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Britons show appetite to build their own home

Britons show appetite to build their own home

Category: Mortgages

Updated: 27/07/2011
First Published: 27/07/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Millions of Britons would consider building their own little slice of home, new figures have revealed.

Almost one in three people (30%) would consider having their own home individually built in the next five years if the finance was available, research from Norwich & Peterborough Building Society has revealed.

The self-build market makes up just a tiny proportion of the overall UK mortgage at present, with only 15,000 built each year.

However, the Government recently signalled its intention to give the market a boost and aims to take the figure to nearer 50,000 each year.

The Housing Minister Grant Shapps said he wants to open up the option of self-build to more people and is working with the relevant parties to cut red tape and make the process easier.

Of those that said they would like to take self-build the route to home ownership, 42% said they would like to create a home that suited their individual wants and needs.

Just over a quarter (26%) were attracted by the likelihood of a self-build working out significantly cheaper than buying an equivalent established property.

One fifth (21%) said they'd like 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, not to mention the benefits for the general economy and some of the problems surrounding the housing market in this country.

"This research proves that people are genuinely interested in building their own home, if they can get the right products to help them.

"There are many myths that need to be dispelled around self-build - you don't have to have a background in the construction industry or know the difference between a chisel and a trowel.

"You don't even have to get your hands dirty at all as it is quite common for people to employ a project manager, and you can get a mortgage to help you buy the land you want your home to be built on."

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