More good signs in the housing sector as the value of private residential property development projects is showing a double digit year on year increase. The number of projects starting on site is up 15.2% compared with the same period in 2012.
The figures from construction industry analysts Glenigan indicate that the UK construction sector has seen a rise of almost 1.9% in new build projects commencing in the three months to May 2013. And these improvements are firmly led by growth in the private housing sector.
Gains have been focused in London and the South East, but increased activity in Yorkshire and the South West in April are further signs of a recovery. And a number of Â£100m+ private housing projects will give those behind the Governmentâ€™s Help to Buy and NewBuy schemes further cause for positivity.
The Department for Work and Pensions has released a report highlighting the potentially negative impact Article 4 Directions on the growth of affordable housing.
The report findings suggests that the introduction of the Article 4 Directions have restricted planning permissions for Houses in Multiple Occupation (HMOs) and obstructed the provision of affordable housing in the private rented sector. The report also suggests that property investors and buy to let landlords are reluctant to develop their HMO/multi-let portfolios due to the impact of Article 4 planning restrictions in some areas.
The RLA have previously voiced opinions to scrap Article 4 Direction and is now set to consult with the government on the findings of the report and will strive to look into what this will mean for local councils and landlords.
Here at The House Crowd, we believe that well planned and properly implemented home improvements are a great method for increasing the value of residential property. Clearly, we are not the only ones with this outlook, as in the past year alone, almost 200,000 UK homeowners have applied for permission to alter or enhance their properties.
The Government recently announced it will press forward its plans to relax red tape restrictions and other, unnecessary bureaucracy from planning, making it simpler to carry out property modifications â€“ great news! However, as these intentions are not yet set in stone, below we have provided the first instalment of our top tips for maximising your chances of gaining planning permission in the interim:
- Carry out comprehensive research on the latest rules and regulations. It is important to know what you are doing, as it is worryingly easy to break planning laws unintentionally. Consulting a qualified architect or approaching your local council should help ensure you stay on the right side of the law. Builders, regardless of their likely good intentions, are an impartial party and shouldnâ€™t be entirely relied upon.
- Another advantage of doing your research is that you can actually make some significant modifications to a property without needing permission. Planning exempt developments include increasingly popular, small basement conversions and some rear extensions.
The House Crowd is a brand new concept in property investment which allows people to invest small amounts via crowdfunding (for more information on the process, visit www.http://thehousecrowd.com/thehousecrowd//how-it-works/). We are committed to breathing life into empty, rundown properties whilst giving investors great returns on their investments (for more information about us, visit www.http://thehousecrowd.com/thehousecrowd//about/our-manifesto/). If youâ€™ve read enough and want to invest now, visit www.http://thehousecrowd.com/thehousecrowd//invest-in-property/).