Wolves owner Steve Morgan has slammed Britain’s planning system as a ‘bureaucratic mess’ that stalled developments – as his company recorded a jump in profits to £70 million.
The chairman of housebuilding firm Redrow revealed a 63 per cent jump in profits in the 12 months to the end of June, but took the opportunity for a swipe at the UK’s ‘bureaucratic, costly and time-consuming planning system’.
Mr Morgan revealed the company had 16,600 plots locked in the planning system that could deliver around 120 new developments, but said only a ‘minority’ were expected to see any work start in the next year due to the complex approval process.
Mr Morgan’s Redrow has been capitalising on a housing market fuelled by government schemes such as Help to Buy. He is currently developing new homes near to Wolves’ Compton Park training ground, where a new state-of-the-art academy is taking shape.
As part of the development St Edmund’s Catholic School has relocated to a new building. Redrow saw a 15 per cent jump in completed sales to 2,827 and said private average selling prices rose 11 per cent to £227,300 as it sold more large family homes.
The company is aiming for a ‘substantial’ increase in building but Mr Morgan has cautioned the industry’s ability to meet fast-increasing demand in the face of the current planning system.
“Although we do expect to increase outlets in the current year, the pace of growth is much slower than we would like and the level of planning bureaucracy is an unnecessary barrier,” he said.
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