Paul Holmes, director of first-time buying experts Firstrung, said flat-pack houses were not “mortgageable assets” or worthy solutions from a quality housing standpoint. Holmes also said that, as a provider of first-time buyer mortgages, flat-pack housing offer “no solutions”.
“On first inspection, I thought this initiative was to alleviate problems that Gateshead council had at entry-level housing in terms of long-term homelessness or people that had even more severe needs for shelter.”
But as a solution for first-time buyers, Holmes said the concept didn’t “get off the ground”, suggesting such buildings did not apply to the normal mortgage world.
“First-time buyers will not find them attractive. Mortgage companies will not allow first-time buyers to buy them anyhow. So, a first-time buyer could fall in love with them but it will make no odds,” he said.
Holmes also suggested that the housing crisis in Britain required a long-term solution, adding that a sensible correction in overall property values was needed to bring them down to “affordable levels”.
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