Hanley Economic Building Society has reported a 35% increase in self-build advances over an 18-month period running from the beginning of January 2019 to the end of June 2020.
The society described the extension of its self-build and residential product range into Scotland in April 2019 as one of the major driving forces behind its growth.
Hanley Economic’s ‘build for second home’ product – aimed at self-builders looking to construct a second residential home – as well as the lender’s ‘part-complete’ self-build product, which is aimed at borrowing for projects which are already underway, have also proved key to the society’s rise in advances. Both products were launched in December 2019.
The society has also updated its self-build guide to ensure intermediary partners and their clients are better educated on the self-build market in the current economic climate.
“This gradual uplift in self-build business has been generated over a lengthy period, meaning these figures are certainly no flash in the pan,” Hanley Economic business development manager, Sue Pedley, commented.
“It’s clear that existing homeowners are looking to take greater control over their ever changing property needs, first-time buyers are also less phased by the self-build process and modern methods of construction continue to push homebuilding boundaries. Factors which suggest that the appeal of self-build is only likely to rise.”
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