Government wants a self build revolution
Housing minister Grant Shapps has today launched an initiative to encourage more people to build their own homes by improving access to self-build mortgages.
Working with members of the National Self Build Association (NaSBA), the Government will develop an action plan to boost the number of self builders across the country, and address the common barriers aspiring self builders face, including the shortage of self build mortgages.
Mr Shapps said for far too long the aspirations of ordinary people to build their own home have been thwarted by barriers and red tape, and that the Government wanted the idea of ‘building your own home' to become mainstream and less problematic. Barriers that stand in the way of self builders will be torn down - including a complex and bureaucratic planning system and regulatory burdens, and the Government is working with NaSBA to tackle the issues lack of access to land and finance.
The announcement has been welcomed by self build finance specialists as well as founding member of NaSBA, BuildStore, which has been developing practical funding solutions for the sector for over ten years.
Commenting, chief executive of BuildStore, Raymond Connor, said: "This is great news for aspiring self builders, the construction supply chain, and local economies.
"This level of support from Government is exactly what is needed to kick start a new revolution of self build homes, and we are looking forward to working with Mr Shapps' officials to develop the action plan and tackle the issues.
"We have been making the case for self build as a valid housing procurement route for some time and the current climate has created a unique opportunity for the self build sector, especially for mortgage lenders.
"By virtue of the political, social and economic conditions, demand for self build funding is expected to grow, especially considering today's announcement. Currently, only one in four prospective self builders are able to secure the funds they need, so lenders need to respond and address the need for more meaningful, customer-friendly products in order to serve the sector appropriately."
The new Community Right to Build will offer communities the chance to give the green light to new developments without the need for specific planning applications, whether its local people working alone to build their own homes, or entire communities coming together to build the homes and amenities the area needs.
BuildStore has already been addressing the availability of self build finance, with a new market report exploring the future of the self build lending market, and will host a lenders conference in March, in partnership with the Building Societies Association, to highlight the benefits of lending in this sector.
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