Wednesday, 19 December 2012

Plans to help improve economy and property market

Tens of thousands of families are going to be allowed to extend their properties by up to eight meters without gaining full permission. Rules on shops and offices expanding will also be loosened, meaning obligations for affordable housing could also be waived where they are holding projects back.

Under the changes, full planning permissions may not be required for small extensions for a range of property types. The changes would mean that planning permissions for homes will only be required for extensions beyond six or eight meters, depending on whether the property is terraced or detached. Businesses will be able to expand shops by 100 square metres and industrial unit will be able to be increased by 200 square metres.

Another 16,500 first time home buyers will receive aid in getting onto the property ladder under an extension of the FirstBuy scheme throughout England, which was announced by the Prime Minister and Deputy Prime Minister earlier this year. This scheme has helped thousands of people get themselves into a home, without a deposit, as they have been given a loan of up to 20% of the purchase price under the scheme. To find out more about this scheme contact Cavendish Ikin Estate Agents in Cheshire.

Ministers decided that developers will not need to wait five years to apply to change affordable housing requirements if they are making sites “commercially unviable”. However, Deputy Prime Minister Nick Clegg insisted that the change would be compensated for by investment from the Government which aims to support the building of more affordable homes, helping many millions of people get themselves on the property ladder.

Funding of £300 million has been agreed to help provide up to 15,000 properties and bring 5,000 empty properties back into use. New legislation will provide the government with £40 billion of major infrastructure projects and up to £10 billion of new homes to guarantee the debt of housing associations and private sector developers.

No comments:

Post a Comment