Spring statement plans plus can you afford to buy?

publication date: Mar 15, 2018
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

More affordable homes are coming onto the market – find out what’s going to be built and where in your local area.

One of the increasingly important documents for investors and buyers is the Local Plan. And following the recent government announcements on planning – one of which was a new delivery test for local authorities to be monitored against these plans – they are likely to have more of an impact on property provision at a local level. For a summary of all the announcements and their likely impact, read:
Theresa May sets out new planning rules.

The Local Plan sets out the authority’s planning policies and usefully identifies which areas of land can and will be built on. This is then shared with local people – including agents – and, in theory, local views are taken into consideration.

For buyers and investors, the Local Plan is essential as it might highlight an opportunity for you to assess a deal better or indeed to work out what you might be able to save for in the next few years as the plans have to set out how many properties and what type (affordable, for rent or to buy) are coming onto the market in the future.

However, it’s also something you can contribute to. For example you might look at the plans and realise that for you and many people you know locally the local authority has missed what you need and you have every right to highlight this to them and do so officially. If they don’t respond for any reason - let me know! I’d be keen to hear your thoughts and will always do my best to highlight areas where you feel you aren’t being listened to.

London plan highlights from the Spring Statement:

  • £1.67 billion to build 26,000 more affordable homes;
  • Part of the government’s commitment to actively boost affordable housing supply;
  • Overall there will be a minimum of 116,000 more affordable homes in London;
  • Total funding for affordable housing in London will rise to £4.8 billion;
  • The extra funding will deliver homes for social rent, London Affordable Rent, flexible shared ownership and rent to buy;
  • No less than two-thirds of the homes built with this funding will be for rent.

West Midlands housing package:

  • The West Midlands will receive a £100 million funding package to help the Mayor's plan of delivering 215,000 homes by 2030 to 2031;
  • The funding will help acquire land to prepare for housing and increase density;
  • This tallies with the Mayor of West Midland's promise to deliver around 16,000 homes per year;
  • The Mayor wants all local authorities in the West Midlands to have local plans in place by 2019.

The government has said "We will be taking the Housing Infrastructure Fund Forward Funding bid for Housing Growth Areas including the Commonwealth Games site at Perry Barr through to co-development – the next stage of the competitive HIF process."

All our information is brought to you by Kate Faulkner OBE, author of Which? Property books and one of the UK's top property experts.
This website is Copyright © Designs on Property Ltd and Propertychecklists.co.uk protected under UK and international law.