E.surv launches register to limit lenders' exposure on new builds
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E.surv Chartered Surveyors has launched a register which collects valuation data on over 90 per cent of all new build developments in the UK in a bid to help lenders manage exposure when lending against these types of properties.
The database identifies new build developments across the country and the proportion of loans held by different users of the service. It can also capture information on construction methods and report on values of the properties involved.
Lenders with access to the database will also be able to access information on 1,669 developments and in excess of 117,000 recently constructed residential properties across the United Kingdom. E.surv estimates it will list an additional 585,000 properties on the database over the next five years.
E.Surv business development director Richard Sexton says: “It’s potentially risky to be the only lender on one site but in the past, it has been very difficult for lenders to measure their concentration risk. With access to the new homes register, our clients will gain a better understanding of their participation in each development.
“Because the register provides benchmarking data establishing reasonable estimates of value on new sites before lenders instruct a valuer, it can also potentially save a lot of money and help manage expectations at an early stage in the home buying process.”
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