In a speech made by the Prime Minister earlier today, the government committed to a plan aimed to boost the economy in the wake of the coronavirus pandemic.
Boris Johnson declared that the government would “build build build” in a move which will impact both the commercial and residential property sector heavily. New planning laws are being designed in what was described as the most radical reform of the planning system since World War II. The Prime Minister was clear that planning applications would no longer be subject to lengthy delays, commenting that we must get quicker at building homes as evidenced by the fact that the UK public procurement takes 50% longer than in France or Germany.
It is also understood that plans will be set out to allow some empty commercial units, such as shops, to be turned back into residential homes. Additionally, the Government also promised to look into better ways to use government owned land and to build new homes on brown field land in an attempt to solve both the housing crisis and protect greenbelt land. Number 10 said the changes “will both support the high street revival by allowing empty commercial properties to be quickly repurposed and reduce the pressure to build on green field land by making brownfield development easier”.
We should also expect to see an overhaul of the planning process with a new policy paper set to be released in July setting out a comprehensive overhaul of the current planning system, which has been largely untouched for the past seven decades.
Farleys’ commercial and residential property teams are experienced in advising on the buying, selling, and leasing of a wide range of properties. To speak to a member of the team please call 0845 287 0939 or contact us by email.