We’re experts in self build mortgages, having seen many types of cases from many types of borrowers. So, we recently conducted research to find out what UK adults think about building their own home – and here’s what we found out.
One third (35%) of UK adults are considering a self build project at some point in the future
Over half of these (51%) said their main reason was the ability to design their own home layout, and 28% cited the ability to make environmentally friendly decisions about the build or design process. Economic or financial reasons were stated by 17%.
The main challenge was felt to be the financial aspect with 46% of those interested in a self build project stating this
72% of potential self builders were not aware they would need a specialist self build mortgage rather than a standard residential deal, if it was needed to pay for major renovations.
82% of potential self builders would be more inclined to consider a brownfield site if they were offered a tax break
This could be in the form of a VAT exemption or other monetary benefit (such as a government interest free loan to prepare the land for building). A third (31%) of would-be self builders were not aware of brownfield site registers, but when they were made aware of these, almost double (61%) thought the registers had the potential to help them find a suitable plot.
Useful resources:
- Self build and brownfield land – your questions answered
- Case study: how we assisted a broker with a self build mortgage for clients undertaking large scale renovations
- Self build hub
Research was conducted by Walnut Research on behalf of Ipswich Building Society between 24-27 July 2020 amongst 2,012 UK adults aged 18+.
