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How UK Planning Law Reforms Could Benefit Property Investors
In its report titled Planning for the Future published in late summer, the government detailed plans for upcoming changes to the planning system in England. The reforms are set to streamline and modernise the planning process and should also spell good news for anyone interested in property investment. Let’s explore why.
In its report titled Planning for the Future published in late summer, the government detailed plans for upcoming changes to the planning system in England. The reforms are set to streamline and modernise the planning process, whilst shining a light on design and sustainability, improving developer contributions to infrastructure, and ensuring more land is available for development where required. The reforms should also spell good news for anyone interested in property investment. Let’s explore why.
The planning system in England will be in for an overhaul if the proposals set out in the Planning for the Future report come to fruition. With elements of the typical bureaucracy that has plagued the system for so many years removed, the process could speed up significantly.
Some of the proposals contained in the report include:
- Redrawing of Local Planning Authority (LPA) local plans to categorise land into only one of three categories: growth, renewal or protected.
- Automatic planning approval for areas categorised for growth. Some developments would be allowed in renewal, areas but would be restricted in protected zones.
- Local authorities to be bound by a new national requirement for set quantities of new homes to be built in their areas.
- “Building Better, Building Beautiful” developments that fit with local design codes to be subject to faster planning permission.
- “Pattern books” and style guides for “popular and replicable designs” to be used for permitted developments and schemes in land designated for renewal.
- Section 106 payments (obligations on developers to contribute to local amenities as part of planning approval agreements) to be replaced by an infrastructure levy, against which local authorities can borrow to fund projects.
- Discounts for developers who build affordable homes.
Whilst a firm change in legislation could be a while off yet, the fact that the government believes that the current planning system is pretty much in tatters has to give it some gumption.
For property investors, a more streamlined planning system with faster approvals can only spell good news.
Currently, investors are all too often held back by rigid rules and time consuming applications and appeals. Opening up the system to make things more straightforward will hopefully attract more property investors into the market, bringing with them much needed rental accommodation suitable for a range of tenants.
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Property investment can prove a lucrative business, but as with any investment, there are risks involved, and a lot of hard work. If you’d rather make your investment hands-off, take a look at what homes2let has to offer.
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