Nottingham architect and member of the Governments Right to Build Task Force Julian Owen has welcomed the recent announcement that it has created a scheme to make it easier for people to build their own homes.
Through the Help to Build scheme the government will provide equity funding to self builders that will allow them to buy a plot of land with a 5% deposit, by guaranteeing funding of 20% of the value of the completed home. Up until now it has been difficult to get building societies and banks to help fund the land purchase and they have treated self builds as high risk.
However because the government will now underwrite a significant chunk of the loan it will make it easier for people to build their own home without having to be millionaires like those so often features on television programmes such as Grand Designs.
This is potentially a game changer for the construction industry and lays down a challenge for councils to ensure that more self build plots are made available to local people, as required by planning laws passed over six years ago. said Julian Owen.
The Help to Build scheme will open for applications on 27th June 2022.
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