Prisk self-build pot gets LBG thumbs up
Self-builders outside the London area will have access to the pot of money until March 2015 in addition to the Custom Build Homes fund which is open until March 2015.
Prisk said: “From Barn conversions to bungalows anyone wanting to build new homes in their area should have the opportunity to do so. That’s why we are opening the door to a £17m support fund which will help people navigate the early stages of any project.”
Prisk said that the expanded fund will make it easier for aspiring self-builders and communities to get their projects off the ground, opening the door for hundreds of potential building projects across the country.
Previously community groups in England, outside London, could apply for funding to help them to formally establish themselves, prepare their development proposals and submit a Community Right to Build Order under the Localism Act 2011.
The new funding arrangements will enable more groups wishing to bring forward community-led development to apply even if they do not plan to use the Community Right to Build.
The expansion has the support of a range of community organisations such as the National Self Build Association and the National Community Land Trust Network.
Stephen Noakes, mortgage director at Lloyds Banking Group, carried out a review of the group’s approach to self-build mortgages focusing on changing criteria for kit construction methods.
He said: “The self-build sector has the opportunity to grow but self-build is both a long process and sometimes daunting.
“Unlike the guidance offered to first-time buyers, key agencies do little to inform self-builders of what is required of them and what they can expect from the process.
“Therefore we are very supportive of any support that helps stimulate this market.”