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:
West Midlands housing package:
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."