Government allocates £210 million to support self-build projects
The funds will be added to an existing £40 million fund allocated by the Welsh Government.
This scheme was announced to support local businesses and self-building projects as applicants will choose from a list of approved builders in the area. However, in particular circumstances, the applicants could carry out the construction themselves.
The scheme works by offering repayment free loans until their self-build is complete and mortgaged. The system allows applicants to construct their dream home while also covering living costs.
The plots themselves will be made available by the government and housing associations. Each plot will be allocated a 'plot passport' which includes approved designs, estimated build costs, and various options on personalising the home.
Reserving a building plot will require a 25% deposit on the overall cost of the land, while the Welsh Government will provide the remaining capital.
Housing & Local Government Minister, Julie James, said: "We want to make self-build available to many more people in Wales, not just the most privileged households.
"Finding the land, navigating planning consents, and being able to afford to self-build while covering the cost of living can be real barriers."
Figures have suggested that 10% of new self-build homes within the UK had cost less to construct than many countries around the world. The scheme is set to launch around late spring this year.
Minister James further states that: "This scheme will help people who wouldn't normally think of self-build to consider it seriously."
Further details can be found on the 'Self Build Wales' website nearer the time of applications opening.