The cost-of-living crisis has yet to dampen people’s appetite for self-build with a third of people are still considering building their own homes, only a small decrease from 35% last time the survey was undertaken in July 2020, research from Suffolk Building Society reveals.
However, one in 10 have been put off a self-build project due to difficulties finding suitable land, and over two-thirds (69%) of potential self-builders do not know that some mortgage lenders will allow them to borrow to purchase land where planning permission has been granted.
The Society believes estate agents could benefit by discussing self-build options with their clients. The research also found that although 31% of those considering self-build would prefer to go for a completely start-from-scratch new build, 27% said they would consider a knockdown/rebuild project, and 21% said they would undertake a major renovation to an existing property.
ESTATE AGENTS
The Society also found that a third (36%) of potential self-builders plan to turn to estate agents and land agents to help them secure that perfect plot of land. The next two most popular methods to search for land were via their own research i.e., visiting planning departments and using Google Maps etc. (29%), and land and property auctions (28%).
The areas most likely to see the highest demand for self-build plots and properties are the South East (20%), followed by Greater London (17%) and the East of England (12%).
The most popular reason behind location choice for those considering a self-build, was already living in the region (19%), being closer to family and friends (17%), the area’s natural environment (16%).
Overall, those interested in a self-build were torn between urban areas (such as towns or cities) and rural areas (such as hamlets or villages), with 35% of respondents considering each. In comparison, only a fifth (18%) wanted their self-build to be somewhere completely remote.
MORE MAINSTREAM
Richard Norrington, Suffolk Building SocietyRichard Norrington, Chief Executive at Suffolk Building Society, says: “Self-build is considered a fairly standard route to homeownership in countries such as Hungary, France, and Sweden, and with better education and awareness from lenders, and the property industry as a whole, self-build could become more mainstream here in the UK too.”
The main motivation cited by over a quarter (28%) was the ability to design the layout of their own home, but this is a significant drop from 51% in 2020.
There was a broader range of reasons evident in this year’s research including self-building being a more affordable way of creating an ideal home (15%) and having a home in the right location (12%). One in 10 (9%) of those considering a self-build are doing so to create a home suitable for multiple generations under one roof.
Four in five (83%) want to make eco-friendly decisions about their future property. However, of these, seven in ten would only prioritise this if it was within their budget. Which is reflective of the current economic environment.
GOOD HOMES
Norrington adds: “As a country, we need to normalise self-build, encouraging regular people to build good homes, thus helping to reduce the housing shortage in the process and improving the collective carbon footprint of our housing stock.
“There are undoubtedly more hurdles in this process than in a standard house purchase – particularly at the moment with high labour and material costs.
“However, being able to design a property that meets your needs both in terms of function and aesthetics is hugely rewarding. We would like more people to know that some lenders are ready and willing to lend on land as well as for the build itself, and secondly, that self-build is more accessible than they might have previously thought.”
A luxury self-build house in Swansea.
