More mortgages needed for office-to-resi conversions

Pineview Property Group say office-to-resi conversions could help solve the housing crisis, but are calling for more mortgages to be approved.

The developer of office-to-resi conversions says mortgage approvals for office-to-resi conversions are on the increase, but call for more to be approved in a bid to help solve the housing crisis.

Pineview Property is calling on lenders to take advantage of the opportunity to approve more mortgages in the new and growing market of office to residential conversions.

James Foster, Head of Sales at Pineview Property, said, “The Government’s recent white paper called the housing market ‘broken’.

“We agree – but there is a very simple way to repair it. Thousands of office buildings across Britain stand vacant or partially occupied, and these otherwise empty buildings can easily be converted into new homes in a process that is far quicker than building from scratch.

“Conversions take months to build instead of years, and with one million new homes needed before 2020, we can reach that target far faster by converting existing buildings than we can by building new ones, while still providing homes close to modern amenities, with excellent transport connections and with car parking on site.”

James added, “These properties are high quality, affordable, secure and well-maintained, and are often run by a property management company.

“These are opportunities to create affordable homes quickly, close to key transport links and within easy reach of London.

“Mortgage lenders who take the initiative with new and innovative residential opportunities and help first time buyers get a foot on the ladder in these developments will find that they are leading the curve, and playing a vital role in helping to solve the housing crisis with a forward-thinking solution of commercial property refurbishment.”

Permitted Development legislation allows for a highly sustainable method of providing new housing stock, through the conversion of formerly commercial properties.