Self build savings 'could be substantial'

With mortgage products drying up, building your own home could lead to substantial savings, it has been reported.

The Scotsman has claimed that a self build could be an "attractive proposition" in the current economic climate.

Self build is often a misunderstood term as it is not just life-long DIY enthusiasts and expert builders that decide to embark on such a project. Very few self builders actually carry out the work themselves, the publication suggests.

It is claimed that buying the land is typically where the "first financial advantage" is realised, while prices for plots and land are said to be falling as competition recedes and availability picks up.

After a project is finished, more savings can be made as all of the VAT paid can be claimed back, which could add up to a "very healthy five-figure sum".

According to Mouseprice, a swift sale of a property is still perfectly possible, providing it is competitively priced.