The Government has formally announced its plans for the introduction of a Help to Build scheme, which aims to make self-building accessible to everyone in the UK. Graven Hill, the country’s largest self and custom build community and other industry experts have been championing the initiative.
Providing an initial £150 million in dedicated funding, Help to Build will open the world of self-building to a new audience. From first-time buyers to those looking for the perfect family home, self-building will become more affordable than ever once this new scheme comes into force.
Similar to Help to Buy, the scheme will enable purchasers to acquire low-deposit mortgages through equity loans on self and custom build homes. Further details, including how to apply, are due to be available in the summer.
The UK has been behind much of Europe when it comes to self-building, with many people viewing it as a route reserved for those with a considerable amount of money in the bank. However, Graven Hill has been on a mission to change this, offering a variety of housing options to ensure everyone is catered for, including self-build plots, custom build homes and new builds.
Help to Build is an important step forward in changing people’s attitudes towards self-building and home buying in general. A home that meets every need doesn’t have to be out of reach, and compromise doesn’t have to be an inevitable part of house-hunting.
Karen Curtin, managing director at Graven Hill, said: “We are fully supportive of the planned Help to Build scheme which proves that the UK is moving in the right direction when it comes to advocating self and custom build as an alternative to traditional housing. Accessibility has always been at the core of Graven Hill, whether through Plot Passports that simplify the planning process or championing financial support schemes such as Help to Buy. Now, with Help to Build on the horizon, there is even more opportunity for all homeowners to create a home that meets their requirements and lifestyle.
“This scheme will open up self and custom building to more people across all demographics, as a 5% deposit will be needed instead of the usual 20%. We believe it will provide a similar boost as the Help to Buy scheme and look forward to launching new plots and custom homes in our next phases that can benefit from this government funding.
“We hope that the new legislation will encourage developers across the UK to consider self-build plots as a key aspect of their developments. They’ve been hugely popular at Graven Hill, showing there is an appetite for them in the wider market too. This demand must be met to ensure no-one has to settle for a home that isn’t right for them.”
For more information, get in contact with the Graven Hill team.