5 October 2014
Millions of would-be self and custom builders are willing to explore building a home for themselves, according to a UK trade body representing mutual lenders and deposit takers.
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Despite the fact that less than 10% of properties built in the UK are custom build, a survey for the Building Societies Association (BSA) has found that more than 21 million Britons have declared they are open to building their own home.
The BSA’s Property Tracker survey also revealed that Britons are increasingly open to the types of properties they want to live in and want greater diversity in the types of properties and tenures available to them. One in five people said they would be open to living in an off-the-shelf kit home.
The research also shows that access to mortgage finance is now the single biggest barrier to owning a home among first-time buyers, rising above raising a deposit for the first time since 2012.
Commenting on the results Paul Broadhead, Head of Mortgage Policy at the BSA and the National Custom & Self Build Association’s Finance Representative, said: “These consumer views results illustrate the major barrier that Government has to overcome when it comes to boosting housing supply in the UK.
“We also need strong leadership to ensure that we have more of the types of properties that a growing portion of the country is crying out for like custom build and kit houses.”
