Self-build homes 'becoming more affordable'
The government says building your own home is becoming more affordable following the introduction of new measures to support the self-build industry.
In the Budget, the Government announced it would create a £150m repayable fund to help people who want to custom build. This will help to service up to 10,000 plots.
Ministers are also looking to extend the Help to Buy scheme to cover custom built homes.
In February, the Government helped self-builders save thousands of pounds by exempting them from the Community Infrastructure Levy payable to local councils.
Planning Minister Nick Boles said that working with a specialist developer can be a cheaper way into home ownership. He said: “There is huge potential for many more people to take up the opportunity to build their own home as a cost effective way into home ownership. The reality is that custom building a house can be a cheaper way to provide a home for you and your family and I want to see many more people making use of it.
“We all know we need more homes and this could be a very good option for many more people wanting to get onto the property ladder.”
Only around 8-10% of homes in the UK are custom built. This figure is a long way behind other European countries. In Germany, France and Italy around 60% of homes are self-built while in Austria the figure rises to 80%.
Please contact Eugene Pritchard if you would like more information on the legal aspects of buying and selling a home.