New planning measures unveiled yesterday (January 24th) by communities secretary Eric Pickles could potentially benefit Britain's commercial property market.
The fresh legislation is designed to remove the restrictions in place that currently inhibit the ease with which developers can convert disused buildings and office space to create new homes.
As Mr Pickles explained, the new permitted development rights will be in existence for three years, and will enable property owners to make changes to their assets without the need for planning permission from the local authority.
"Using previously developed land and buildings will help us promote economic growth, provide more homes and still ensure that we safeguard environmentally protected land," the minister commented.
"We are absolutely determined to support people striving to bring life back to their communities and high streets."
And planning minister Nick Boles praised the move, explaining that removing the current regulations will improve the efficiency of conversion processes for developers.
"These changes are an important step in improving the planning system and making sure it is in the best possible shape to swiftly adapt to changes and opportunities," he said.
Where the commercial property market is concerned, the permitted development rights mean that disused buildings and office space can quickly be converted for profitable use without the need for exhaustive planning processes.
With built up urban areas expected to benefit most from the measures, there is the possibility that investors could see competition for their assets increase in the coming months.
But with the change in the planning process only set to last for three years, there is no telling how the market will react once the period comes to an end.
As observers wait to assess what impact the announcement has, the steps that the minister has introduced highlight the extent to which the commercial property sector is changing at a rapid rate as the government attempts to address housing issues throughout the country by reducing restrictions on planning laws.