House builders looking to deliver much needed new homes in the UK under Permitted Development Rights (PDR) are finding that finance is becoming more difficult to secure due to deadlines set by the Government and these concerns need to addressed, according to Voltaire Financial LLP.
James Thomlinson, founding partner at Voltaire Financial says: “We are seeing a marked hesitancy amongst otherwise willing and active providers of residential development finance in relation to schemes that qualify for Permitted Development Rights. The key issue for them is the Government’s current deadline of May 2016, by which time completed residential units must be occupied.
“Many believe that this deadline will have to be extended beyond this date but if it isn’t there is no longer sufficient time for all but the smallest of projects to comfortably acquire the property, obtain planning via PDR, construct and either sell or let the finished units.
“The Chancellor’s Autumn Statement would have been the perfect opportunity to address this issue but with so many other topics in the spotlight and a General Election approaching it does not seem to be getting the attention it deserves and this will lead to continued uncertainty in what has become a method, almost universally embraced by developers, for delivering increased numbers of new homes onto the market.”
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Website : www.voltairefinancial.com
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