For many house hunters, self-building is something that seems out of their grasp. However, the introduction of the Government’s Help to Build scheme is likely to change that, offering self-build loan options to make it more accessible than ever before.
From the moment it was first mentioned, the scheme has had Graven Hill’s full backing. It’s always been our mission to help change the public’s attitudes towards self-building, and we’re strong believers that it will pave the way for UK housing. One of the biggest challenges currently is the location and availability of self-build land, and it’s vital that more becomes available nationwide to meet the expected demand.
As life evolves, so do housing requirements and, in our opinion, these shouldn’t have to be compromised. In recent years, we’ve seen that the interest in self-build plots is significantly higher than the more traditional options, proving that the appetite is there when buyers are given the opportunity.
So, what will it mean for me?
While current details of regulations around the self-build house scheme are limited, the Government has confirmed the following:
- It will provide an initial £150 million in dedicated funding to turn self-building into a realistic option for everyone in the UK
- Set to run over four years, Help to Build will operate in a similar way to the Help to Buy scheme, allowing house hunters to secure a building plot with a deposit as low as five percent, topped up with a government-backed equity loan
- Buyers can also use the scheme to purchase custom build new homes with the same low deposit as the self-build mortgage
How can I make the most of Help to Build?
With demand expected to be high, we will be releasing a number of new self and custom build plots for buyers looking to create their own home. Alongside the financial support of the Help to Build scheme, our self-builders will continue to benefit from our Plot Passports and Golden Brick packages, which have been designed to make building your own home simpler.
The recent Bacon Review reflects what we have known for years: self and custom building is the way forward for UK housing. With one of the key focus areas being Help to Build and its role in closing the housing gap, we are expecting more details of the scheme, as well as the date for applications to open, in late summer.
So, in the meantime, why not get in touch with our friendly team today to discuss how we can help make your self-build dream a reality.