It's a Crime ... I Can't Make a Killing From My Planning Deal ; Gangster Star Terry Stone Found Consent to Build Two Homes On His Berkshire Plot Did Not Increase Its Value

Summary

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During the boom years, a sure way of adding value to a house on a decent-sized plot was to gain planning consent to build something bigger. With the first hurdle of planning permission cleared, developers would snap up such properties as they chased tempting profits.

But last year's steep dive in land values, which have fallen far further than the value of most residential property, means that today there is little wisdom in this approach - as actor and gangster-flick producer Terry Stone is discovering.

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It's a Crime ... I Can't Make a Killing From My Planning Deal ; Gangster Star Terry Stone Found Consent to Build Two Homes On His Berkshire Plot Did Not Increase Its Value

Last year Terry gained consent to demolish a six-bedroom Edwardian house and three-bedroom cottage on a 1.5-acre plot near Sunningdale, Berkshire, and build two luxury homes in their place.

Having begun the application in early 2007 he assumed it would add value to the property whenever he came to sell, even if the market had slowed. Little did he know about the financial crisis r...

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