News: Housebuilding Deficit is Good News for Self-Build
Recent figures suggest that the Government is set to miss its target of building a million new homes by 2020. Failure to deliver on this promise – which was made by Theresa May earlier this year – could cause the UK’s housing crisis to spiral further out of control. Experts within the property sector believe that these shortcomings could result in relaxed planning regulations to encourage further efforts in housebuilding.
Government Falling Short of Housebuilding Targets
At the current rate, the UK is falling around 10,000 homes short of its yearly housebuilding target. In an effort to make up for lost time, experts predict changes to the strict and time-consuming regulations that are currently in place, which often impede the efforts of developers before building work has even begun.
MP Sajid Javid has addressed the ongoing crisis in a new housing whitepaper, which was released on 23rd November 2016. The document outlines Government plans to make more land available for future developments, as well as appealing to SMEs and self-builders – who he has earmarked as crucial to overall progress in the housing market.
Planning Permission Process to Change
The whitepaper also includes some changes to the planning process, which will make it easier and quicker for all types of housebuilders to take their projects from conception to bricks and mortar. With around 800 planning criteria to consider, gaining permission to go ahead with a development is currently a lengthy process, which is discouraging many potential housebuilders.
For many SMEs and self-build projects, the waiting time on planning permission can be ruinous. Recognising this, Housing Minister Gavin Barwell has hinted at changes to these procedures, with a view to make the housebuilding horizon more friendly to smaller endeavours. While large housebuilders provide a vital part of the solution to the housing crisis, he commented that as a country we are “too dependent on a small number of large housebuilders, so we need to broaden the range of the people who are doing the building”.
Considering Undertaking a Self-Build Project?
The forthcoming changes to the housebuilding landscape are likely to favour self- and custom-build ventures. We know that self-build projects can be overwhelming, but with planning permission rules looking to relax in the near future, now is the perfect time to consider beginning your own project.
If you are worried about the cost behind a self-build project, we offer finance options that can get your project off the ground or keep it going to completion. With us you can borrow between £10,000 and £5 million in self-build finance.
Call us on 08000 44 84 84 for more information, and take a look at our self-build infographic for ideas to get your new home started.