UK Lenders Look to Flat Pack Housing
The UK property market is in flux, mortgage lending has been tightened and there’s an urgent need for housing. Against this real estate backdrop, UK lenders are looking to flat pack house construction to get the market back on its feet again, reports insulated panels manufacturer SIPFIT Direct (http://www.structuralinsulatedpanels.co.uk/).
The Royal Institute of Chartered Surveyors (RICS) has stated that houses built with sustainable materials such as flat pack structural insulated panels (SIPs) could be the answer to the UK’s property crisis. Part of this crisis is the shortage of housing. Steve Turner, a spokesperson for Home Builders Federation (HBF), states: “There is an acute housing crisis in this country – we estimate a shortfall of a million homes. The Government’s own household formation projections show we should be building around 230,000 homes a year. In 2009 we missed that by 100,000 and built less than any year since 1923. Indeed you have to go back many years to find a year when we got close to building the required number of homes. So any initiatives that help increase supply are very welcome.” SIPs, according to real estate market analysts, builders and lenders alike are just such an initiative.
Another level of the property crisis in the UK is limited mortgage lending. Steve Turner from HBF: “A lack of mortgage availability is the main constraint on supply…whilst self-build homes may not be the mainstream housing supply solution, removing the barriers to self-building is.” The good news is that many lenders are looking at SIPs homes encouragingly. Eugene Esterkin is Managing Director at Affirmative Finance LTD and believes that flat pack construction “does present an interesting and innovative option for the UK market.” Other UK lenders are also looking favourably on this cheap and fast housing solution, which is good news for self-builders, good news for SIPs suppliers, and good news for the UK property market overall.
Find out more about this sustainable and cost effective construction method at http://www.structuralinsulatedpanels.co.uk/.
source: www.bridgingandcommercial.co.uk
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