The British Property Federation has backed plans put forward by the Conservatives to improve the planning system, kickstart housebuilding and promote local community development.
The BPF has welcomed proposals to give local authorities greater decision-making power.
They hope the policy – localism ¬- will give councils the incentive to streamline planning processes and encourage development, which could relieve the national housing shortage. Under localism, council tax and business rates would be matched by central government for six years. These funds would not be ring-fenced and could be used for anything.
BPF chief executive Liz Peace said: “If done properly, localism could mean a smoother planning process, quicker decision-making and better engagement.
“The property industry is committed to working closely with councils, but they will have to be given significant support to make this work.”