Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Britain targets red tape in bid to get more homes built

Published 05/08/2020, 22:33
Updated 06/08/2020, 08:25
© Reuters. FILE PHOTO: Builders work at a Barratt housing development near Haywards Heath

LONDON (Reuters) - Britain will set out proposals on Thursday to speed up homebuilding by cutting red tape and opening up the sector to smaller firms, in a bid to address a long-term housing shortage.

Successive Conservative-led governments have sought to reform the housing market by increasing supply, conscious of a generation of younger renters who have been priced out of owning their own homes in many parts of the country.

Prime Minister Boris Johnson's government has set its sights on reforming the planning system to try to get more homes built.

"Our complex planning system has been a barrier to building the homes people need," housing minister Robert Jenrick said in a statement.

"We will cut red tape, but not standards, placing a higher regard on quality, design and the environment than ever before. Planning decisions will be simple and transparent, with local democracy at the heart of the process."

Data produced by Deloitte shows Britain has some of the lowest levels in Europe of housing development per capita, coupled with some of the highest house prices per square metre - particularly in London.

The policy paper will be published and subject to consultation with planners, lawyers, local government experts and residents' groups before legislation is drawn up and then put before parliament.

At the heart of the reform is a plan to create three categories for land: growth, renewal or protection. Plans for growth areas will be automatically approved, and the ambition is to prevent drawn-out appeals against development.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Ministers hope this will encourage small and medium-sized developers, long seen as a way to efficiently increase homes through smaller-scale developments, back into the market following years of declining activity by such firms.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.