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Developers are in favour of the government’s assurance to create accessible brownfield land

by Paul Addison on April 19, 2017 No comments

According to a survey, freeing up additional publicly owned land for development is the most promising prospect occurring from the government’s housing white paper.

Appointing the research was Amicus Property Finance, a short-term property lender.

51 property developers around the UK took part in the survey.

The following were the most popular actions in the housing white:

  • The availability of brownfield sites rising – 69%,
  • The proposal of a decrease in the time allocated by local authorities to approve planning applications from three to two years – 49%,
  • Continuing the ‘Help to Buy’ scheme – 45%,
  • Upping the attention on building more affordable homes – 41%.

Although it has been proposed that developers are in favour of certain features of the housing white paper, it has been voiced by developers that they are unconvinced the government will reach its aim of developing 1 million dwellings by 2020.

Just 21% of developers, which is 1/5 of the asked, believe the above target is likely to be reached.

Additionally, the research measured what would please developers regarding what the government will present to deal with the housing crisis.

  • Developers that would enjoy a ‘repeal of the stamp duty rises and tax relief reductions on landlords’ – 78%.
  • Developers searching for ‘incentives for elderly people to downsize’ – 44%.
  • Developers suggesting a ‘suspension in capital gains tax to encourage more land to come on to the market’ – 37%.

The founder and managing director at Amicus Property Finance, Keith Aldridge, said the following:

“Property developers appear highly supportive of a number of the ideas in the white paper, particularly releasing more brownfield land to the market and the greater focus on affordable housing. The existing ‘Help to Buy’ initiative has also been well received by many developers and we have already financed a number of successful developments in the South-East. Though large-scale government investment plays a part in stimulating supply, developers see the current tax laws as one of the biggest obstacles to solving the housing crisis, particularly repealing the recent stamp duty increases for landlords.”

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Paul AddisonDevelopers are in favour of the government’s assurance to create accessible brownfield land

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