Government to unveil plans to ‘unlock home ownership’ for next generation

The UK government will set out its vision this autumn to ‘unlock home ownership’ for a new generation by building more homes in the places people want to live and work and shaking up our housing market, according to the plan. Treasury growth 2022.

Chancellor Kwasi Kwarteng announced in this morning’s mini budget that “a list of infrastructure projects will be prioritized for acceleration” across various sectors.

These include increasing the supply of housing, putting in place future planning reforms as well as increasing the use of surplus government land to build new homes.

The Treasury’s growth plan says the government “must speed up the delivery of housing”.

While building permits were granted for more than 310,000 homes last year, up 10% from the previous year, the Treasury stresses that “a new reform is necessary”.

It says the plans, which will be announced in due course, “will spur growth across the UK by helping more people afford to live close to good jobs”.

The plan states that the government will encourage the disposal of surplus public sector land by giving departments greater flexibility to reinvest the proceeds of land sales over several years.

He says: “It will encourage the sale of more public land for housing and allow departments and the NHS to reinvest in public services. Devolved administrations have tailor-made flexibilities to shift funding between fiscal years and the government will discuss with them the implications of this shift in due course.

The government will work with devolved administrations and local partners to introduce ‘investment zones’, which will aim to stimulate growth and unlock housing, across the UK.

The growth plan says the Department of Grading, Housing and Communities will soon present more details of the planning offer, including details of the level of deregulation and the simplified mechanism for obtaining planning permission.

Former Residential RICS Chairman Jeremy Leaf says: “The ambition to reduce planning red tape and improve delivery is particularly exciting because if there is one thing we need more than anything, it is is additional affordable housing for sale and rent.

“Nothing is more frustrating than getting planning permission for suitable projects and then waiting sometimes over a year for work to start, as you often have to deal with unnecessary regulations.”

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