Market Research Shows Lack of Funding and Land is Preventing People from Building their Dream Home

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28th August 2013 16:37 - Housing

BLP Insurance, a UK housing warranty insurance provider, has recently released findings from their latest survey – showing that, among respondents, half (54%) said that a lack of funding is the key factor that is stopping them from building their dream home, whilst two fifths (17%) blamed a lack of land in the right place.

In addition, the survey also found that just over one in ten (14%) didn’t have the time needed to be able to make the commitment to building their own dream home, and many highlighted the inconvenience of the building work, lack of expertise, and not having the right contacts – builders and architects.

Government figures show that the number of new homes built in the year to March in England was 108,190, down nearly a tenth (8%) on the year before and half (49%) since their peak in 2007. In recent months private house builders have accounted for a growing proportion of the homes built following the government’s Funding for Lending scheme, which cut the cost of borrowing.

Brian Kilroy, Business Development Manager at BLP Insurance, said:

“The lending community are starting to wake up from the hibernation brought on by the recession and there are now more products and funding vehicles on the market which are available to self-builders to allow them to get their projects underway. But more still needs to be done to make access to funding easier for a much wider group of aspiring self-builders.”

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