The latest figures released from Saffron Building Society have revealed that recent self-build completions have grown by 144% when compared to the same period last year with a mix of first-time buyers and property conversions through to large, multi-plot projects.
According to figures from the National Custom and Self Build Association, a self-build project can save first-time buyers between 10-20% on the price of their first home.
Despite the rise in popularity, self-build homes only equate to 8% of new builds in the UK, compared with 60% in Germany.
Colin Field, CEO of Saffron Building Society, commented: “We are delighted to see that the interest in self-build mortgages is on the increase. With the fluctuations in the market, it is a really feasible option for first-time buyers as a complete build will face too many financial changes – just material cost. Another positive is the amount of people upgrading current property stock. Bringing them in line with current regulations, extending them and making them habitable and then marketable should they choose to sell, great for the environment.
“A self-build might seem a little daunting, especially for a first-time buyer. But, the structure of the lending is so flexible, releasing funds at pre-set stages of the development to assist with cash flow, it is a very supportive way to get on the market. It can be an exciting and rewarding path to your first home; or update, grow or improve your current home.”