The Sun has this headline:
“Labour in La La Land
Jeremy Corbyn will force Brits to sell land at a fraction of the price so he can go on huge housebuilding drive’
Labour’s plan is for land to be sold to councils and developers at its value BEFORE planning permission can be applied for rather than as, at present, being sold AFTER planning permission has been granted.
That won’t please East Devon Green Party candidate Henry Gent, who currently stands to make millions of pounds on the option he has given to Persimmon to build hundreds of houses on his farm land.
If Corbyn gets his way, he would get only the agricultural value of the land – making it significantly cheaper to build houses.
They published their ideas in June 2019:
Click to access 12081_19-Land-for-the-Many.pdf
Kicked-out Tory Oliver Letwin understood the problem, but stopped short of offering a solution:
“Under the 1961 Land Compensation Act, councils are not permitted to buy agricultural land at its current value; instead they must pay a speculative “hope value”, based on the value of the land with permission to develop the site. That can easily make land more than 100 times more expensive than its actual worth. In his review of build-out rates (the report about the problem of land-banking that concluded that land-banking wasn’t a problem…), Oliver Letwin suggested that the residual land value of large sites should be capped at about 10 times their existing use value. Clearly better than paying 100 times the value – but does it go far enough?”
So this is both fake news and OLD news!