New valuation guidance for self-build and new homes
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by Gill Montia
The Royal Institution of Chartered Surveyors (RICS) has updated its guidance on the valuation of self-build and new homes in efforts to increase lenders’ confidence in the sectors.
Recently, the RICS has detected a growing trend among surveyors to value new builds differently to older homes and the revised guidance offers a more consistent methodology than previously available.
In particular, it takes into account latest market changes in buyer incentives and mortgage indemnity schemes, such as the Government’s NewBuy scheme.
It also addresses how stage payments for self-build projects should be factored into valuations.
Housing Minister, Grant Shapps, has been urging the UK’s mortgage lenders to back a self-build “revolution” and lend more to those who want to build their own homes.
According to the minister, much needed affordable and sustainable homes could result from more specialist mortgage products for self-builders, allowing the size of the UK’s self-build sector to double in a decade.
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