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New rules force councils to publish property developers spending


Local people will be able to see how every pound of property developers’ money, levied on new buildings, is spent supporting the new homes their community needs

Builders already have to pay up for roads, schools, GP surgeries and parkland needed when local communities expand – in 2016 to 2017 alone they paid £6bn towards local infrastructure helping create jobs and growth.

Yet before today, councils were not required to report on the total amount of funding received – or how it was spent – leaving local residents in the dark.

New rules will mean councils will be legally required to publish vital deals done with property developers so residents can see exactly how the money will be spent investing in the future of their community.

Housing minister Esther McVey MP, said: “The new rules coming into force today will allow residents to know how developers are contributing to the local community when they build new homes – whether that’s contributing to building a brand-new school, roads or a doctor’s surgery that the area needs.”

The reformed Community Infrastructure Levy (CIL) rules will help property developers get shovels in the ground more quickly, and help the government meet its ambition to deliver 300,000 extra homes a year by the mid-2020s.

The rules are designed to support councils and give greater confidence to communities about the benefits new housing can bring to their area.

Nationwide Sureties blog in association with Engage.

Source: https://www.pbctoday.co.uk/news/planning-construction-news/property-developers-spending/62448/


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