A new scheme has been announced to help people build their own homes in Wales, boosting the Welsh construction industry at the same time.
Image: Rob Hodgson and Kay Ralph only bought the plot for Cefn Castell in West Wales when a property purchase fell through due to the financial crash, but fell in love with plot's view over Cardigan Bay.
The Welsh Government has unveiled a new initiative to incentivise self-building of homes in the country. Self Build Wales is a £210 million fund managed by the Development Bank of Wales which aims not only to grow the housing supply and remove the barriers to custom builds, but also to provide new opportunities for small and medium sized Welsh builders.
Deputy Minister for Housing, Hannah Blythyn explained: "While we are investing significantly in building new social and affordable homes, we also want to help far more people who want to build their own homes – doing so should not be the preserve of the most privileged households."
Ever dreamt of building your own home? 🏠— Welsh Government Communities (@WG_Communities) March 3, 2020
Self Build Wales is the first scheme of its kind in the world 🌎
Deputy Housing Minister Hannah Blythyn visited @FforestTimber to launch the scheme and explain how it will work
More here 👉 https://t.co/hDeJw6qMcy#letsbuildtogether pic.twitter.com/Cc6GBzfHJO
When it comes to building your own house, there's a perception that a project is difficult to source a plot for, plan and finance, however the new scheme looks to break down these self-build myths. The scheme provides 'oven ready' plots that are suitable for self-builds, and loans will only be available on these pre-agreed plots.
Each of the plots will come with a ‘Plot Passport’ including the cost of the plot, approved designs, an estimated build cost, the priorities and options for personalising the home.
If successful applicants will be entitled to a loan that covers 75% of the plot cost and 100% of the cost to build the home. The loans will be secured with a 25% deposit on the plot. These loans are not required until the new property is completed, helping self-builders to meet everyday living costs, and repayments can be deferred for up to two years after the build.
More information can be found on the selfbuild.wales website, where you can search for a plot by postcode. At the time of writing, there are approximately 20 plots in various stages of planning, however, all of these are in the south of Wales.