The downturn in the economy has proved to be a boon for land prices in the UK and elsewhere. The price of land has fallen 20-30% in the last year, and an increasing number of people are seizing on the opportunity to create self-built properties.
The Daily Telegraph reports that times have rarely been better for the do-it-yourself, or DIY, builder:
“We have seen a surge in interest in self-build this year,” says John Day, head of financial services, marketing, at Buildstore, the specialist self-build lender. “The market has changed since the onset of the credit crunch, but it is still buoyant and money is still available. Lenders still see self-builders as a relatively good risk because of the equity built into such projects. The end value of a project is typically 20-25 per cent above the build cost.”
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