Nockolds Resources

Budget 2011 - Highlights of property implications

Highlights of the 2011 budget from the developer and property perspective are as follows:-

  1.  Extension to the First Buy Scheme, the Government is to provide loans, jointly with house builders, to first time buyers to help with deposits. See Michael Stark's blog for more details.
  2. Reforms are proposed to encourage sustainable developments, there will be a presumption in favour of applications of this kind.
  3. National targets imposed on brown field sites are to be relaxed.
  4. Consultation will begin on whether to make it easier to convert commercial premises into residential property.
  5. The Government will speed up the process for sale of publicly owned property, particularly surplus military land.
  6. Auctions of planning permissions on land will be trialled for the first time, starting with publicly owned property.
  7. The planning system is to be speeded up, there will be a new 12 month limit for the processing of planning applications, inclusive of any appeals process.

No doubt more details will be published in due course and we will then be able to assess the full impact on the property market and the development industry. In the meantime, if you would like any further information regarding commercial property  or property development, please contact our expert team at property@nockolds.co.uk

Alison Hare (profile) Alison Hare Thursday 24th March 2011
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