New powers for councils to help build more affordable homes
Posted 01.05.24
GOV.UK: Further reading
Councils across the country will be able to buy cheaper land to help build more social and affordable homes, due to new government reforms that have just come into force today.
They will be able to buy land for development through the use of Compulsory Purchase Orders without paying inflated 'hope value' costs.
'Hope value' estimates the cost land could be worth if it was developed on in the future, meaning councils are forced to pay potentially thousands more to buy land for housing or developments and get stuck in lengthy disputes about costs.
The new measures will remove 'hope value' in certain circumstances where Compulsory Purchase Orders are being used and make it cheaper and easier for councils to build new homes.
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