Sourcing and financing a plot remain self builders’ biggest concerns

Finding a suitable self build plot remains one of the biggest challenges faced by self builders, according to new research from Ipswich Building Society.

A new survey from the society revealed that one in five potential self builders cite finding a plot to be a concern but ahead of that, 40% of respondents believe financing their build would be the most difficult aspect of the project.

Another challenging issue for self builders is finding the right contractors, with 20% believing this would be the hardest part of the process.

The research, based on responses from 2,012 UK adults, also found that 35% are currently considering a self build project at some point in the future. Ipswich’s study revealed the main motivations for people building their own home are control over design (51%), environmental factors (28%), and financial reasons (17%).

“Since the introduction of government legislation on 1 April 2016, self build projects have become a more recognised and viable choice for many people,” commented Ipswich head of mortgage sales, Charlotte Grimshaw. “However, finding the perfect plot of land is still something that self builders are concerned about.

“The introduction of Right to Build was a significant step for this often overlooked sector and with the UK having the lowest known rates of self build homes in the world, coupled with a substantial shortage of homes, local councils would do well to promote these registers more tenaciously, to ensure a continual supply of suitable plots.”

Those planning to embark on a self build project, however, need to be aware of the classification of their build with regards to their mortgage application, according to Ipswich’s research.

The society’s study found that more than half (52%) of people were unaware they would need a self build mortgage and not a standard residential mortgage for the major renovation of any property or self build project.

“As an industry, we all need to do more to ingrain self build as a manageable and achievable option for homeowners,” Grimshaw added.

“Self build projects do not have to be of the scale or cost that we’re accustomed to viewing on television. They can be a really viable option for people with a vision and creativity who would like to design their own home within a reasonable budget too.”

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