Self-build to increase 141% by 2015
Datamonitor attributes this growth to increased media coverage of self-build, combined with the government’s new proposals for encouraging the sector.
Self-build currently accounts for a marginal amount of mortgage lending, but the report suggests the sector could account for more than 1% of all lending within five years and labelled it “one to watch”.
Raymond Connor, chief executive at BuildStore Financial Services, said:
“The predictions made in the Datamonitor report are in line with our own expectations for the performance of the self-build market.
“As we have continued to grow our lender panel and introduce exclusive self-build mortgage products, our finance enquiry levels throughout 2010 remained strong, with a 25% increase in mortgage completions the last six months of 2011, as compared with 2010.”
He added that self-build is appealing to increasing numbers of homeowners, as well as mortgage lenders and the government.
Connor said: “As new reforms and policies come into force over the coming months, we expect to see a real shift, especially in terms of using self build to provide homes on a larger scale as part of community developments.
“Self-build is an affordable housing option, with the added appeal of control over the design and specification of your home – it is rightfully placed to become a mainstream housing option in the near future.”