30TH OCTOBER 2020
Nearly a third of adults (32%) are interested in designing and building their own home, research from the Self Build Association and Building Societies Association has found.
However finding the money to finance the project is the biggest hurdle by three in five (59%).
Interest is highest in the young, with nearly half (48%) of those between 18 and 24 saying they were interested.
Andrew Baddeley-Chappell, chief executive of the NaCSBA, said: “The current lack of choice in our new homes market makes it different from every other country and every other consumer market.
“Only when there is diversity of choice will we get the diversity of homes that we want and need.”
The main benefit for building is seen as the ability to design a home to the owner’s exact specifications (74%), followed by the ability to create a home that can adapt to meet current and future needs (50%).
Paul Broadhead, head of mortgages and housing at the BSA, said: “It’s great to see that there are so many aspiring self and customs builders, particularly among the youngest generation (18-24yrs).
“Increased levels of home working this year have led many to realise the importance of future proofing their homes to suit their individual needs.
“Mutual lenders are leading the way to help these self-build dreams become a reality, with 21 building societies currently lending to people building their own homes, they are the clear choice for many and are leaders in this space.”
In response to COVID-19, almost two in five (39%) said the pandemic has made them need a home office space.
Author: Ryan Bembridge
