The Inside Edge
You may have considered building your own home yourself or know somebody who has taken the plunge. More and more people are starting to take up the challenge in a bid to build their dream home and a more efficient living space.
A study conducted by Norwich and Peterborough Building Society has revealed that one in three people in the UK would think about building their own property in the next five years.
The research has shown what could be strong demand for more self-build projects in the near future with 12% of those questioned saying they would consider undertaking the project in the next 12 months.
So, what’s the big attraction with self-build? It seems the most important draw is the freedom to design and build a home to meet the needs of the individual. Around 25% also said they liked the idea of self-build being cheaper than buying an established property of the equivalent size and location.
One fifth of those questioned also said they were attracted to self-build because they could build a much more energy efficient and environmentally sound property.
Richard Barker, mortgage manager at N&P, said: “Self-build is a market with huge potential which could have many benefits for those willing to carry out a self-build project.”
N&P said that those who choose to enter the self-build market are usually ardent property developers or those in their 50’s who have significant funds to build their own homes.
The National Self-Build Association reported that over 15,000 people choose to build their own property in the UK each year and that the market is worth around two billion pounds which equates to 1.4% of the mortgage market in the UK.
The Government is now looking to increase that figure to 50,000 homes annually across the next few years by launching a number of initiatives to make self-build more appealing.
Barker said: “It’s definitely a tall order for the government, but it does have the backing of the National Self Build Association, which has the same goal.
“In addition, Housing Minister Grant Shapps is also looking to open up self-build to more people and is holding working groups to discuss how to finance it. This should all help towards boosting the market.”
If you are interested in building your own home we’ll be publishing a guide later this week that will tell you how to get started, the pitfalls, the advantages, and details about costing.