A report from Suffolk Building Society found that over half of those considering self-build at some point said it was perceived as being for the wealthy.
It added that some thought they would need to be cash-rich to fund the land themselves before applying for a self-build mortgage, or be gifted with a plot from land-owning members.
Richard Norrington, chief executive at Suffolk Building Society, said: “Self-build television series undoubtedly make for great viewing, but they do set the bar remarkably high. One could easily assume that self-build is only for those with unlimited time and deep pockets.
“Self-build is considered a fairly standard route to homeownership in countries such as Hungary, France, and Sweden, and with better education and awareness from lenders, brokers and the industry as a whole, self-build could become more mainstream here in the UK too.”
The report continued that a third of people were still considering self-build and that this goes down with age.
Around 60 per cent of those in their 20s would consider it, going down to 56 per cent of people in their 30s, 16 per cent in their 50s and seven per cent in their 60s.
Approximately 31 per cent would go for a completely new build, 27 per cent would choose a knock-down-and-rebuild project and 21 per cent would undertake a major renovation of an existing property.
More than a quarter said the ability to design the layout of their own home was the main motivation, while 15 per cent pointed to creating an ideal home and 12 per cent said the right location was a factor.
Around nine per cent said they were considering self-build to “create a home suitable for multiple generations under one roof”.
Self-build registers need promoting by brokers
Suffolk Building Society said that only one in five were signed up to the self-build register, which is where the local authority keeps a list of people seeking to buy serviced plots of land in the area of a self-build project.
Nearly half said that they had not heard of the register, which was introduced in 2015.
Norrington said: “The National Custom and Self Build Association (NaCSBA) campaigned diligently for the self build registers in a bid to facilitate a greater number of self-build homes. But so far, this has not been realised.
“The registers need promoting alongside resources that help people understand all that a self-build entails, as, despite the current economic uncertainty, there is clearly still an appetite for self-build.”
He added: “As a country, we need to normalise self-build, encouraging regular people to build good homes, thus helping to reduce the housing shortage in the process and improving the collective carbon footprint of our housing stock.
“There are undoubtedly more hurdles in this process than in a standard house purchase – particularly at the moment with high labour and material costs. However, being able to design a property that meets your needs both in terms of function and aesthetics is hugely rewarding.
“We would like more people to know that some lenders are ready and willing to lend on land as well as for the build itself, and secondly, that self-build is more accessible than they might have previously thought.”
