THE planning process in the UK is still far too slow. It takes at least a year before applications can go ahead, according to retirement property developer McCarthy & Stone.

Average time from exchange of contracts to achieving planning consents is now 45 weeks, said the group.

On paper that is seven weeks shorter than a year ago but in reality the overall process is taking much longer because of all the extra research that has to be done in advance.

McCarthy & Stone achieved 30 planning consents over the last year "which is very good but it's still taking too long," said chief executive Keith Lovelock.

"We have found the planning process is taking longer as we are obliged to take more time to prepare our applications with the associated research and evaluation of sites that is now necessary," he said.

McCarthy & Stone unveiled a record pre-tax profit of £22.1m for the six months to February 28 - up 19 per cent on the equivalent six months of 2001. Turnover was £63.9m, up 9.2 per cent.

Unit sales increased by nine per cent to 619. Average prices rose ten per cent to £103,100 per unit.

The company - which boasts 70 per cent of current market share - exchanged contracts on 20 sites, providing 777 units.

In 25 years the company has built 25,000 units on 530 sites, half the UK total. It currently owns enough land for five years of building at current rates. Shareholders will get an interim dividend of 3.3p ( 3.0p last time).