Cheaper plots 'make self build easier'

The dark cloud of falling property prices could have a silver lining for people interested in what self build has to offer, according to one expert.

Writing for the Mirror, Homebuilding & Renovating Magazine editor Jason Orme indicates that cheaper plots are now more easily available to self builders.

He explains that there is now less competition from developers for available land to build on.

In fact, Mr Orme notes that some developers are actively trying to get rid of plots, meaning that self builders could bag a bargain in the current climate.

Liam Bailey of Knight Frank told Mr Orme that developmentland outside London has dropped a third from their peak values.

However, Mr Orme warns against thinking that a quick profit is a realistic prospect for self builders in the current climate.

"While self builders have traditionally enjoyed almost instant equity gains of ten to 30 per cent on their projects, with house prices continuing to fall the advice is to look at building as a long-term investment," he comments.

According to Homebuilding & Renovating Magazine, one of the classic mistakes made by self builders is going over budget "through ignorance or naivety".

It urges people budgeting for a self build project to leave a contingency sum as buffer.