MP calls for an end to “land banking”

WARRINGTON South MP Faisal Rashid is calling for an end to “land banking” – to help preserve the Green Belt.
He has written to the Minister of State for Housing and Planning Kit Malthouse to call for Government action to end the practise.
Land banking is the practice of investors and developers of purchasing land for the sole purpose of profiting from the increase in value of that land.
These investors have no intention of developing or using the land for any other purpose for years – and this means that many brownfield sites are not being brought forward for development. This in turn is putting intense pressure on the Green Belt and green open spaces.
Mr Rashid is calling on the Government to take the action needed to free up these brownfield sites for development and by doing so, enable local authorities to safeguard the Green Belt.
Land banking is also slowing the increase in the housing stock urgently required to tackle the housing crisis.
Mr Rashid said: “I have always believed that the Green Belt should be protected wherever possible and I have always pursued a brownfield first strategy in regards to development.
“Local authorities should be supported with the tools they need to protect high-quality green spaces. The release of ‘land banked’ brownfield land for development would go a long way in helping to protect and preserve our much-loved green spaces.
“Pressure to build on the Green Belt could be lifted if so much brownfield development land was not subject to land banking.
“In 2017 Shelter estimated that more than 320,000 homes that had been given planning permission in the past five years had not been built.
“The Government needs to take decisive action on this issue – introducing new powers to end land banking. I have written to the Housing and Planning Minister to make this clear. Tough government action would help to safeguard our Green Belt and help to bring forward the housing that we need.”