Chartered Surveyors & Rural Property Advisors in Essex, Suffolk & Cambridgeshire
Government plans to boost the struggling construction industry and consequently provide more homes are on the table. They have however had a mixed reception from many within the construction industry. Some felt that the proposals would bring a much needed lift with regards to infrastructure and the development of housing. Others worry that the resultant ‘sugar rush’ would just exacerbate inflation rates. Some did not like the fact that certain environmental concerns will no longer be as much of an issue. This includes things like not disturbing natural habitats for bats, newts etc.
Plans include the promise of specially designated investment zones throughout the UK, where businesses will get huge tax breaks. Normal planning regulations will also be relaxed in a bid to speed things up and cut red tape. As mentioned, European Habitats Directive will be suspended in these areas. The zones are yet to be decided, and consultations are taking place with 38 local authorities stretching from Cumbria to Cornwall.
Land tax stamp duty is being cut as one of many related measures, meaning the first £250,000 of a property’s value will not be subject to stamp duty (the current threshold is £125,000). In addition for first-time buyers the threshold is being raised from £300,000 to £425,000.
The government intends to review the way its commitment to a net zero carbon economy by 2050 will be achieved. MP Chris Skidmore has been tasked to lead ‘an independent review into how to deliver its net zero commitment while maximising economic growth and investment, supporting energy security, and minimising the costs borne by businesses and consumers’. He has just three months to complete this task.
It will also be easier to change development consent order (DCO) applications once submitted. This has been prompted by delays to the Lower Thames Crossing project after the Department for Transport’s DCO application was thrown out by the Planning Inspectorate in November 2020 for being incomplete. It has yet to be resubmitted, almost two years later.
