In this month’s special Mortgage and Property Investment edition of IFA Talk, Sue and Brandon dive into the world of self-builds with Tony Hall, Head of Business Development at the building society, Saffron for Intermediaries.
Saffron offers a wide range of mortgages including self-build and custom-build, each with distinct differences and their own advantages. AMA Research has told us that the number of self-build homes has risen steadily – from 11,800 houses in 2015 to 15,100 homes in 2019. Yet, in the year to October 2022 just over 6000 self-build planning permissions were granted. We talked to Tony about why people were previously choosing to build their own homes and why he thinks this trend has reversed.
According to ONS data, the average UK house price in August 2023 was £291,000, up by a whopping £61,000 from just before the pandemic. So are self-builds a good route for first-time buyers looking for a more affordable route to homeownership? That route is certainly an option albeit not as well known as more traditional property purchases.
To wrap up, Tony runs through some of the most common costs that get overlooked in self-building which can lead to initial budgets going totally out the window.
Disclaimer
IFA Talk is for financial professionals only. All material has been carefully checked for accuracy, but no responsibility can be accepted for inaccuracies. Wherever appropriate, independent research and whatever necessary legal advice should be sought before acting on any information contained in this podcast.
Value of investments and income from them go down as well as up, so you may not get back the amount you originally invested.
