Cheap land, cheap labour and accessible funding make this the best time in years to build your own home from scratch
As years go, 2009 is not proving to be a great one for the housing market. Prices have plunged precipitously, repossessions are on the rise and mortgage deals are thin on the ground. Hunkering down and trying to weather the storm seems to be the safest course. Surely, then, to get out the bricks and mortar – or, more likely these days, wood – and start building your own home would be the height of folly?PlotSearch, a database that enables self-builders to look for suitable land, says that the number of plots on its books rose by 20% during the course of last year – at the latest count, it had 7,628 of them across the country advertised for sale. They are also getting cheaper. “Land prices are down by 50%, whereas house prices are down by 15%-20%, so you’ve already seen a significant differential,” says Liam Bailey, head of residential research at Knight Frank estate agency.
Obtaining a regular mortgage these days is not easy, but lenders are still keen to finance self-builders – offering as much as 95% of the land and build cost.
Yoop architects could assist in finding plots and evaluating your options, call Bash for advice 020 8954 6291or bk@yooparchitects.co.uk
Also Castleview mortagages 0844 561 7177 for finance advice.
Source:
March 15, 2009
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