Stuck in the pipeline

A ‘stockpile’ of approved planning permits is building up because it is harder than ever for small and medium developers to get bank financing for projects, and because buyers are nervous about committing to large property prices during difficult economic times.

But with almost 1,000 units ready to go, the States are effectively nearly a quarter of the way to the target of building 4,000 new homes in the next ten years.

And Environment Minister Freddie Cohen says that the stockpile means that he will be able to propose a new Island Plan next month without putting forward many countryside or agricultural sites for rezoning.