Boris Johnson’s Pledge to the Housing Market
Posted on 2nd July 2020
Taking that first step onto the property ladder can take time to achieve, and years of saving. For first-time buyers, there are a number of schemes available, in which the government has worked, to aid those purchasing their first home, take the plunge and own their own property. For more on the options available in this regard, see our blog, here.
The Prime Minister, Boris Johnson, has, however, recently made an announcement, stating that he plans to “help young people get on the housing ladder in the way that their parents and grandparents could”, which has certainly sparked the attention of our property conveyancing solicitors.
30th June 2020 saw Mr Johnson declare a ‘build, build, build pledge’, in which he plans to inject a £5 billion plan into infrastructure development, in order to “build fantastic new homes on brownfield sites and other areas that with better transport and other infrastructure”.
The development will, importantly, result in more properties available to purchase. This is music to the ears of our Preston solicitors, as we know that this increased activity in the housing market will allow, more and more, of our valued clients find their dream property, and when they do, our property experts will be on hand to assist.
In addition to the physical erection of more properties, the infrastructure development will also include improvements to public services and transport links which, when searching for that perfect property, can play an important role. For example, say you work in a city firm, but do not have the patience for the rush hour traffic in a morning and evening, you may opt to use public transport. Improvements to these transport links will, therefore, positively advance their use, and the experience the public have with them. So, when looking to purchase a new property, the rejuvenated transport links may be a contributing factor as to whether that all-important offer is made.
Furthermore, the plans also look to adjust some of the restrictions imposed by planning laws, in order to prevent delays with building projects. The idea is to help develop areas ‘faster and greener’, and has been deemed ‘project speed’.
So, what can we actually expect to see, upon introduction of the proposals?
- Eased restrictions on building extensions, which will also incorporate a ‘fast track’ approval process, which can work to avoid lengthy delays with the planning process;
- The above will be subject to neighbour consultations which, again, can work to reduce delays with planning decisions being reached;
- Relaxed guidelines in connection with the rebuilding of redundant property, that is to be used for development of residential property;
- Plans that will enable slightly relaxed requirements in changing of use classes from commercial to residential property;
- An estimated 180,000 new affordable homes, that will help those struggling to step onto the property ladder;
- A pilot of the ‘First Homes Scheme’, which our Preston solicitors have discussed previously. Refresh your memory on the Scheme, and its benefits, here.
The real aims of the government plans, discussed above, are to reduce the need to develop greenfield sites, by facilitating development, and making improvements, to brownfield sites. There will still, of course, be numerous guideline sand standards that are to be observed, however, the plans are set to ease the process in order to benefit the UK economy.
The plans are set to come into play from September 2020, and our property solicitors in Preston will be following the matter closely, posting regular updates on our legal news page, which you can keep up to date with, here.
As you can see, there are a number of exciting changes ahead, which are set to take the property market by storm. So, if you are looking to purchase a property, make sure that you have all of your ducks in a row as soon as possible. That way, when in a position to proceed, you can do so without delay.
Make electing a conveyancing solicitor one of your first port of calls, and look no further than MG Legal’s property conveyancing solicitors. Our team are simply the best at what we do, but you will see that for yourself, by studying our glowing reviews, here.
Get in touch with our property experts today, for your fixed-fee quote, by submitting your enquiry online, where our local solicitors will be delighted to assist you.
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