Bob Weston鈥檚 building business, Weston Homes, has been more frustrated than most by planning delays and arguments in recent years.
Weston Homes spent eight years planning a 拢300m housing development in Norwich, the Anglia Square scheme. The difficulties proved insurmountable 鈥� planning delays, covid, nutrient neutrality issues, Homes England red tape, build cost inflation, community infrastructure levy and new requirements of the Building Safety Act. In February this year Bob Weston finally threw in the towel and scrapped the scheme, writing off 拢7.5m. [See previous report here.]
Responding to the government鈥檚 legislative plans set out to parliament yesterday, Bob Weston said: 鈥淚t is the first time in decades that an incoming government has made the housebuilding industry a priority. The new Labour government鈥檚 significant majority in Houses of Parliament has provided the property industry with welcome political stability and the new administration has provided immediate evidence of their housing-centric approach and recognition of the industry鈥檚 vital importance to the UK 鈥� which is music to our ears.鈥�
He continued: 鈥淲e especially welcome the government鈥檚 aim to streamline the planning system. Under the previous Conservative government Weston Homes was forced to cancel plans to redevelop an 11.5-acre site in Norwich city centre after eight years, which was set to deliver up to 1,100 new homes, with some 拢7.5m of capital expenditure written off. The new government is like a breath of fresh air for the property industry.
鈥淲eston Homes also welcome Labour鈥檚 devolution agenda, in particular their proposal to grant regional mayors new powers over spatial planning. We hope this leads to faster, more strategic delivery of homes across England.鈥�
He concluded: 鈥淚t is our hope that the new administration will also deliver on its election proposals to launch a government mortgage guarantee scheme which promises to offer first-time buyers loans of up to 95% of a property鈥檚 value. One of the best ways of supplying more affordable housing is by increasing the number of new properties available for private sale. As a general rule, the private housing sector can deliver around one affordable home for every two private dwellings built, which, if done at the same time as offering financial products to help first time buyers such as the proposed mortgage guarantee scheme, the market can respond very positively 鈥� it's a virtuous cycle. We look forward to seeing the detail on these various policies.鈥澛犅�
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