In this month’s special mortgage and property 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.
