The Government is clear that we must tackle the practice of 'land banking', where developers buy up land and leave it undeveloped for years, with no sign of building work taking place.
It is completely wrong that land with planning permission is left idle and undeveloped, with developers waiting for prices to rise and putting the profits of investors above the needs of local communities and families, who are deprived of desperately needed housing.
Through the Levelling Up and Regeneration Bill, we will be taking new powers to fix ‘land banking’ and slow build out.
First, the Bill will make developers commit to a build out trajectory and report annually to councils on their progress so they can be held directly to account. Second, when builders have missed their deadlines, our new streamlined approach to commencement notices will mean that councils can compel developers to ‘use or lose’ the permission. Third, councils will have new powers to block planning proposals from builders who fail to deliver.
Together, these measures will tackle slow build out - making sure that the market provides the new homes that communities need, rather than only lining the pockets of developers and investors.