Richard Carr supports the Conservatives’ ‘Vacant building credit’

Richard Carr, a Commercial and Residential Development Specialist, supports the government’s recently introduced ‘Vacant building credit’, despite it receiving criticism in some areas.

A policy which encourages development

Richard Carr Croydon Empty Homes

An empty building in Croydon, London

It’s clear to see that the country’s commercial and residential development industry has experienced growth under the current government and experts suggest that the trend is set to continue.

Richard Carr believes that there is still room for improvement though, and sees the recently introduced ‘vacant building credit’ as an excellent incentive to keep Britain building.

And despite criticism from some council’s, he is pleased to see Planning Minister Brandon Lewis challenge those opinions in the public domain.

Joined up thinking

The argument to the policy, backed by some local authorities and industry representatives, is that it will result in a drop in the amount of affordable homes been built across the UK.

However, Lewis said that the changes reflect those made to the Community Infrastructure Levy, which extended an existing credit for vacant buildings being redeveloped. Lewis explained this as a “joined up approach”.

Protect the green belt

The government is committed to encouraging development, whilst also protecting the country’s beautiful green belt. Surely this is excellent news? The policy will provide a clear incentive for brownfield redevelopment and increase housing supply.

Thus meaning better value for home owners and more money running through one of the country’s most valuable industries.

Developers shouldn’t be penalised

Using brownfield sites to regenerate communities across the UK is one of the government’s key incentives and they believe that by putting stealth taxes on empty and redundant buildings, they would be shooting themselves in the foot.

Placing taxes on such developments would, in their opinion, hinder regeneration and discourage new housing being created from conversions.

“If the state puts heavy taxes on new housing, prices will rise and supply will fall; conversely, our reforms will help lower housing costs and increase housing supply,” said Lewis.

Stimulate the economy

Richard Carr believes that the policy is simply another great move by the Conservative Party. All you here from the Socialists is that we should be placing taxes on things, however this will have a negative effect on commerce.

However he does believe that this initiative wouldn’t be necessary if it wasn’t for Labours outdated CIL and S106 taxes. He adds, surely the way to stimulate development is to remove the hurdles and let us get on with building new homes, so many sites are now marginalised by direct taxation (CIL & S106) that they are being kicked into the ‘long grass’.

If you want to stimulate the economy ‘Take off the Ball and Chain’, which is TAX!