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.”

    Share Story:

Recent Stories


Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.

An outlook on the BTL market
MoneyAge Editor, Adam Cadle, talks to Landbay senior regional account manager, Alex Witham, about current market sentiment within the BTL space and Landbay’s success in this area

Empowering advisers: A decade of education in Later Life Lending with Air Academy
Michael Griffiths is joined by chairman of Air Club and former founder and CEO of Air, Stuart Wilson, and head of the Air Academy, Daniel Holden, to look back on a decade of business focused learning at the Air Academy.


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.