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“New Approach to Planning Could Help Solve UK Housing Shortage,” Say Experts at Top 10 Finance Ltd.

Smaller property developers face continued planning issues

london – WEBWIRE

New Approach to Planning Could Help Solve UK Housing Shortage

A new approach to planning could help solve UK housing shortage, say experts at top 10 finance ltd

One of the UK’s leading brokers for small-to-medium-sized property developers have reported a spike in finance applications, despite otherwise slowing house prices. Top 10 Finance Ltd. has experience handling projects from £300k-£5m, and with over 12,000 developers comparing loans with the company, they understand the challenges that these developers can face, better than most.

Although the number of finance enquiries is increasing, the company notes that planning issues continue to hold back development projects. With lengthy lead times from planning application through to receipt of permissions, housing projects throughout the UK are being delayed – something which may not be getting as much attention as it should whenever the housing shortfall is being discussed.

 “If this could be tackled effectively, tens of thousands of homes could be built,” says Anthony Brindley of Top 10 Finance Ltd, an experienced property developer himself. Anthony’s recent projects have taken between 9 and 20 months to receive planning approval. Even though his site in Ventnor already had planning for two dwellings, it took a further 20 months to increase this from 2 to 3 dwellings. Anthony put a pre planning application in for the additional unit in August 2016 which was recommended for approval, however actual planning was only granted in April 2018 after nearly two years. In addition, another site in Surrey with an existing dwelling took 9 Months to achieve planning even though the replacement dwelling was in the same footprint as the existing one.

 “Too often, we look towards major house builders to solve the housing shortage, expecting them to deliver the volume of new homes the market needs – but many are instead sitting thousands of plots in their land banks.”

Smaller developers can’t afford to leave plots undeveloped, allowing easier access to planning could bring forward tens of thousands of new homes.

The company suggests new guidelines must be put in place to help those small-to-medium developers who want to spend more time building houses, and less time waiting for planning approvals. With an altered approach, Top 10 Finance Ltd. is confident these SME developers are the key to helping take the pressure of the UK’s housing shortage.

See Top 10 Finance Ltd.

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