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SAFE AS HOUSES? Experienced property developers benefit from planning law.
by Nick Harding
THE COALITION GOVERNMENT HAS DONE MUCH TO KICK START THE ECONOMY... While the 2008 recession had a devastating effect for the construction industry as a whole, subsequent policy has gone some way to reverse the damage and encourage growth. Proposals to streamline the planning process for home improvements and to relax certain areas of planning law have been broadly welcomed across the building and property sector. In May last year the government introduced new changes to planning regulations which made it easier for commercial buildings to be turned into residential units. The move was ostensibly aimed at easing the housing shortage which is particularly acute in London and the South East. It left many with an interest in residential development rubbing their hands in anticipation and eager to jump on the bandwagon. However, the expected change-of-use gold-rush has not fully materialised and it has not been an easy ride for the inexperienced developers who entered the sector. While ‘commercial-to-resi’ can be rewarding, the sector has proved challenging and only those developers with knowledge, understanding and expertise have been able to negotiate it successfully.
Wrencote House, Caridon 2014 Property Head Office. November LANDLORD INVESTOR Photo credit: Azam Abedi