LONDON, April 30 -- The government of the United Kingdom issued the following news:
Councils across the country will be able to buy cheaper land to help build thousands more social and affordable homes, thanks to new Government reforms coming into force today, as part of the long-term plan for housing.
Councils will be able to buy land for development through the use of Compulsory Purchase Orders without paying inflated 'hope value' costs. 'Hope value' estimates the cost land could be worth if it was developed on in the future, meaning councils are forced to pay potentially thousands more to buy land for housing or developments and get stuck in lengthy disputes about costs.
The new measures will remove hope value in certain circumstances...