Labour Vows to Take On Land Hoarders

A Labour Government will target the shadowy world of land hoarders, often hedge funds and investors who have no intention of building homes but instead use the acreage as an asset. "Either use the land or lose the land," warns Ed Miliband.  This is a particularly big issue in London. Roger Harding, head of policy at Shelter, said: "The Greater London Authority estimated 50% of the land with planning permission was owned by someone other than developers. You have hedge funds and banks here". Moving against land hoarders would be controversial – columnist Mary Ann Sieghart tweeted the policy had "shades of Mugabe". But Labour say the numbers are too big to ignore. Sources in Miliband's office say strategic land bought with options, which accounts for 83% of land banks, could if freed "provide enough space for 1.4m homes". Read more on the Guardian website.