The government is considering potential ways to solve the current housing crisis, and one of the methods proposed will be to build over 100,000 modular homes in the UK.
According to a report in the Sunday Telegraph, the government has set a target to provide one million new houses by the year 2020. A white paper is due to be published in November 2016, which will include a number of measures to tackle the housing crisis. One of those measures will be to entice banks to provide loans to companies which build the homes off-site prior to taking them to their ultimate destination.
The initiative is similar to the one which was launched following World War II, as the Government had to provide homes for families that had lost their homes during the conflict. The drive to reconstruct homes centred on prefabs, which appeared across the country. Although the prefabs constructed during the 1940s had a reputation for poor quality, technological improvements mean that the homes will be of a higher standard and quality won’t be an issue.
Ministers were reported by the Sunday Telegraph to be excited by the prospect of the latest prefab homes being built in as little as 24 hours, in addition to the potential cost savings.
People considering this option may want to talk to a CeMAP qualified mortgage adviser, to find out whether lenders would consider offering a mortgage for a prefab in the future, as this may impact on any decisions made about housing.