Councils empowered to build more affordable homes
Posted: Friday, May 3rd, 2024
Councils across the country will be able to buy cheaper land to help build thousands more social and affordable homes, due to new Government reforms, as part of the long-term housing plan. They will be able to buy land for development through the use of Compulsory Purchase Orders without paying inflated ‘hope value’ costs. ‘Hope value’ estimates the cost land could be worth if it was developed on in the future, meaning councils are forced to pay potentially thousands more to buy land for housing or developments and get stuck in lengthy disputes about costs. The new measures will remove hope value in certain circumstances where Compulsory Purchase Orders are being used and make it cheaper and easier for councils to transform communities by building new homes. The Levelling-up & Regeneration Act 2023, allows bodies such as Homes England and councils using Compulsory Purchase Orders and looking to build, to apply to the Secretary to remove ‘hope value’. This is under the condition that development is in the public interest and facilitates affordable or social housing, health or educational uses.
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