The biggest shake up in building planning regulations since the First World War is expected to be unveiled in the Budget this week.

The Chancellor George Osborne is expected to announce that developers could no longer need planning permission to convert commercial property into private dwellings, in a move which could create up to 250,000 additional houses or flats.

Alan Waxman, CEO and founder of Landmass who has been involved in the supply, financing, planning and design of residential properties for over one decade said: "Relaxing the planning laws will somewhat ease the pressure on the high demand for residential property. Although, our experience is that the strong demand for high quality, purpose-built residential housing, especially in areas such as London where the strong population influx is from the UK and abroad, means that the gap between supply and demand will continue to grow. This week's announcement will only make a small impact, particularly as supply has not been able to cater for demand for several decades."

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He added: "The pressure is not just concentrated in the first time buyers market, but increasingly as the world becomes more dangerous, international buyers continue to seek more lateral space in London."

(CD/KMcA)