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One in three would consider self build

Written by: Simret Samra
One in three people in the UK would consider building their own home in the next five years if the finance was available, Norwich & Peterborough Building Society has found.

Its research showed potentially strong demand for self build projects, with 12% insisting they would consider undertaking a self build project within the next 12 months.

The biggest attraction of carrying out a self build, with 42% of respondents in agreement, was to create a home that suited a person’s individual wants and needs.

Around 26% were attracted by the likelihood of a self-build working out significantly cheaper than buying an equivalent established property.

Its research showed that one fifth were attracted to self build because they could make a more efficient and environmentally-friendly home than with an established 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 those who enter the self build market tend to be either serial property developers or middle-aged people who have a reasonable amount of money behind them to build their own homes.

The National Self-Build Association said that around 15,000 people build their own homes in the UK every year and the market is worth £2bn, which is 1.4% of the overall UK mortgage market.

The government is looking to push that figure up to 50,000 homes a year over the next few years.
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.”

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