The British Government this week introduced more incentives to kick-start an already expanding property boom. This on top of Rishi Sunak’s stamp duty holiday which is in place until March 31st 2021.
Changes to the planning process were announced making it easier for developers and retail property owners to obtain “fast track” planning approvals to “change the use” of their properties.
COVID-19 has decimated the retail market in Central London and this new “fast track” planning incentive will allow retail premises to be converted to residential use. Now it will no longer be necessary to go through the whole planning process and these buildings can quickly be “re-processed” into residential accommodation, filling a huge gap in sorting a solution for abandoned retail premises and at the same time creating more residential “stock” availability in a residential market that is rapidly entering an acute stock shortage crisis.
Additionally government incentives are now to allow a “fast track” system to give planning to add up to two more stories to residential homes.
This new incentive is part of a wider drive by government to reform the whole planning system to create more homes as the shortage of residential stock accelerates.
Boris Johnson confirmed that broader changes to residential planning will create “the most radical reforms of our planning system since the end of the Second World War”.
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