The Government has been urged to cut the red tape surrounding new developments in a bid to boost housing supply.
In a new report, the Centre for Policy Studies is calling for the creation of ‘pink zones’ – areas developed in conjunction with councils and residents to bypass current planning regulations.
The think tank says the current planning system is to blame for the UK’s housing shortage, arguing it restricts supply and inflates house prices.
‘Pink Zones could trigger institutional funding for investment in new housing – institutions such as life insurance companies, pension funds, sovereign wealth funds and charitable foundations,’ said report author Keith Boyfield.
‘Ultimately Pink Zones would create more and better homes for people throughout the country and tackle the poverty of aspiration which typifies much residential construction in this country. People would be happier and the country would be richer.’