Relaxation of Planning Laws to Boost Economy
David Cameron has unveiled new plans to relax planning laws and kick-start the UK economy.
The year-long strategy will ease the pressure put on home-owners and self-employed builders struggling to get extensions on their properties.
Nationwide encourages the movement claiming that it will raise property values by a quarter and boost the construction industry.
The banking company found that increasing floor space by 10%, will add 5% to the value of a property, while adding further space equivalent to the size of a double bedroom can add an estimated 12% to its selling price.
Robert Gardner, Nationwide's Chief Economist, said: "With housing market demand still very weak, increasing numbers of homeowners may opt to improve rather than move. Our research assesses the factors that affect the value of homes and the potential to add value."
With the housing market still struggling to pick up, the Government is hoping that the changes will give the economy a push in the right direction.
It is thought that the plan will also encourage homeowners to make improvements and stay in their properties for longer.
Karl Vamplew, a self -builder from Barnsley, thinks that it will help pick up his business, he said: "At the minute everything is slow, so this can only be a good thing for the construction trade.
"Hopefully it will help the many builders who are feeling the same strain as I currently am and so I am glad that the Government has took this step forward."