Another challenging issue for self-builders is finding the right contractors, with 20 per cent believing this would be the hardest part of the process.
The research also revealed that 35% of British adults are currently considering a self-build project at some point in the future. The main motivations for building their own home are:
Control over design (51%)
Environmental factors (28%)
Financial reasons (17%)
The research also revealed that those considering a self-build project feel that location is their most important consideration when choosing a plot (40%) followed by price (17%). People are also mindful of whether full planning permission has been approved (12%) and the size of the plot (12%) as well as whether outline planning permission has been approved (9%).
Right to Build
Right to Build Day on 30 October, launched by the National Custom & Self Build Association (NaCSBA), is the first anniversary of the date all English authorities were required to demonstrate they have granted enough permission for people who signed up to the Right to Build registers held by their individual local council.
Charlotte Grimshaw, Head of Mortgage Sales at Ipswich Building Society said: “Since the introduction of government legislation on 1 April 2016, self build projects have become a more recognised and viable choice for many people. 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.”
Lack of awareness about self build mortgages
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. Ipswich Building Society’s research reveals that 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.
Ipswich Building Society advises that if the mortgage applicant has to live in a separate dwelling during the build, or if major renovation work leaves a property without kitchen and/or bathroom facilities for an extended period of time, this would usually fall under most lenders’ criteria for self-build. However, as self-build mortgages are more complex than a standard mortgage application, it can be advisable to seek guidance from a mortgage intermediary who has experience in this area.
Grimshaw continued: “As an industry, we all need to do more to ingrain self build as a manageable and achievable option for homeowners. Fortunately or unfortunately, the idea of self-build is very much linked to programmes like Grand Designs, which on the one hand is a superb source of inspiration, however, 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.”
