'High value self-build projects support increase in private new home registrations' - SBH Online
- Date: 28/07/2014
Selfbuilder & Homemaker Online - By David Mote, Editor
The NHBC announced that private new home registrations had increased 6 per cent to 28,222 from March to May 2014, against the same period last year.
The NHBC’s chief executive Mike Quinton said:
“Housebuilding levels have remained steady, continuing through May and consolidating the high volumes seen in 2013.
“Overall we are seeing steady growth on last year’s exceptional figures and we obviously hope that this will continue throughout the remainder of the year as the sector continues its impressive recovery."
The NHBC does not identify specific self-build registration figures but with the government’s increased support of the custom build market, with initiatives like Right to Build, other housing sector commentators are seeing growth in the number of one-off building projects entering the market.
Many of these projects may be financed by private funding and are not obliged to work with a warranty provider. However, they still come onto the registration radar as these specialist property builders still appreciate the importance of build inspections to protect their investment and the benefit of the post completion 10-year build warranty. Additionally, should the self-builder wish to sell in the first 10 years, then it is worth considering some form of warranty cover to ensure that future buyers can obtain a mortgage.
Providing bespoke products for sectors of the housing market looking for greater flexibility in warranty conditions BLP Insurance Business Development Manager Brian Kilroy explained:
“We are experiencing a real upturn in the number of high value custom-built projects coming onto the market. We also find that high value bespoke builders are also looking for warranty products that understand and cover modern methods of construction whilst providing flexible post build occupation terms.
“For a self-build it is not only the builder who wants to ensure that the full value of the investment is covered, but also those who have invested in the build in particular the homeowner.”