Coalition government recently proposed a change in planning that could cause house prices in the green belt to drop by up to 33% or more. Ultimately, if the proposal to change planning is ruled in favour of developers, some of the most desirable homes in the UK could become hundreds of thousands of pounds cheaper.
The proposed plan would drop property prices by giving developers and building companies the right to begin construction in the rural meadows and fields of the green belt that give England much of its signature natural beauty.
The reduced property prices would be a direct result of increased development within these prime estate regions, as the construction of newer homes throughout the green belt could possibly negate the main value points of a rural home – privacy and views. In fact, some experts have stated that a luxury home that is deprived of its scenic and regional value could face up to 30 to 40% devaluation.
Despite the potentially detrimental effects of this decision, many estate agents are hesitant to speak out against potential outcomes, as a lot of them have fiscal connections with the larger development companies involved in the proposal.
Unfortunately, a similar trend of devaluation is already occurring in three small towns just outside London – Milton Keynes, Basingstoke, and Corby – with property values in these towns having dropped 9-13% since 2008, which is several percentage points higher than the average price fall in UK during the same time period.
Many see the proposed plans as an inevitable next step towards the urbanisation and incorporation of the entire United Kingdom, along with the rest of the world. Even if Coalition government’s proposal to plan in favour of developers is denied, it may be only a matter of time before the majestic countryside of England is converted into just another megalopolis.
