New planning regulations may increase property finance applications
Published on
17/08/2011 13:50:11
New changes to the United Kingdom's planning regulations could
significantly benefit commercial property developers and applicants
for property finance alike.
The Royal Institution of Chartered Surveyors (RICS) has backed
Government proposals for a fresh overhaul of the planning system,
which could hand the national economy a much-needed boost.
The RICS believes the existing regulations in place have failed
to provide enough jobs and infrastructure for new homes, office space and investment opportunities
on a nationwide scale.
However, the intended overhaul of the planning system would take
into consideration the standpoint of local communities, ensuring
developments for the public need are welcomed and followed
through.
In particularly vibrant commercial areas, the new planning
regulations could accelerate the construction of commercial
property, meeting the demand of tenants and businesses applying for
property finance.
The Government also aims to improve its sustainability with
fresh commercial developments to be built in a 'green' manner.
Both London and Manchester will be likely targets for fresh
commercial property investment with CB Richard Ellis recently
describing the capital's business property sector as "buoyant".
Meanwhile the Manchester Evening News last week revealed data
indicating the north-west city is also enjoying a commercial
property boom.
The RICS has urged advances to be made to UK planning
regulations as a "national priority".
Changes to planning regulations come at a time when businesses
have been urged by office space
providers to "spend a little more" in order to find an office that
enables them to function and grow.