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Self Build Land

Self Build LandThe price of self-build land on average throughout the UK in the beginning of 2000 was £44,183, but you can see rather large differences in price according to the region. If you were looking in Southeast England, you would have seen that prices were more than double that price. The most expensive region of all was Southwest England, which was 39 percent higher than the average. The lowest price self build land was found in Scotland just outside the Glasgow-Edinburgh belt and it was still just a bit more than half of the national average.

As stated before, planning is the biggest problem of all. Obtaining planning consent is very hard and many self-builders believe that planners must go for a safe design and seem to be more strict on self-builders that land developers. You will also run into problems if you think that all planning policies are the same from region to region. They are in fact very different and many are very strict in their policies. Understanding these policies will greatly aid you if you are planning to develop the land. Some of these overdevelopment inclusions can stop you from having loft space or even a basement in your new home.

Finances are another thing to consider when you are planning to purchase self-build land. The mortgage lenders are a bit more apt to lend money to larger companies than they are to individuals. However, as long as you have higher than average incomes you still have a chance. The lending companies will however go over your finances with a fine toothed comb before they consider giving you a loan for self-build land.

Many of these lenders cap the mortgage at around 75 percent of the estimated property value once finished and pay in arrears to reduce the risk. There are no short-term financial means for self-builders and this tends to leave them living in temporary housing which can be a financial loss.

The market trends for self-build land and homes are estimated to stabilize around 18,000 homes in the year 2010. All of this is only speculation and will require changes in planning and finance, land provisions and a new look at the overall industry to materialize.

-  James M

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