March 20 2013

The government’s decision to consult on permitting the change of use from retail and agricultural uses to residential in today’s budget has been cautiously welcomed by the industry as one way to solve Britain’s housing crisis.

It follows an announcement by Consensus Capital Property that it is to invest £50m in the conversion of 25 vacant city centre office buildings throughout the UK, creating 1,200 new homes over the next two years.

The first of these is located in Perth with further developments planned in Birmingham, Edinburgh, Glasgow, London and Manchester.

Liz Peace, chief executive of the British Property Federation, said: "Retail to residential conversions could be an important step in breathing life into our high streets, and we would very much encourage a flexible approach, particularly in areas with increasingly obsolescent retail stock that is unlikely to be brought back into retail use.

"We welcome the proposal to consult further on change of use from agricultural to residential. It’s crucial that the countryside remains a place of growth, industry and business rather than an enclave of the retired and wealthy."

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