The Saffron Building Society has reported a 144% increase in its self-build completions compared to the same period in 2019.
Of the increase in self-build enquiries, there have been a mix of first-time buyers, property conversions through to large, multi-plot projects.
In the UK, self-build homes only equate to 8% of new builds, compared with 60% in Germany.
For first-time buyers,, going self-build could save them between 10-20% on the price of their first home, according to National Custom and Self Build Association (NaCSBA).
Colin Field, CEO of the Saffron Building Society, said: “We are delighted to see that the interest in self-build mortgages is on the increase. With the fluctuations in the market, it is a really feasible option for first-time buyers as a complete build will face too many financial changes – just material cost.
“Another positive is the amount of people upgrading current property stock. Bringing them in line with current regulations, extending them and making them habitable and then marketable should they choose to sell, great for the environment.
“A self-build might seem a little daunting, especially for a first-time buyer. But, the structure of the lending is so flexible, releasing funds at pre-set stages of the development to assist with cashflow, it is a very supportive way to get on the market. It can be an exciting and rewarding path to your first home; or update, grow or improve your current home.”
