Increase in self build mortgage enquiries
July 19, 2009 by Brendan O'Neill
News
According to recent figures released from BuildStore, a self build mortgage specialist company, the number of enquiries for self build mortgages in the last three months has increase by 39 percent in a year on year comparison.
The company reported that the first six months of this year show a 33 percent increase compared to the same period in 2008 and in the first quarter that rise was 27 percent.
BuildStore claims self builders are taking advantage of the rise in land availability. The evidence quoted was a 43 percent increase in June this year of the number of building plots sold compared to the figure in March. The June figures were double the number sold in January 2009.
It seems that some conditions of the recession lend themselves to favouring the self builders.
BuildStore chief executive Raymond Connor says: “We have always recognised the appetite for self-build, but with the current market conditions, there is now a real demand from frustrated homeowners wanting to build their way out of the recession. With certain conditions appearing to favour the self builder, such as increased land availability, falling land prices, and plenty of tradesmen looking for work, it is vital to have the right type of funding available. BuildStore continues to work with a number of lenders to widen the availability of self build lending to help meet the current demand from prospective homebuilders.”
Written by
Brendan O'Neill
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