Affordable housing provider welcomes budget boost
Living Space Housing have welcomed Chancellor Rishi Sunak 's proposal to boost provision of affordable housing and regenerate Brownfield land.
Chris Loizou (pictured), land and partnerships director for Living Space Housing said: “We welcome Chancellor Rishi Sunak 's Autumn Budget, particularly the £11.5bn commitment to boost provision of affordable housing.
"In addition, he announced a cash injection to regenerate more Brownfield land. The supply of new housing has been suppressed - in correlation to demand - for too long, causing the UK 's chronic housing shortage. The announcement of these two significant new funds could accelerate delivery of much-needed affordable and open market new homes, while regenerating previously used land in the process.
“We are also encouraged by the early details of an overhaul to the planning system. Enabling high quality, well-designed development to be brought forward in a consistent and efficient manner is crucial to alleviating the housing shortage.
“The digitisation of outdated processes is long overdue and could help smaller residential developers - such as Living Space - to mitigate the unforeseen delays and backlogs that hold up sites from being delivered. However, it is also apparent that Planning Authorities across the country need more funding to train and retain more Planning and Highways professionals, in order to expediate the process. Each successive Government has so far failed to resolve this key issue.
“We also welcome the announcements for; increased investment into education, skills training and family hubs; the £4.8bn grant funding for local councils; the £6.9bn pledge to enhance transport infrastructure in the major regional conurbations; and the commitment made to tackle NHS backlogs, which will benefit us all. ”
Living Space has a total of 674 residential plots under control, representing a combined value in excess of £113million. The Solihull-based business is on track to deliver at least 12 developments over the next two years.
The vast majority of the homes Living Space builds are delivered to Registered Providers (RPs) for affordable rent and shared ownership.
Approximately five per cent of the plots currently being delivered are being sold on the open market. Living Space sources the land, achieves Full Detailed Planning consent and builds the homes for the RP, enabling them to focus on the funding and management of high-quality homes for their residents.