle to get planning consent to change commercial properties into residential homes. It will make the process much easier, more straightforward and quicker, resulting in better return on investment.
It will also be welcome news for those who work within the construction industry and who may have been worrying about projects being cancelled and subsequent potential job loss.
Here at The Optimal Group, we have many years of experience working with residential and commercial property with our Optimal Development and Optimal Management teams. We’re delighted at the announcement regarding making development easier and are certain it will lead to many exciting properties being designed, built and delivered.
We strive to create new homes in influential and well connected locations, as well as commercial developments in prime locations to ensure maximum exposure, demand and profitability. We work across London and the south of England and deliver the highest standards of building, design and customer service to each and every one of our clients.