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Government sees self-build as a way to provide affordable homes

The Government is trying to stimulate the housing market by promoting what it calls a "self-build revolution".

It’s calling on banks and building societies to provide the funding by making more mortgages available to people who want to build their own homes.

Housing Minister Grant Shapps said: "I want to create a self-build revolution where building your own home is not just the preserve of the privileged few. As the mortgage market continues its recovery, lenders have an ideal opportunity to diversify lending into areas such as this.

"I think there are real business opportunities for lenders here - as the market grows - and I call on them to help make this important housing sector more mainstream."

Mr Shapps says lenders should not be misled by the term by "self-build development" because most self-build projects are not "DIY builds" but involve professional builders, architects and project managers.

He added that people who want to build or oversee the building of their own home are usually very reliable and unlikely to default on mortgage payments.

Meanwhile, the Government says it intends to stimulate the housing market further by making more public land available for new homes and by reducing the burden of regulation on house builders.

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