Welcome to Suffolk Building Society, the new name for the Ipswich | Whilst we transition our systems cases will processed in the Ipswich portal, click here for  Ipswich portal tools

Self build client research – Ipswich Building Society

Written by Ipswich Building Society

25 Aug 2020

Tags

Brownfield, Renovation, Self build

2 min read

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:


Research was conducted by Walnut Research on behalf of Ipswich Building Society between 24-27 July 2020 amongst 2,012 UK adults aged 18+.

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – get in touch if you have any questions.

Found this useful? Why not share

Your browser is out-of-date.

Welcome to our new website. This site is not fully supported in Internet Explorer.
Please download one of the browsers below to continue using this website.

  • Google Chrome
  • Microsoft Edge