New Affordable Self-Build Home Scheme Touted by the Government
It has been clear for many years now that the UK government is unlikely to come close to its ambitious goals regarding widespread construction of affordable homes within the next five years. Various initiatives have been introduced to encourage first-time buyers to invest, but affordable inventory remains dangerously scarce.
Now, the government has announced an entirely new programme aimed at those considering building their own homes from scratch. Known as the Help to Build scheme, the initiative has been allocated more than £150 million in Government funding, which will be used to make it more affordable for people to build homes themselves.
The ambitious proposal supposedly has the potential to increase the number of self-build properties built in the UK each year to as much as 40,000. Self-build homes provide buyers with the opportunity to customise their properties to suit their needs and preferences, though have typically been seen as a prohibitively complex and costly option.
A Realistic and Affordable Option
Announcing the programme, Housing Secretary Robert Jenrick stated that the self-build option would no longer be exclusive to wealthier individuals and affluent families. He insisted that the new scheme would make made-to-order homes a realistic and affordable option, with more mainstream market appeal than ever before.
The government confirmed that the programme will work in a similar way to the Help to Buy scheme, advising that further information and qualification criteria will be published over the coming weeks.
“Building your own home shouldn’t be the preserve of a small number of people, but a mainstream, realistic and affordable option for people across the country,” Housing Secretary Robert Jenrick said.
“That’s why we are making it easier and more affordable – backed by over £150 million new funding from the Government. The scheme we have launched today will help the thousands of people who’d like to build their own home but who’ve not yet considered it or previously ruled it out,”
“Our plans will help get more people on to the housing ladder, ensure homes suit people’s needs like home working or caring for relatives, whilst providing an important boost to small builders and businesses too.”
Custom Designed Homes Made More Affordable
A major review has also been commissioned by the government into furthering initiatives that could be introduced to encourage more prospective homebuyers to consider custom-build options. The findings of the review are set to be published later this summer.
“The Help to Build scheme is an important step towards greater customer choice for those with ambition, sound plans and smaller deposits,” commented National Custom and Self Build Association CEO, Andrew Baddeley-Chappell.
“Custom and self-build is about the homeowner having control over the design and specification of their project – enabling them to create the home they want, rather than the one someone else believes they would like. This scheme is all about delivering more and better homes, that more people aspire to live in and that communities are happier to see built.”