New data published on 31st March 2023 reveals a decline in the number of individuals and groups joining Self Build Registers maintained by local authorities.
Between 31st October 2021 and 30th October 2022, the number of new individuals joining the register decreased by 34%, while new groups joining dropped by 37% compared to the previous year.
During the same period, planning permissions granted for serviced plots suitable for self and custom builds decreased by 23%.
Richard Norrington, chief executive at Suffolk Building Society, urges brokers, national and local Governments to seize the opportunity to help evolve the UK’s self-build market.
He believes that with better awareness and guidance, more people could access self-build as a route to homeownership, even on modest budgets.
Norrington said: “There is a huge opportunity for brokers to help evolve the UK’s self build market and, at the same time, potentially open up new revenue streams.
“Many have a wealth of skills and knowledge in this market that could be applied to help more people access this route to homeownership.
“We believe national and local governments can also step up and deliver on the commitments made in response to the ‘Bacon Review’, as we know that finding the right plot of land is a real sticking point in the self build process.”
Suffolk Building Society, a national mortgage lender and self-build advocate, plans to announce self-build training sessions for brokers later in the year.
In 2022, the Society allocated 12.5% of gross lending to self-build projects.
Norrington calls for the Government to act urgently on the recommendations of the Bacon Review and promote Self Build and Custom Housebuilding Registers more effectively.
He suggests that local authorities could use their websites and social media channels to push the self-build agenda at minimal cost.
He continued: “We recognise that the cost of living and increase in build costs will mean fewer people are in a position to consider self build right now but we also believe more needs to be done to generate wider awareness so that self build can be accessed by more people.
“In our experience, too many still regard self build as a project for those with the luxury of a large budget but it could be much more mainstream if a greater number of people understood how to go about it and knew that it is feasible within a modest budget.”
The Society believes that self-build can contribute to new affordable housing stock, help more people get on the property ladder, and align with the government’s climate change agenda by creating energy-efficient homes.
