Self builders multiply as access to funding improves - Self Build Homes

  • Date: 01/11/2013
  • Source: Self Build Homes

Private house builders have accounted for a growing proportion of the homes built in Britain in the recent months, following the government’s Funding For Lending Scheme, which cut the cost of borrowing. Yet more could be done to help others achieve their dream of building their own home, according to house warranty insurance provider BLP Insurance.

Government figures show that the number of new homes built in the year to march in England was 108,190, down 8 per cent on the previous year and a hefty 49% below their 2007 peak.

A recent survey by BLP Insurance reveals that 54% of homeowners in the UK blame the lack of available funding as the key factor stopping them from building their dream home. Nearly one in five homeowners (17%) blame the lack of available land in the right area, while 14 per cent said they lacked the time to commit t the process of building their dream home. 

Other factors include the inconvenience of the building work and the lack of expertise, including not having the right contacts for builders and architects, fear of rogue traders and the pressures of building with a young family.

The news comes as the government looks at new initiatives to help generate housing as local governments come under increased pressure to supply more new homes. Thee have also been calls for the public sector to start releasing land to make way for new developments and get the building boom under way again.

Brian Kilroy, business development manager at BLP Insurance said: ”The lending community are starting to wake up from hibernation brought on by the recession and there are now more products and funding vehicles on the market which are available to self builders to allow them to get their projects underway.  But more still needs to be done to make access to funding easier for a much wider group of aspiring self-builders.

“Private landowners are starting to realise the financial potential locked in their land and the availability of smaller plots have increased over the last 12 months, paving the way for aspiring private house builders to construct their dream home.“ 

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