Welsh Government announces new scheme to help build your own property
Building your own home in Wales may soon become a little easier thanks to the Welsh Government’s plans to launch a new £210m scheme, titled 'Self-Build Wales'. The scheme will include guaranteed loans on pre-agreed plots from the Development Bank of Wales.
These loans will be repayment free until the new property is mortgaged, which will allow self-builders to build their own home while finding it easier to cover their living costs.
Choose an approved builder or build yourself
All successful applicants to the 'Self-Build Wales' scheme will be able to either choose an approved builder to carry out the work, or in certain circumstances undergo the work themselves.
Plots can be reserved with a 25% deposit on the plot cost, and all plots will be made available by the local authorities and housing associations with planning and site requirements complete. Each plot will have its own ‘Plot Passport’ including approved plans, estimated build costs and further options for personalising the property.
Self-build to be a viable option for more people
Julie James, Housing and Local Government Minister, says that the government wishes to make self-build available to more people in Wales, not just the wealthiest. She acknowledges that finding an appropriate plot, navigating planning consents and being able to afford to self-build while covering living costs are all barriers that currently make it difficult for most people.
This new scheme now hopes to remove many of these barriers and offer a route into self-build home ownership for people who want to build and stay in their local area and haven’t previously been able to afford to purchase a home there. It will also offer the older generations and disabled people an opportunity to build a home that adapts to their individual needs within the communities they want to live in.
Self-Build Wales scheme set to launch late spring
The new 'Self-Build Wales' scheme is set to launch in later spring this year, and more information will be made available in the coming months for those interested on the Your Home in Wales website.
Ifan Glyn, Director of FMB Cymru, says that significant growth in the self-build market may help alleviate the current housing crisis while also expanding opportunities for small building firms across Wales. He believes that the custom and self-build market has been an under-utilised sector in the ongoing battle to meet the demand for homes, and with research showing that over 50% of adults in the UK would like to one day build their own home, now is the perfect time to finally launch such a scheme that will help these people.
Across the EU, it’s estimated that around one-third of all home are custom or self-build, whereas in Wales it’s just 5%. The new scheme should now help raise that figure by providing the right conditions that are required for more people to get on board with self-building their own property.
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The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
