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In spring 2014 the council consulted on a discussion paper which explored the so called ‘Buy to Leave’ phenomenon: when individuals or companies buy new residential dwellings for speculative investment purposes only, leaving the home vacant. This has the effect of removing these new dwellings from Islington’s housing supply. The discussion paper also explored potential options for preventing wasted housing supply in the future. We have used the responses from this earlier consultation to inform a draft SPD.
The SPD proposes to take measures through the use of legal agreements (known as Section 106 agreements) to ensure that new-build housing in major developments is not left unoccupied and can therefore contribute to meeting Islington's and London's housing needs.
We first consulted on the draft SPD between December 2014 and January 2015; and subsequently consulted again from 15 May to 15 June 2015, in order to respond to comments received during the first consultation.
The revised draft SPD (May 2015) and evidence from BPS Surveyors which informed the preparation of the draft SPD can be downloaded below.
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