The economic downturn has affected a number of areas but the most badly affected seems to be the property market. A number of ways are being devised to deal with the problem and it looks like Plymouth has found a temporary solution to it. The city council is thinking of speeding up the development of 16 major properties which will range from development of multi million pound high profile projects to 15 homes.
Of the 16 developments, two have submitted planning applications. They include the Shepherd’s Wharf project which is at Sutton Harbour, estimated to be at 55 million pounds and Devington Homes development which is at Derrys Cross, estimated at 75 million pounds. The developers of these projects will have to apply for permission to plan before the year ends and work will have to start within two years.
The head of city’s planning, Paul Barnard, said that it would be possible for the credit crunch to actually increase the supply of affordable housing. Although the approach is innovative, it may be risky but developers are being given credit for bringing forth their projects. The deputy leader of the council, Ted Fry, said that developers will be guaranteed a good income once affordable housing is built, so they may probably do really well on that front.
No Comments