Third of Brits would give up garden to build another property
A third of UK homeowners say they would give up part of their garden to build a new house, according to Together.
The specialist lender found that more than 34% are prepared to take on a major self-build project to create another property on their land.
And they’re prepared to sacrifice their garden space to do it.
The survey comes after the Government launched its proposals new £150m Help to Build scheme. The scheme will aim to make it easier and more affordable for people to build their own home. It will work in a similar way to the Help to Buy Equity Loan to enable self-builders to get a mortgage with just a 5% deposit.
Of those who said would attempt a self-build, 14% want to create a permanent home for a family member, 10% would build a house to sell and 8% would move into the new property themselves.
Scott Clay, distribution development manager at Together, said: “People are thinking more creatively about how they could use their outside space, whether that is providing a standalone home office, a home for themselves to live or sell, or a specially-designed home for elderly or disabled relatives.
“It’s important that homeowners have enough space and get any required building consent, including planning permission, before they take on a self-build. They will also need a lot of planning, determination, and the right finance in place before they start their project.
“However, as well as Help to Build, there are other options of funding your own build, depending on the borrower’s ability to repay the loan. This could be through an advance from an existing lender, a self-build mortgage, or a remortgage, bridging loan or other types of property finance from a specialist lender.”
The survey also found that more than a quarter (26%) want to install a standalone ‘granny annexe’ to use when friends or family visit, as extended families look for ways to live closer together after being kept apart during the pandemic.