12 March 2015
The next phase of a multi-million pound fund has been unveiled to help aspiring custom builders get their projects off the ground more quickly.
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During a visit to the Hempsted Green custom build site in Peterborough earlier today, the Housing Minister Brandon Lewis announced that the next phase of the £150 million Custom Build Serviced Plots Loan Fund is now open to bidders. It will create up to 10,000 so-called ‘serviced plots’ – land prepared for housebuilding, and connected to utilities such as gas and water, so builders can go straight in and build. The average self build takes two years – but those using serviced plots can cut this by up to a year.
Mr Lewis said that more and more people want to build their own home and today’s move will help further unlock the “massive potential” the custom build industry has to expand.
Housebuilding is an important part of the government’s long-term economic plan, with custom build a key part of that. The custom and self build industry currently accounts for around 10,000 new homes every year – but the government is backing industry-led efforts to double that by 2020.
The £150 million fund – launched last summer – is open to small builders and community groups as short-term loans to help get the land ready for housebuilding. The land can then be sold as individual plots to people looking to build their own home.
Mr Lewis said he was determined to ensure as many people as possible could fulfil their custom build ambitions – so he has given the green light for the first three bids to proceed to the next stage of assessment. Subject to successful completion, three small building firms will receive a share of £850,000 to help provide 41 plots:
- Westward (UK) Ltd, St Helens; £294,000 to deliver 19 custom build homes at French Fields
- Developing Solutions Ltd, South Norfolk; £300,000 to deliver 14 custom build homes at Ringwood Close, Little Melton, Norwich
- South Dene Developments, West Lindsey; £265,000 to deliver eight custom build homes at South Dene Park
Brandon Lewis said: “Custom build should not be something that’s confined to a small and select group of people – anyone who aspires to build their own home should have the opportunity to do so. We want to see the industry grow significantly and this £150 million fund will help further unlock the massive potential it has to help even more people achieve their ambitions.”
Jason Orme, from the National Custom & Self Build Association, added: “This can only be a positive move for our sector. With this support for even more people to be fully involved in the construction of their own homes, we are confident that this country can become a leader in the delivery of custom and self build properties.”
