Yet another plan from the Government hoped to boost the housing industry
The Coalition Government have announced their latest package of measures aimed to boost the UK’s housing industry by loosening laws and providing yet more funding for the development of affordable housing.
This is David Cameron and Nick Clegg’s fourth attempt to boost the housing industry and this package includes £40 billion guaranteed for major infrastructure projects and another £10 billion guaranteed for new homes. This funding will be used to build 70,000 new homes with 15,000 of them affordable properties for first time buyers. The latest plan is also hoped to create 170,000 new jobs aimed to boost the construction industry.
The Government have sent a warning to all councils that they will face ‘special measures’ if they fail to rapidly respond to planning permission requests. This means that councils will have to fast track more applications in order to reach targets and avoid penalties. The plan also includes help in the mortgage sector with £280 million extension to the ‘FirstBuy Scheme’ available to 16,500 first time buyers aimed to help them take their first steps on to the property ladder.
Other measures involve removing restrictions on house builders helping to unblock 75,000 homes that are currently stalled due to sites being commercially unviable and up to 5,000 empty homes will be renovated using a £300 million funding. Another 5,000 new homes will be built specifically to rent out and for a limited time, the Government will remove rules and bureaucracy that prevents families and businesses from making improvements to their properties. This will help thousands of home owners and companies.
What do you think of the Coalition Government’s latest plans to tackle the housing crisis? What would you do differently or what other measures would you add to the plans?(0) Comments
- Family home to family shed over previous lost appeal for planning permission leaves family facing prosecution
- Invitation to Conveyancing Webinar on Commercial Reports
- First ever digital mortgage deed accepted by the Land Registry!
- Invitation for webinar on Agricultural Risks in Property Transaction
- Pali Backed Charity Event Surpasses Target
Subscribe to receive a weekly update of our blog posts