At the Conservative Party Conference earlier this month the Government announced additional support for house building in the UK. Amongst these were the £3bn Home Building Fund to support all private sector builders and the £2bn fund to support ‘Accelerated Construction’ and support new construction methods.
The BSA is looking at these modern methods of construction (MMC) and will be publishing its report on the topic at its Annual Lunch on 17 November. The report will support BSA members in understanding the range of MMC options available, examine their potential to address the shortage in UK house building, explore the barriers to increasing lending and propose recommendations to mitigate perceived risks.
MMC offers a number of potential benefits. These include building large sections of the property off-site and assembling on-site, speeding up the building process, improving energy efficiency and reducing the impact of bad weather. If scale and volume are increased more homes could be delivered economically.
Significant investment is taking place in factories across the country where these new homes can be built. Building societies, as a significant part of the mortgage sector, need to be able to lend on the same scale if we are to realise the benefits of modern construction methods, but action is also needed from builders and Government.
But there are questions that need to be considered if this potential is to be fully realised. These include the longevity of the property and whether the properties will be attractive to consumers.
The BSA will be publishing a report with its thinking on this topic on 17 November at its Annual Lunch. For further information, please contact Kate Creagh on email@example.com