Could lack of property stifle Northern and Midlands business growth?

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The number of people living and working in Manchester, Leeds, and Birmingham has significantly increased, but this growth could stall if these cities cannot provide enough commercial property and housing according to new findings.

International law firm DAC Beachcroft has sponsored a report that looks at the way

British cities manage the demand for commercial and residential property. The largest growing areas are the cities of the North and Midlands. Continued growth in city centres is, according to the report, threatened by Permitted Development Rights, which allows developers to convert commercial property to residential use without planning permission. This reduces the availability of commercial property.

The report’s authors make two recommendations:

Firstly, city centres should be exempt from Permitted Development Rights in order to protect commercial property.

Secondly, outside of city centres planning laws need to be relaxed to allow more house building. The report wants to see some controlled development of green belt land.

Andrew Carter, the Chief Executive of Centre for Cities commented on the report:

“Urban Renaissance has brought opportunities for people living across these cities and their surrounding areas and it’s vital that it continues. But for that to happen, cities need to take tough decisions on how to sustain the growth of their commercial centres, while also providing the homes their residents need.”

There are plenty of commercial mortgage products available for investors to purchase commercial property in city centres, but if there are not enough buildings available, there will be a lack of investment choices.

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