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Developers can’t build new homes without funding

Regarding your story ‘Beckett calls for house builders to keep building’ (Mortgage Strategy Online, November 20).

Developers have not ceased building as a matter of choice but as a consequence of lenders not releasing adequate funds.

And even if developers manage to secure reservations, most lenders instruct their valuers to disregard the benefits and enhanced value of new-build property and downvalue prices.

Those unfortunate house builders that in line with government and local planning directives have constructed city centre apartments have no chance of selling to anyone other than cash buyers as most lenders will no longer finance properties of this type.

We would love to hear how the government thinks it is possible for the housing industry to continue to build without cash to fund it.

Sarah-Jane Phelps

Sales and marketing director

Colburn Homes

Cirencester

Gloucestershire

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