Monday 20 June 2011

Assetz® News - Call to back 'self-build revolution' in UK property market

Assetz® News - Call to back 'self-build revolution' in UK property market

Mortgage providers are being encouraged to back a bid for a "self-build revolution" in the UK.

Lenders are often wary about backing self-build projects due to the perceived higher exposure to risk, even though in reality the majority of projects involve professional builders and architects.

Now housing minister Grant Shapps said he wants lenders to kick-start a self-build movement, which it is claimed can also help boost local economies and support the construction supply chain

He said he wants a situation where building your own home "is not just the preserve of the privileged few" and expressed his belief that lenders "have the ideal opportunity to diversify" as the mortgage market continues its recovery.

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