Government looks to speed up development

04-Aug-2005

The Office of the Deputy Prime Minister (ODPM) has announced the next phase of its plans to get more first time buyers onto the first rung of the housing ladder.

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Following up on its recent promises to deliver a planning system that can respond better to the market demand for housing in a particular area, the government has announced that it is bringing into effect new powers to reduce uncertainty created by speculators who benefit from an increase in land value on receiving planning permission, but do not in fact intend to develop the land.

It is hoped that the move will speed up the planning process, so that developers can react quickly to market demand, providing new homes for aspiring first time buyers.

ODPM minister Phil Woolas commented: "These measures will stop developable land from being wasted by speculators."

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Aspiring homeowners are set to benefit from the changes, because as the housing market continues to cool, property experts see first time buyers as an important market that needs to be nurtured.

Therefore, many developers are likely to bear this in mind, making the potential for an increase in affordable homes a real possibility.

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