The government has announced a new ‘Help to Build’ scheme in a bid to make it easier and more affordable for people to build their own home.
Following a statement made by the government, the aim of the scheme is to help ensure that self-custom home building can become a more realistic option for those looking to get onto the property ladder through lower deposit mortgages.
It's planned that an initial £150 million will be made available from the government over the next four years to help implement and support the scheme, delivering low deposit mortgages and improving the affordability of homeownership.
Similar to the 'Help to Buy' scheme, the 'Help to Build' initiative will provide an equity loan on the completed home.
A statement from Robert Jenrick, the government’s housing secretary, said “building your own home shouldn’t be the preserve of a small number of people, but mainstream, realistic and an affordable option for people across the country. That’s why we are making it easier and more affordable.”
The announcement was met by an immediate positive response from the property market, further backed by the National Federation of Builders (NFB), who stated that it was "wholly behind the government’s self and custom-build announcements".
Whilst supporting homebuyers, this plan will also provide an important boost to small builders and businesses.
Applications for the scheme are due to open in late summer, according to the government’s action plan.