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9 July 2012

Green light for large scale self-build projects

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by Gill Montia

Green light for large scale self-build projects

Plans for the UK’s first dedicated large scale self-build project have been given the green light by Housing Minister, Grant Shapps.

The minister has also announced £30 million of funding to provide short-term loans to community groups, builders and other small organisations looking to start self-build projects.

The money can be used to pay up to 75% of a project’s land and early construction costs and will be made available to organisations planning to build five or more homes, at a total cost of up to £3 million.

In addition, Mr Shapps has written to major lenders urging them to consider how they can make the most of the business opportunities that a growing self-build sector offers.

So far, seven sites across the country have been identified by public bodies specifically for groups of people looking build their own homes.

Publicly-owned land for up to 60 homes is being made available at Trevenson Park, Pool, Cornwall and a further six sites have been identified by councils and the like, as follows:

Kingsweir and Torpoint, Bristol; Spencers Park, Hemel Hempstead; Pleasley Colliery, Bolsover Upper Tuesley Milford, Surrey; Wilson Road, Hanford, Stoke-on-Trent; and Chase Avenue, Walton Park, Milton Keynes.

In related news, the Royal Institution of Chartered Surveyors has recently updated its guidance on the valuation of self-build homes in efforts to increase lender confidence in the sector.

In particular, the new guidance addresses how stage payments for self-build projects should be factored into valuations.

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