According to news reports on Zoopla, the future of the self build property market is looking pretty rosy. If you can’t afford to buy through the traditional channels, why not build your own home instead?
Self-build property mortgages are reportedly on the rise. It is perhaps no coincidence considering the economic climate and tighter requirements introduced by many lenders.
When it comes to financing, self build property looks like an attractive option, with 90% borrowing currently possible through specialist lenders. According to BuildStore, the first quarter of 2011 saw a whopping 30% increase in mortgage offers for this type of property. That’s not a figure to be sniffed at.
I have also discovered that at the end of the build, you can reclaim VAT on selected goods. However, this only applies if the new home is for private domestic use only. As an added benefit, you only pay stamp duty on the cost of the land on which the home is built.
You could be forgiven for thinking that self-build property is a preserve of the wealthy. Whilst that may have been true in the past, things are changing – fast. The exclusive image of old is currently being shrugged off and interest is rapidly increasing.
According to Ted Stevens, chairman of the National Self Build Association, it’s possible to build a 3-bed home for approximately £150k.
BuildStore chief exec Raymond Connor summed up the trend in a nutshell:
‘As well as enabling more people to build the homes they want and need, funding the self-build sector also helps to boost local economies and supports the construction supply chain.’
On the surface, it seems like everyone’s a winner. Self-build property is receiving some pretty good PR right now. Touted as cheaper than existing property and more satisfying and rewarding, its benefits are clear.
Whether or not the trend becomes widespread remains to be seen. I’ll be watching this one pretty closely.
Topics: self-build property
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