Finefair is a lettings agent City of Westminster landlords love working with. We understand the area and work hard to offer a first rate service. In addition we keep up to date on local plans to make sure we can advise our clients and adapt the services.
Like many other Boroughs Westminster is looking to the future. Their new 2019-40 plan features a very important move. The change will ban super-size homes, restricting the development of properties that are over 150 square metres (1,615 square metres). The local authority believes this limit is generous because it adds 50% to the average size of a family home in the area.
The idea behind the plan is that the restriction will leave more land for smaller developments. It will also encourage developers to build more homes for local people. This will help the Borough to meet its housing needs. It will also result in more diverse communities. The expectation is the move could help the Borough create up to 10,000 more affordable homes by 2040.
The ban will affect affluent buyers in areas like Mayfair and Belgravia. These locations are very popular with rich overseas investors who want huge mansions. Unfortunately land is scarce in these central areas so the huge properties make it very difficult to build smaller homes.
The City of Westminster has already started cracking down on larger homes. This year they banned the creation of a £40million home near Regent’s Park. The property would have been 1,590 square metres, slightly smaller than the new limit.
One type of property the ban does not apply to is family homes that have been split into several flats. If an owner chooses to convert these back into a single property they will be able to exceed the 150 square metres.
The new plan could have a big impact on Westminster, allowing more people to stay local. Finefair offers a great service for every kind of investor as well as being the top lettings agent City of Westminster has. Call on us if you need any advice or want help with a purchase.