Self-build is one of the most popular ways for people to become homeowners across the continent, in Australia and in the United States.
While the UK has lagged behind other nations in self-build properties, at the moment one in seven people are researching the idea of building their own home with more than 40,000 registered on the Government’s Right to Build scheme.
In 2017 alone, around 13,000 custom and self-build homes were built in the UK.
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Conservative MP Victoria Prentis, who represents North Oxfordshire, has said she believes self-build can be one answer to the lack of housing supply across the country, a view that has been welcomed by the National Federation of Builders (NFB).
Its chief executive, Richard Beresford, said: “The Government backed self-build, but too few local authorities have realised its true potential.
“Self-build homes are typically built by local developers, who win work on reputation and employ locally, therefore contributing to local housing and local employment. What’s not to love?”
While not every custom-built property will be lavish enough to feature on a TV show such as Grand Designs, in practical terms, this type of home can save homeowners money while allowing them to create a bespoke property that suits their current lifestyle and family situation.
Self-build mortgages are more easily accessed from the big high street lenders, while stamp duty is only paid on the land purchase and not on the value of the finished home. With the stamp duty threshold at £125,000, that’s a good incentive to self-builders, especially first-time buyers whose threshold is £300,000 in England.
Manchester cheapest city for land
Manchester is the cheapest English city at £112,090 for land, followed by Salford ((£119,883) and Durham (£128,684). Liverpool is the most expensive city at £817,000 followed by Oxford (£508,333) and Leeds (£388,000).
Choose bespoke conveyancing services
Self-builders should shop around for the best-value and most appropriate conveyancing services when they have found their ideal plot of land.
Homeward Legal works with an expert panel of property law firms across England and Wales who have years of experience in processing property and land sales and purchases.
Talk to our team now on 0800 038 6699 for a no-obligation quote or compare conveyancing quotes online.