Date added: 7 August 2011
The Government's support for self build appears to be 'in-tune' with public demand as new research by Norwich and Peterborough Building Society finds that 1 in 3 people would self build within the next 5 years if finance was available, 1 in 9 would do it within 12 months!
These are impressive figures and reflect the public's appreciation of the benefits that self build has to offer:
Richard Barker, mortgage manager at Norwich and Peterborough, 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."
He went on to praise the work of the Government/Industry Working Group and it's action plan for boosting self build as a mainstream housing option.
"We welcome the work that Grant Shapps, the Government and the Working Group are doing to promote self build. There are a number of challenges which the industry needs to address, including the availability of land. Individuals and lenders shouldn't be put off by self build, it is no more risky than other ownership models and we, as a responsible mutual society, are fully behind the initiative to empower more people in the UK to build their own homes."
Norwich and Peterborough are an established self build mortgage lender and it's great to see them encouraging other lenders to support people who want to build their own homes.
This research shows that the demand is there and as the barriers identified by the working group begin to come down, more and more people will be able to take advantage of the many benefits self build has to offer.