Self build 'is £55,000' cheaper

New research has suggested it is currently £55,000 cheaper on average to self build a three-bedroom home than it is to buy one.

A study by property website propertyfinder.com has concluded that the average cost of self building such a house is £212,850, whereas buying it would mean finding £267,600.

The cost by region varies depending on the price of land, but even in London, where land is most expensive, the saving is £43,813.

Prospective self builders in the south-east, on the other hand, can look forward to average savings of £101,389.

Propertyfinder.com director Nicholas Leeming said: "The relationship between land prices and house prices is the most important factor."

One recent example of self build being used to overcome a lack of local affordable homes occurred in the Lake District.

A group of families in the village of Witherslack joined forces in a project which has received the full backing of the National Park planning authority, the North West Evening Mail reported earlier this month.


© Adfero Ltd