Government set to clamp down on developers for ‘land-banking’

Written on 18 November 2013 by Alistair Boscawen in Property News

Developers set to be threatened with land confiscation unless they start building immediately in a bid to avoid ‘land banking’…

planning permissionHousebuilders will be told they can no longer ‘sit on’ land they’ve got planning permission on in a bid to introduce stricter rules on ‘land banking’. Planning minister Nick Boles has scrapped a 2008 measure which allowed three-years permissions to be easily extended. This is in order to prevent  developers exploiting the loophole and hoarding plots for years as they wait for house prices to rise before starting to build homes.

The move comes after Labour leader Ed Miliband said at his party conference that if his party wins a majority in 2015 they would introduce a policy to seize land if developers refuse to build. Now the current coalition has decided it’s time to act too; as developers will be likely to build large new complexes if they fear development taxes or state confiscation of land. For more information read on below:

Daily Mail

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Alistair Boscawen

Alistair has 32 years’ experience as an estate agent, starting in the country house department of one of London’s main international agencies before moving to the Knightsbridge house department of the same agency and learning the difference in values between freehold, long lease and short lease houses in Knightsbridge, Belgravia, Chelsea and Mayfair.

All articles by Alistair Boscawen


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