The Cambridge hosts innovative construction event
8 March 2018 • Our Insights
The Cambridge Building Society has hosted industry colleagues at a unique event designed to increase knowledge and awareness within the building society sector of new house building techniques and technologies – more commonly known as modern methods of construction.
Held at the innovative Arthur Rank Hospice at Shelford Bottom, yesterday’s event saw 10 building societies from across the country coming together to hear industry leaders in this field from Legal & General Surveying Services (LGSS), BLP Insurance and Lloyd’s Register. Delegates heard about the latest thinking in modern methods of construction and accreditation schemes that are available for builders and manufacturers.
Modern methods of construction in housebuilding is not new, but awareness is certainly starting to grow with the term now being used to cover a wide range of construction types. Stimulating demand for this type of housing was also highlighted as a key objective of Homes England by its Chairman when it was launched in January by the Housing Secretary Sajid Javid. The event is the first in what is hoped will become a series of events that will support lenders adapt to changes in the construction industry.
Vicky Stubbs, Chief Risk Officer at The Cambridge said; “Building societies have always been at the heart of helping people have a home and over the last 150 years the approach to house building has changed dramatically. As technology and science have improved, a whole new range of materials and construction techniques now play a part in helping to provide homes in Cambridge and beyond. While these are exciting times that offer homeowners many more options than before, it is important that lenders keep up to date with the latest thinking to adapt underwriting criteria as appropriate.”
Tracy Simpson, Head of Lending at The Cambridge said; “We’re delighted to host this event which has seen keen interest from many societies – particularly those where individual underwriting is a key part of their offering. Lending across the sector remains very strong and building societies play a key role in helping to finance the home ownership ambitions of many borrowers. The Cambridge itself saw borrowing demand from across all age groups in 2017 and continues to look for new ways to find solutions for people living in our region.”
James Ginley, Technical Director at LGSS added; “This is a key sector as building societies are agile and in a good position to underwrite innovative forms of construction with property expertise provided by LGSS. We recognise the opportunities currently presented by self build and custom build in government policy which LGSS is helping the Ministry of Housing, Communities & Local Government to develop.”