As the government wraps up a consultation on how to make property development more transparent, attention is turning to the hot topic of land banking [when developers buy land but don’t build on it for years].
With the UK facing a housing shortage and pressure to improve infrastructure, the government is introducing big changes to stop developers from sitting on land without using it. Here’s what’s changing, and what it could mean for developers and property managers.
IV. Tougher Rules and Penalties
Developers who don’t follow through on building plans could face:
I. Fines for missing agreed timelines.
II. Losing planning permission if there's no valid reason for delays.
III. Council intervention, including stepping in to take over the project in some cases.
Government Cracks Down on Land Banking [Part 4]
As the government wraps up a consultation on how to make property development more transparent, attention is turning to the hot topic of land banking [when developers buy land but don’t build on it for years].
With the UK facing a housing shortage and pressure to improve infrastructure, the government is introducing big changes to stop developers from sitting on land without using it. Here’s what’s changing, and what it could mean for developers and property managers.
IV. Tougher Rules and Penalties
Developers who don’t follow through on building plans could face:
I. Fines for missing agreed timelines.
II. Losing planning permission if there's no valid reason for delays.
III. Council intervention, including stepping in to take over the project in some cases.
ADAPT EARLY—PLAN SMART—BUILD FAST