Its survey of 2,051 people revealed that 53% would consider self build, with 53% of these favouring the ability to control the design and layout of the home and 43% attracted to the fact it would be cheaper to build than buy on the open market.
The BSA highlighted that, compared to almost no funding ten years ago, today more than 20 building societies offer self-build finance.
In addition, the sector has the backing of Housing Minister Grant Shapps who has pledged to remove the red tape surrounding self build.
Nevertheless, the cost of a self-build project remains top of the reasons that people reject building their own home, with 40% citing the potential of its being too expensive.
In addition, 39% highlight the difficulty in obtaining planning permission and 38% point to the lack of suitable land available.
Meanwhile, 30% cited the potential difficulty in getting a mortgage.
Speaking at the Grand Designs Live exhibition in Birmingham, BSA mortgage policy adviser Colette Best said: “Ten years ago it was almost impossible to get a self-build mortgage, but times have changed and mutual lenders are leading the way.
“Today there are more than 20 building societies that either offer a specific ‘self build mortgage’ or will consider financing a self build project. For people who want to take a dream and make it a reality, I’d recommend talking to their local building society.”
Also speaking at the event, Grand Designs presenter Kevin McCloud said local authorities, developers, housing associations and mortgage companies must band together to help people get past the barriers to self build.
But he added: “The signs are there that we could see a lot more assisted self build and community self build in the UK.”
However, despite the potential for growth in self build, Jonathan Cornell, communications director at First Action Finance, said: “Self build is a niche mortgage product. Unless lending improves and the outlook for housing becomes more rosy, people will not take much notice.
“There are so many variables and in an environment of unstable house prices, people will not know how much equity they are going to end up with in their house.
“It’s hard to see it becoming mainstream enough for the typical mortgage broker to be more interested in it.”
