There’s been a lot of changes to the property industry recently as the government tries to inject life into the economy. From Boris’ “build, build, build” to the new planning permission changes it’s clear that property is on the government’s radar.
Planning permission laws and regulations have been updated to make it easier for property owners to make changes or redevelop their homes or investments. They’ll come into effect in September, making now the perfect time to get thinking about how you can use them to your advantage.
- Full planning applications will not be necessary for the demolition and rebuild of unused buildings.
- Homeowners can add up to 2 additional storeys to their home to create new homes or more living space. This is available through a fast track process.
- Commercial to residential, existing commercial properties can be converted to residential housing more easily. Certain properties that are essential to the community will not be covered by these changes.
- The new changes will be allowed under Permitted Development.
What the new planning permission changes mean to landlords and Investors?
Any updates to existing properties can bring significant benefits to owners. These changes are great for Investors looking to improve their portfolio with new investments/properties but also increasing yields on current properties.
Reasons to improve:
- It gives your property a new type of tenant, possibly a more valuable one. Providing much-needed space to occupants will make your property more desirable over others, they may need the extra space for relatives such as for children or the elderly.
- The changes that make it easier to turn commercial units into residential properties are great news for landlords and investors. Commercial properties can be cheaper to buy outright meaning you’ll receive much higher rental yields.
- Have you thought about looking at buying houses at the cheaper end of the scale or at housing auctions? With it now easier to extend and make changes to your property the potential to turn a doer-upper into a moneymaker has increased significantly.
- The ability to create two-storey extensions with ease gives landlords the option to turn the property into either multiple properties or bigger HMOs. Adding an extra bedroom will inevitably increase the value of your property and with it the rental yield too.
While these changes are exciting, before you get started you should always check with your local authority before any work begins. Find your local authority.
Speak to the Property Management Specialists
If you don’t have the time to fully get to grips with the new laws and legislations of managing a property, don’t worry. That’s what we’re here for! We can give you solid advice on how to maximise your property value, how to increase your returns and how best to take advantage of the new changes.
With over 30 years of industry knowledge and a dedicated Compliance team, we’ll be able to provide you with everything you need to know. Head over to our Landlord Services page to find out more.