More budget help for property?

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Anything from the Government that can help the property market generally has to be welcomed. It has been reported that further changes relating to planning are due in this weeks budget.

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The proposal aims to boost home construction and encourage first time buyers back into the housing market by making it easier for developers in England to convert commercial properties into private houses and flats.

Last year only 129,000 new housing units were built in England. This is the lowest peacetime figure since 1923, while at the same time between 7-9% of commercial properties lie vacant.

The plan could also save £140m in red tape costs over 10 years.

The plan would require a change to the current planning legislation and would not apply to shops. It is expected to be up and running before the end of the year and has been welcomed by the British Property Federation.

It remains to be seen what the full story is on this – let’s hope it is a positive change.

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