Lenders urged to promote home building

Housing minister Grant Shapps has written to mortgage lenders in the UK stating he would like to see self-build homes become commonplace and urging lenders to help make this possible. Shapps says a "self-build revolution" supported by lenders is needed to help increase the supply of new residential properties.

The housing minister wanted to reassure lenders who are concerned about lending money to self-builders - traditionally seen as higher risk. He told lenders that out that of the 15,000 funded self-build homes built over the past 10 years, less than 50 have been repossessed. Shapps says self-builders deliver affordable, greener and more innovatively designed homes and make a big contribution to the number of new homes built in this country.