In his closing speech to be made to the Conservative Party today, Prime Minister David Cameron is to announce plans for 200,000 new ‘affordable homes’ by 2020.
The properties will be available for first-time buyers under 40, and are being made possible thanks to significant planned changes in local authority planning rules, which will allow more flexibility to the production of low cost housing.
The rulings will state that whilst the properties will be available to first time buyers at discounted prices, they will be prevented from selling them quickly to make a fast profit under the new regulations, a plan which aims to turn ‘Generation Rent’ into ‘Generation Buy’.
At Urban.co.uk we are on the front line when it comes to seeing the struggle real people face every day trying to reach the first step of the property ladder, and feel that the Prime Minister is taking a very positive step.
Currently the demand for affordable homes is so great that sellers are able to name their price, resulting in a highly inflated market. The only way to stabilise the market is to introduce new, affordable stock. We are fully supportive of the Prime Minister’s plans, and we believe that relaxing the planning laws will encourage additional developments as well as starter homes, further growing the housing stock and developing the nation’s streets for the next generation.
This is a very exciting move for the UK property market, and we at Urban.co.uk welcome the changes it will bring.
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