Earlier this month Redbridge Council joined 58 other local authorities in deciding to stop work on new local plans. Some councils have made the move to pause reviews, while others have withdrawn new drafts entirely. The moves can have a big impact on the council’s powers. In turn, that can have an effect on investors and developers. As one of the top names for guaranteed rent in Redbridge, we want to take a closer look.
The decision
Redbridge’s Council has been working on a new local plan because they did not meet the Government’s targets for building new homes. All councils have a legal obligation to re-examine their development plans when they fail to build enough new housing.
However, the council has chosen to pause the review. They have cited two reasons for the move. Firstly, they said they need to save money. Pausing work on the local plan redraft, which has a budget of around £3m, is part of their cost saving and financial control measures.
In addition, the council said they will wait to see what new rules come into play. There is an expectation that the scope, timescale, and pace for delivery of new housing will all change. So, the local authority want to see what it will mean for any new local plan.
What does it mean?
The decision will have an interesting impact, one investors should think about as well as looking at guaranteed rent in Redbridge. It will actually give them a little more power than usual.
What will happen now is the council will actually have less authority when it comes to considering planning applications. They will only be able to reject proposals if they don’t show considerable benefits that outweigh any negatives. Even then, developers will have the ability to appeal. They will likely be successful if they can demonstrate the value of the project to the Planning Inspectorate.
What will happen next?
The current situation could last for a while. There is a legal obligation to review the local plan, but there is actually no way of enforcing it. As a result, Redbridge Council can wait until they are happier with their funding situation and have clarity on any changes to housing targets.
Do you need help with guaranteed rent in Barking and Dagenham?
The decision by Redbridge Council could inspire more investors and developers to move forward with their plans. They can benefit from the Council’s loss of power and may have a much easier time getting planning permission. All they need to do is ensure their proposals provide sufficient value and keep any negatives to a minimum.
We are in a position where we will gladly assist clients with assets in the area. You can come to us and enjoy the best service for guaranteed rent in Barking and Dagenham. It will give you a stable income free from the risks of voids. At the same time, it will save you from worries about managing assets.
If you want to learn more about rent guarantees and our other services, feel free to contact us.
