The government’s Help to Build scheme will provide a major boost to the emerging custom build sector in the UK, according to BuildStore.
The finance partner for custom and self-build clients said the announcement has been “a while in the making”.
After his spending review earlier this week, the Chancellor, Rishi Sunak, confirmed that a new Help to Build scheme would be made available for the sector.
This review involved two significant announcements for the sector, including £2.2bn of new loan finance to support house builders – which includes delivering a new Help to Build scheme for custom and self builders – as well as funding for SME house builders and Modern Methods of Construction. The review also involved £100m of funding to support the release of public sector land, including for serviced plots for self and custom builders.
BuildStore, an Appointed Representative of Mortgage Advice Bureau (MAB), has welcomed the government’s plans.
“Both MAB and BuildStore jointly welcome the government’s introduction of the new Help to Build scheme,” commented BuildStore CEO, Raymond Connor. “We started working with MAB seven years ago specifically to offer products and solutions for people with aspirations to build their own homes.
“This announcement has been a while in the making. At times, it’s felt as though self and custom build has been on the sidelines, but this news shows the strength of this government’s commitment to diversification in the housing sector.
“Unfortunately, we turn away a large number of potential customers every month who are interested in self or custom build, but they simply don’t have the cash deposit required. Although we await further details and a formal timeline for the scheme, we hope it will make building your own home much more achievable.
“In terms of the wider market, the scheme will provide a major boost to the emerging custom build sector in the UK. SME developer are the lifeblood of this industry who day-to-day are the ones with the ability to divide up land into plots and sell on to the end consumer. We know that planning legislation is being strengthened all the time in this area to ensure local authorities offer serviced plots for people with a desire to custom build.”
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