BSA comments on the Bacon Report on Self- and Custom-Build Housing

The Building Societies Association (BSA) comments on the publication of the Bacon Report review on Self- and Custom-Build Housing.

Paul Broadhead, Head of Mortgage and Housing Policy, BSA, said:

“This report represents a welcome step in making self- and custom-build homes more mainstream in the housing market. We desperately need more homes of all tenures across the UK, and self and custom build has a key role to play in this. 

“The majority of lenders who are active in the self-build market are small and regional building societies, whose more bespoke approach to underwriting and releasing funds has often been necessary with these mortgages.

“However, the advent of custom-build and the widespread provision of serviced plots provides an opportunity to streamline the custom build part of the market. There is an opportunity for mortgage lenders, custom-build housing providers, Government and regulators to work together and seize this opportunity to bring a step-change to our housing supply and provide some long overdue choice and additionality.

“To achieve the lofty ambition of 100,000 properties a year would require significant changes across many areas including insurers and mortgage brokers, as well as an increase in appetite from larger lenders.” 

Kindly shared by Building Societies Association (BSA)