Post-Budget comment from David Hutchinson, Land & Planning Director of Boyer
It was always hoped that the new government’s first Budget would have wide-ranging ramifications for planning and development, both directly and indirectly.
While the change to Inheritance Tax (specifically in relation to agricultural relief) is unwelcome news for many landowning families, it may have the result of releasing of more agricultural land into the market. Should this occur on a large scale, the competition for greenfield sites may reduce, mitigating the increased costs of development and providing some benefit to developers in an otherwise difficult market.
For the planning and development sector, more significant announcements are yet to come: specifically the publication of the revised NPPF and the First Reading of a future Planning and Infrastructure Bill expected before the end of the year.
So while we await clarity on increased housing targets, Green Belt release and measures to increase the speed of planning decisions, it seems likely that aspects of this week’s Budget will benefit developers and go some way to addressing the ambitious 1.5 million housing target.