A few days after the news of a Covid Free London, the Westminster City Plan is born. A plan that, for us at Realigro, deserves the right attention. Both because it changes the traditional real estate structure. And also because it is a noteworthy novelty for lovers of this sector. Which is why we won’t waste time talking about it. But we will get straight to the point. To better explain the characteristics and potential of this plan. Both for the inhabitants of this wonderful metropolis and for potential buyers. So, if you are ready, we can start our new column! Let’s get started!
What does the Westminster City Plan foresee? How long will it last? Who will be involved and who will benefit? If you also have these questions, don’t worry. We will give you an answer shortly. Let’s start with the actual meaning of this plan. The objective of this “regulatory plan” is to introduce, in a given area, rules to improve the use of available space in a real estate perspective. A remarkable intervention, if we consider that the area under examination is 21 square kilometres. It includes the district that stretches from the south of the Thames to Regent’s Park (northern part).
This intervention will make it possible to increase the percentage of homes available, at super-cheap prices, to 35 %. But that’s not all. From this perspective we can say that London is also greener. And we’re not talking about the creation of new parks in addition to the existing ones. We’re talking about the stricter environmental protection standards applied through this plan. The objective? To improve spaces, optimise them without impacting them. An important action, which deserves to be highlighted on a special day like today: Earth Day!
So what are the bans that will regulate actions under this plan? The first, the one that is most controversial. The ban on building new structures of more than 200 square metres. In a place like London, such a measure can only provoke discontent. But this is not the only effect that is feared.
Experts fear a sharp and rapid increase in the prices of existing houses with high square metres. This is just another way of putting a value on spacious flats that will no longer be built after the plan is implemented. It should also be remembered that the Covid emergency has led to a demand for more spacious houses. Therefore, it is not surprising that these bans are not looked upon favourably by the population.
How will the plan evolve? We cannot give a definite answer to this question. But we can wait for new news on this and other topics. To stay up to date, keep following our column. Always here, always on Realigro.
And you, what do you think of the Westminster City Plan? Will its application improve London without impact or will it only generate popular discontent?
2005-2019 REALIGRO REAL ESTATE LTD. All Rights Reserved - VAT Nr: 893969932
