The Conservative-Liberal Democrat coalition government has announced a series of wide ranging reforms that will affect the property industry but which should pave the way to economic success and help contribute towards reducing the £155 billion deficit, reports Tom Turner of property professionals, Strutt & Parker.
“Whilst the emergency budget sets out actions to address the national deficit, of which cuts are expected to save four times as much as tax increases, the reforms proposed to the property industry could provide a more buoyant sector and one that provides a silver lining in light of such tax increases”.
Tom Turner goes on to note that “Reforms to the property sector are expected to include the creation of a consolidated national planning framework covering all forms of development whilst maintaining the Green Belt and other environmental protections. There is also expected to be encouragement for farmers to convert existing buildings into affordable housing and the creation of new trusts that will allow communities to provide homes for local people, cooperation between the two parties could provide a win-win situation”.
Tom continues “Our in-house renewable energy expert, Zoë Barr, is also expecting a busy future with proposals from the government to push the EU to increase its emission reduction target to 30% and to increase the target for energy created from renewable sources. We act for clients who are looking to both maximise the returns from their property portfolios but who also want to protect the environment. Fulfilling both these objectives can only be achieved through careful planning and by keeping abreast of the changes that the new government implements in the forthcoming weeks, months and years”.
Strutt & Parker