A call is being made to Government today by the Institute of Professional Auctioneers & Valuers to accelerate National Development Plan infrastructure to deliver the 100,000 residential units currently zoned but not serviceable, and to initiate emergency planning rules to release small developments of up to 40 units while awaiting the appointment of Local Authority planning personnel where there is a huge deficit.
Among the measures being proposed by IPAV in its pre-budget submission also is fast-track planning for family redevelopment of derelict farm properties and the payment of the Vacant Property Refurbishment Grant in instalments because many eligible applicants simply cannot afford to front the cost of works and then wait for reimbursement.
Other measures include:
• A tax free housing investment savings account, similar to the French Livret A model;
• The introduction of a Special Purpose Vehicle development company that could acquire derelict properties outside of the compulsory purchase order process;
• Capital Gains Tax exemption for ‘over-the-shop’ redevelopment;
• A Section 23 type tax incentive for refurbishment of vacant or underused residential and mixed use properties in designated areas within towns and cities.
Genevieve McGuirk, IPAV’s Chief Executive said the Government’s new housing plan is eagerly awaited.
Calling for “transformative change” she said too many of the decisions on housing over the last decade that brought with them severe unintended consequences, seem to have been, “desk-based, short-term, lacking a proper research base, with a dominant fear being not wanting to repeat what happened in the financial crash.”
She said, “Unfortunately that has meant that playing safe has been a dominant motivation resulting in opportunities being missed for aspiring buyers in the post-crash period when properties were much more affordable.”
She said the awaited Government Housing Plan and the forthcoming Budget represent an opportunity to “be brave and bold” saying the plan needs to be comprehensive.
