The appeal by The Secretary of State vs Reading and Woking Councils reverses the decision on affordable homes meaning in principle any scheme under 10 units will be affordable free. This backs up the Governments original intention to increase the supply of new homes as quickly as possible. This clarifies the position on affordables in smaller schemes which has been in limbo for some time and means York will have to reverse its affordable policies, as will most Councils.

Definitions

High Net Worth Investor – An individual who has signed, within the period of twelve months ending with the day on which communication is made, a statement to confirm they have an annual income of not less than £100,000, or net assets, excluding their primary residence, of not less than £250,000.

Certified Sophisticated Investor – An individual who has a written certificate within the last 36 months by an FCA Approved Person confirming that the Investor is sufficiently knowledgeable to understand the risks associated with engaging in investment activity in non-mainstream pooled investments

Self-Certified Sophisticated Investor – An individual who has signed, within the period of twelve months ending with the day on which communication is made, a statement to confirm that have sufficient knowledge to understand the risks associated with engaging in investment activity in a non-mainstream pooled investments.

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