A multi-million pound fund will help aspiring custom builders get their projects off the ground more quickly, Housing Minister Brandon Lewis announced this week.
The minister announced that the next phase of a £150 million fund is now open to bidders. It will create up to 10,000 so-called ‘serviced plots’ – land prepared for housebuilding, and connected to utilities such as gas and water, so builders can go straight in and build.
The average self-build takes 2 years – but those using serviced plots can cut this by up to a year.
Mr Lewis said that more and more people want to build their own home and today’s move will help further unlock the “massive potential” the custom build industry has to expand.
Unlocking the country’s custom build potential
Housebuilding is an important part of the government’s long-term economic plan, with custom build a key part of that.
The custom and self build industry currently accounts for around 10,000 new homes every year – but the government is backing industry-led efforts to double that by 2020.
The £150 million fund is open to small builders and community groups as short-term loans to help get the land ready for housebuilding. The land can then be sold as individual plots to people looking to build their own home.
Brandon Lewis said: “Custom build should not be something that’s confined to a small and select group of people – anyone who aspires to build their own home should have the opportunity to do so.
“We want to see the industry grow significantly and this £150 million fund will help further unlock the massive potential it has to help even more people achieve their ambitions.
“This fund will help create shovel-ready serviced plots so small developers and custom-builders can get on and build, finishing their projects more quickly.”