Warning over land banking
DEVELOPERS who are slow to build homes on land for which they have already gained planning permission should be taxed to discourage them from manipulating the property market, according to the Royal Town Planning Institute.
The RTPI believes a land banking levy' is needed to discourage developers, particularly in the housing sector, from putting off building.
It warned that some housing developers, some of which have enough plots with planning permission on their books for more than four years of construction, may delay projects while they wait for better market conditions.
A recent report by the RTPI revealed that house builders have banks of land with planning permission of close to 14,000 acres, enough for 225,000 new homes.
4:00pm Thursday 13th March 2008
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