UK Property to Be Easily Converted from Commercial to Residential

A recent report by BBC suggest that the UK government plans to introduce measures, which will allow to easily convert commercial real estate in England to residential properties.

Not only will this cut the red tape cost, but also will contribute to the creation of as many as 250,000 new homes.

Let us remind that earlier we have already reported that the Institute for Public Policy Research forecasts a shortfall of residential properties of up to 750,000 by the year of 2025.

It is expected that the government's initiative will be beneficial not only for UK homeowners, but for investors and landlords as well.

Those who are at risk of defaulting their commercial mortgages due to the recession will gladly convert commercial properties into residential and sell them.

The government’s plans to soften the planning process for developers were warmly welcomed by the British Property Federation.

The detailed report from BBC is available on the official website of the broadcaster.