Government kickstarts self build ‘revolution’ with £150m fund
The government has launched a £150 million fund for self-build housing and outlined plans to turn the sector into a ‘mainstream, realistic and affordable’ option.
The plans will allow people to custom-build a new home with just a 5 per cent deposit alongside a Government-backed equity loan, similar to the Help to Buy scheme.
Alongside the mortgage deal – dubbed 'Help to Build' – ministers have also announced funding for local authorities to develop public land for custom and self-build housing, alongside a review into how delivery can be increased.
Many people in the UK are interested in building their own homes but, unlike in Europe, the self-build sector remains a niche market, with just 7 percent of all homes built in this way – an estimated 13,000 units in 2018.
Andrew Baddeley-Chappell, chief executive of NaCSBA, said: ‘The Action Plan represents the single most important announcement for the custom and self-build sector since the establishment of NaCSBA over 10 years ago.
‘For too long England has been out of line with the rest of the world with regards to the lack of consumer choice in our new homes market. The consequences of this have become all too clear, as has the need for change. This Action Plan will ensure an environment exists in England that delivers more and better homes.