Real Estate
UK Unveils Emergency Housing Plan to Boost London Development
A block of apartments under construction in south London.
Photographer: Betty Laura Zapata/Bloomberg
The UK’s Ministry of Housing Communities and Local Government has confirmed a package of measures designed to boost housebuilding in London following a collapse in new development.
Time-limited changes to planning rules, tax breaks for developers and new powers that enable the Mayor of London to overrule local officials are among the changes being introduced, according to a statement Thursday. The package also includes £322 million ($430 million) of initial funding for a new City Hall Development Investment Fund, it said.