A Norwich & Peterborough Building Society (N&P) survey also revealed the biggest deterrent for many - 49 per cent - was the perception that self-build might be too expensive. Other reasons people gave for holding back included a lack of experience, the length of time it would take to design and build, and problems finding a suitable plot of land.
N&P said a self-build property could typically cost up to 30 per cent less than its market valuation on completion.
Stephen Penlington, general manager at N&P, said: “The self-build market has grown in recent years because people are looking for a cheaper way to afford the home they really want.”
He added: “With most self-build mortgages funds are released bit-by-bit in stages as the building works progress. This way self-builders are saving money by not paying interest on a larger mortgage than they really need. We constantly look at how we can improve our service. For instance, we will help self-builders to buy the plot in the first place - some lenders won’t. And, rather than offer just one particular scheme that may not suit everyone’s needs most of our mortgage product range is available to self-builders.”
Self-build specialist N&P is taking part in The Eastern Homebuilding & Renovating Show which takes place between 10 am-4.30 pm on Saturday 3rd-Sunday 4th July at the East of England Showground in Peterborough.
