PM announces new national crusade to create opportunities for low-cost home ownership for all!

Today, at the close of the 2015 Conservative Party Conference, the Prime Minister announced one of the key cornerstones of the government’s philosophy over the next parliament – to do all they can to bring home ownership within the reach of all people aspiring to own their own home.

To try and achieve this ambition, as well as providing homes for rent under their affordable homes obligations, Developers will be allowed to provide low-cost home for ownership as well.

Clearly “the Devil will be in the detail” in how the Government proposes to achieve this, especially as we understand the aim is to provide 200,000 new homes by 2020. Presumably it is intended that a large percentage of these will fall under this new initiative.

The implications for Developers (positives or negatives) are unclear, but our initial thoughts are that land availability, viability, deliverability, processing planning applications and further changes to S.106 and CIL provisions will be a focus.

We will keep you updated as the detail emerges over the next days and weeks as we will be attending conferences where Government planning advisors will be present and hopefully adding “meat to the bones” to this announcement.