Building Tsar: Housing Reform Could Raise £9 Billion for Treasury

The government’s building tsar Nicholas Boys Smith has told Rishi Sunak to finally back major housing reforms after data showed it could raise over £9 billion for the Treasury – and build 130,000 new homes a year. Just a shame it’s still expected to be missing from tomorrow’s budget then; the “levelling up” strategy (including housing) has been delayed…

Still, the proposed ‘street votes‘ rule, which would allow neighbours to collectively authorise new local developments, is expected to be signed off later in the year. It’ll be the brainchild of new Levelling Up Secretary Michael Gove, who’s keen on the idea because it would spur growth and bring in more stamp duty revenue, yet retain the democratic control over planning procedure. The figures from the Create Streets think tank show that it would bring in £2.9 billion through stamp duty, and another £6.3 billion through economic growth.

Building tsar Boys Smith said:

““This important new analysis shows us that street votes could help the chancellor fill the Covid black hole. Allowing local housebuilders to build the homes that people want where they need them and when streets permit them could fund much of the investment that our left behind neighbourhoods badly need.”

It’s not rocket science: building more houses is probably a decent way of solving a housing shortage…

Hat-tip: Hugo Gye

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