I’m all for anything that gives a boost to our industry and, with many commercial buildings for sale lying unused for far longer than in previous years, the news that the government is expected to give in the budget that commercial property could now be more easily converted for residential use is sure to be well received by property investors and building owners up and down the country.
Don’t get me wrong, the commercial buildings for sale on our site are still selling well, it’s just that, as with everything in these post-recession pre-recovery times, we could all be doing more business. And, as the commercial property sector is so vital to the economy of this country, it makes sense for a government that says it is prioritising positive moves towards recovery to do all they can to give our sector the lift it deserves.
Sources at the BBC have said that they understand the government will be removing the need for developers to apply for planning permission to convert commercial properties into residential dwellings in the hope that it will create much-needed first-time buyer homes. This means that any commercial buildings for sale right now, aside from retail properties which we understand would be excluded from these changes, could become much more investible prospects because of this additional flexibility.
First-time buyers are essential to movement in the whole residential property market but, with the banks holding back on first-time buyer friendly mortgage products and a shortage of decent affordable housing, not helped by the fact that fewer homes were built last year than at any time since 1923, something has to be done to address this situation.
The news on the grapevine is that the intention would be to implement these planning changes before the end of the year, so do take a look at the commercial buildings for sale on our site to see if any meet your investment needs.
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