Self-build homes help families 'defy credit crunch'

A unique self-build project is allowing people to defy the credit crunch and build their own house for knock-down prices, it has been reported.

The man behind the scheme is David Wills, a 77-year-old retired farmer who sold the land on which the homes were built with a considerable discount.

He did so on the precondition that second home owners or people who were not from the local area did buy the properties, reported the Metro.

As a result of the deal, 12 families were able to build their homes from scratch in the Cornish town of St Miniver for an average of £84,000 - less than a third of the average cost of properties in the area.

In other credit crunch news, the government has announced that the troubled lender Brandford & Bingley is to become the second financial institution this year to be taken into public ownership.

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