Greycoat Real Estate reviews the latest housing plan

Greycoat specialists share information concerning the UK´s current housing trends. Councils and Homes England can once again use Compulsory Purchase Orders to purchase land for the development of affordable housing across the country because of the Levelling-up & Regeneration Act 2023.

But Greycoat does things differently. Instead of paying the hope value, or the estimated land value based on the worth of the land in the future after development, councils can pay a much cheaper amount. The reforms remove the costly process of disputing estimates in the majority of scenarios.

This, as long as the development of the land in question provides affordable or social homes or benefits the public for educational or health reasons. In addition to a cheaper experience, councils can expect an easier process. Previous usage of Compulsory Purchase Orders to purchase and transform derelict commercial and industrial land has proven that this approach works, Greycoat adds.

As noted by the National Housing Federation’s CEO, Kate Henderson, this solution helps councils provide “desperately needed affordable homes… in the right places for the people who need it most.” She also noted the only way to “solve the housing crisis” is with “wider reforms” that involve a “nationally coordinated, fully funded long-term plan for housing.” And this is when Greycoat agency comes in handy.

Jacob Young, the Parliamentary Under-Secretary of State for Levelling Up, said that the long-term plan for housing, coupled with these reforms, can make more housing development sites available and provide economic and job support. Additionally, Greycoat finally states, he sees this opportunity as a “catalyst for investment” in towns and cities that need this type of community regeneration across the country.