'Lack of land and finance stops dream home fantasy' - www.primelocation.com
- Date: 08/08/2013
Posted by Prime Location Staff Writer: Frances McDonald / 8 August 2013
For many Brits, the chance to build their own property is a dream, but unfortunately for most it is just that - a fantasy that they will never get to see come to fruition thanks to a number of factors that get in their way.
According to a study conducted by BLP Insurance, most Brits would undertake the task of building their own dream home if they could, but some 54 per cent said they didn't think they would ever be able to get the sort of money this would require to even attract funding.
Another 17 per cent blamed a lack of land available in the right parts of the country for them not being able to do so - many people want to build in rural areas, but land here is often protected and hard to come by thanks to high demand.
"The lending community are starting to wake up from the 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," Brian Kilroy, business development manager at BLP Insurance said.
Other common reasons for people being unable to build their own home included things like a lack of time to complete the project and the upheaval it would cause for them if they had a young family.