More Brits are now seeking out alternative methods to get a first foot on the property ladder as house prices continue to climb across the UK and mortgage lenders tighten their belts. In the face of adversity, people are starting to turn to the developing self-build industry to build the perfect home for themselves.
Following an acute housing shortage that has spanned decades, choosing to build your own home in the UK has never made more sense. Creating your dream home from scratch no longer means that you need construction skills and building industry knowledge as more help is on hand to budding property owners than ever before. In 2014 alone, 12,000 self-builds were constructed across the UK, while self-build volumes are forecasted to rise during the next five years.
The emerging industry is distinctly European in its approach. Considering that 50% of homes in Germany and France are self-built, this method of construction has proven a successful and integral way to house the next generations overseas.
The benefits of building your own home from scratch are far reaching from the outset, many of which are in stark contrast to the mainstream property market. Whatever the style or setting for a self-build, total costs normally fall 20 to 30% below market value. The majority of self-builders are also not obligated to pay stamp duty and VAT on the value of the property. The profit margin and additional perks can then provide new opportunities to complete further exciting and innovative construction projects.
In order to kick start momentum, a £150 million fund has been introduced as part of the ‘Right to Build’ scheme. To tackle land issues that held back self builds in the not too distant past, the scheme allows people to buy plots of council land to develop into a property of their choice. In 2014, this funding was put to good use by 11 authorities across the country to open up thousands of plots and custom-built homes.
So, what do you need to build your own home? The simple answer is help. More and more construction companies are including in-house design and new build projects as an integral part of their business model. The benefits speak from themselves: make 2015 the year that you create a prized asset for generations to come.
Ben Copper, Managing Director of Nutshell Construction, takes a look at how new build homes can offer a great alternative for prospective home owners in Sussex