{"id":5023582,"date":"2019-05-13T08:22:57","date_gmt":"2019-05-13T07:22:57","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=5023582"},"modified":"2023-10-10T15:11:11","modified_gmt":"2023-10-10T14:11:11","slug":"government-encourages-aspiring-self-builders","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2019\/05\/13\/government-encourages-aspiring-self-builders\/","title":{"rendered":"Government encourages aspiring self-builders\u00a0to bolster UK housing supply"},"content":{"rendered":"

1 in 7\u00a0people\u00a0are\u00a0currently in the research process of building their own home. Dubbed as self-builders, this form of development is on the rise with 13,000 custom and self build homes constructed in 2017.<\/h3>\n

Currently,\u00a0only 8%\u00a0of new\u00a0UK\u00a0homes are custom or self-built, but government incentives have been introduced to try and boost\u00a0the number of\u00a0self and custom built homes\u00a0from 13,000 to 20,000 (35%)\u00a0in the UK\u00a0every year.<\/p>\n

With over 40,000 people registered on the governments Right to Build scheme (which\u00a0allows local authorities to look to make plots available to self-builders)\u202fsince it opened last year, evidence suggests that self-building is becoming a more recognised and viable choice for many people.<\/p>\n

Securing capital is getting easier<\/h3>\n

Securing the capital to undertake such an expensive venture is one of the biggest challenges for aspiring\u00a0self-builders.<\/p>\n

Traditionally mortgages for self-build projects have been\u00a0difficult\u00a0to secure, but an increasing number of lenders have started to offer\u00a0mortgage products for this market.\u00a0\u00a0Since the risk to the lender is quite high, borrowers require a significant deposit of at least\u00a020\/25% and will have to plan for receiving the finances\u00a0in\u00a0stage payments,\u00a0as each phase of the build is completed.<\/p>\n

While\u00a0the higher rates for\u00a0self-build mortgages\u00a0might\u00a0initially\u00a0be off-putting, they\u00a0do\u00a0enable you to build your ideal\u00a0home without raising all the funds yourself.\u00a0Plus you\u2019re only tied in until the build is completed when you\u00a0can remortgage onto\u00a0a\u00a0standard mortgage\u00a0with a lower rate.<\/p>\n

Stamp duty is only paid on the land<\/h3>\n

Self-builders can\u00a0save thousands on stamp duty, as it only has to be paid on the land itself if the cost\u00a0passes \u00a3125,000\u00a0\u00a0and that increases to\u00a0\u00a3300,000 for first-time buyers.\u00a0(First-time buyers can apply for self-build mortgages too).<\/p>\n

If you\u2019re flexible on location,\u00a0you can save thousands<\/h3>\n

Where you choose to self-build can make a big difference to your bank balance.\u00a0Land is considerably cheaper in certain\u00a0areas in the UK.\u00a0For example,\u00a0the average price of a plot in Liverpool\u00a0at\u00a0\u00a3817,000\u00a0\u00a0is seven times more expensive than in Manchester\u00a0which is a mere\u00a0\u00a3112,090, according to research by Insulation Express for National Custom and Self-build week.\u00a0\u00a0Their research has also identified the top ten cheapest cities in the UK for aspiring self-builders:<\/p>\n

\"Government

1.Inverness – \u00a391,062<\/p>\n

2.Dundee – \u00a395,000<\/p>\n

3.Manchester – \u00a3112,090<\/p>\n

4.Salford – \u00a3119,833<\/p>\n

5.Durham – \u00a3128,684<\/p>\n

6.Wolverhampton – \u00a3146,666<\/p>\n

7.Southampton – \u00a3156,666<\/p>\n

8.Plymouth – \u00a3170,000<\/p>\n

9.Lincoln – \u00a3173,316<\/p>\n

10.Newport – \u00a3195,500<\/p>\n

And the ten most expensive:<\/p>\n

1.Liverpool – \u00a3817,000<\/p>\n

2.Oxford – \u00a3508,333<\/p>\n

3.Leeds – \u00a3388,000<\/p>\n

4.Portsmouth – \u00a3371,250<\/p>\n

5.Derby – \u00a3356,428<\/p>\n

6.Peterborough – \u00a3328,741<\/p>\n

7.Cambridge – \u00a3323,333<\/p>\n

8.Cardiff – \u00a3303,750<\/p>\n

9.Birmingham – \u00a3274,714<\/p>\n

10.Edinburgh – \u00a3256,000<\/p>\n

According to the research,\u00a0rising house prices are a driving force behind the increase in self-builds as people want more for their money than what\u2019s available in today\u2019s housing market; plus\u00a0there\u2019s the added bonus that\u00a0self-build homeowners\u00a0on average gain 29% in the value of their completed home.<\/p>\n

 <\/p>\n

It\u2019ll take time for\u00a0the UK\u00a0to catch up with the rest of the world though.\u00a0In Canada\u00a050% of new homes are self-builds, and in Austria,\u00a0it\u2019s a\u00a0massive\u00a080%!<\/p>\n

\"Government

\"Government

1 in 7\u00a0people\u00a0are\u00a0currently in the research process of building their own home. Dubbed as self-builders, this form of development is on the rise with 13,000 custom and self build homes constructed in 2017. Currently,\u00a0only 8%\u00a0of new\u00a0UK\u00a0homes are custom or self-built, but government incentives have been introduced to try and boost\u00a0the number of\u00a0self and custom built… Read more »<\/a><\/p>\n","protected":false},"author":3380,"featured_media":5023594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[61,6],"tags":[414],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/5023582"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/3380"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=5023582"}],"version-history":[{"count":1,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/5023582\/revisions"}],"predecessor-version":[{"id":6097622,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/5023582\/revisions\/6097622"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/5023594"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=5023582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=5023582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=5023582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}