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Self-build to increase 141% by 2015

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  • 16/01/2012
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Self-build to increase 141% by 2015
Self-build mortgage advances will grow by 141% over the next three years, from £790m to £1.9bn by 2015, according to Datamonitor.

Datamonitor attributes this growth to increased media coverage of self-build, combined with the government’s new proposals for encouraging the sector.

Self build currently accounts for a marginal amount of mortgage lending, but the report suggests the sector could account for more than 1% of all lending within five years and labelled it “one to watch”.

Raymond Connor (pictured), chief executive at BuildStore Financial Services, said: “The predictions made in the Datamonitor report are in line with our own expectations for the performance of the self-build market.

“As we have continued to grow our lender panel and introduce exclusive self-build mortgage products, our finance enquiry levels throughout 2010 remained strong, with a 25% increase in mortgage completions the last six months of 2011, as compared with 2010.”

He added that self build is appealing to increasing numbers of homeowners, as well as mortgage lenders and the government.

Connor said: “As new reforms and policies come into force over the coming months, we expect to see a real shift, especially in terms of using self build to provide homes on a larger scale as part of community developments.

“Self build is an affordable housing option, with the added appeal of control over the design and specification of your home – it is rightfully placed to become a mainstream housing option in the near future.”

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