King’s Speech 2024: Exciting changes for housing and development

In the King’s Speech of 2024 held yesterday on 17th July 2024, two important new laws were introduced to make housing fairer, clearer, and more efficient. As your trusted partner in property, OC Homes is here to break down what these changes mean for you.

Leasehold and Commonhold Reform Bill: Fairer Housing Rules

Simpler Leaseholds
Good news for leaseholders! The new law reduces ground rents and simplifies the terms, making leasehold homes more affordable and easier to understand. At OC Homes, we see this as a positive step for our clients.

Better Commonholds
Commonhold properties are getting a boost. These changes make them a better option than leaseholds, giving homeowners more control with fewer hassles. This could open up more options for you.

More Transparency
Clearer information is now required for leaseholders. You'll better understand your rights and responsibilities, making smarter decisions easier. Our team at OC Homes is ready to help you navigate these new rules with ease.

Impact on Landlords and Tenants
Landlords might earn a bit less from ground rents, but simpler processes could attract more buyers. Tenants benefit from fairer terms and clearer information, making home buying less confusing and more secure. At OC Homes, we believe this will benefit everyone in the property market.

Planning and Infrastructure Bill: Faster and Greener Development

Quicker Planning
Building new homes will be faster with the streamlined planning process. This means more homes available sooner! Our team at OC Homes is excited about the potential for quicker developments in the area.

Better Infrastructure
More investment in transportation and public services will support new housing, improving the quality of life in our communities. This is particularly relevant for our clients, where infrastructure improvements are eagerly awaited.

Focus on Sustainability
New developments will be greener and more energy-efficient, which is good for your wallet and the planet. OC Homes is committed to promoting sustainable living in all our properties.

Impact on Landlords and Tenants
Landlords can get properties to market faster and potentially earn more due to improved infrastructure. Tenants will enjoy more housing options and live in healthier, more energy-efficient homes. We see this as a win-win for the communities we serve.

Conclusion: A Bright Future for Housing

The King’s Speech 2024 brings big changes that make housing fairer, clearer, and greener. These laws promise more housing options, better information, and sustainable living. Exciting times are ahead as these changes start to improve our communities. At OC Homes, we are here to help you navigate and benefit from these developments. 

Call us on 020 8556 1212 (at our OC London Office in Leyton) or 01708 989 888 (at our OC Essex Office in Gidea Park) and have a chat with our lettings or property management teams about how OC Homes can assist, or advise you further in any of these matters.