The new database, launched by e.surv chartered surveyors, will help lenders identify new build developments in the country and the number of loans held by users of the service. It will also store information on the construction methods used by developers, and identify modern methods of construction.
Richard Sexton, business development director of e.surv, said: “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.
“The Register will provide data, establishing reasonable estimate of value on new sites before lenders instruct a valuer, and it will help manage expectations at an early stage in the home buying process.”
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 UK.
Sexton added: “We estimate that the database will have an additional 585,000 properties over the next five years.”
