Self-build for low earners gets industry thumbs up

Communities minister Don Foster has announced a set of measures to ensure the self-build market is opened up to those on lower incomes.

Self-builders will be exempt from section 106 tariffs to cut down the costs of building, councils will have to establish the demand for self build in their areas and create a waiting list of self-builders for brownfield sites which become available and the grant funding for self-build and community-led affordable housing will be provided.

Foster said: “For many people the concept of building your own home means one thing: a fantasy mansion built by people with deep pockets and endless spare time.

“We are determined to end this misconception so anyone with aspirations to build their own home has the opportunity to do so including people on low incomes.”

Raymond Connor, chief executive of BuildStore Financial Services, a provider of self-build finance, said: “This is another welcome package from the government especially as it is aimed at opening the self-build market up to more households.

Read the full story here: http://www.mortgageintroducer.com/mortgages/247581/5/Industry_in_depth/Self-build_for_low_earners_gets_industry_thumbs_up.htm

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