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Welsh government launches £210m self-build fund
The Welsh government has unveiled a new £210m scheme to help people build their own homes.
The Self Build Wales fund will be financed by the Welsh government and managed by the Development Bank of Wales.
It will provide people looking to build their own homes with ‘oven-ready’ plots and loans to cover 75% of the cost of a building plot as well as 100% of the construction costs.
The fund is expected to support Welsh construction SMEs and offer a route into homeownership for people who want to live in their local area but have previously been unable to buy a home.
The fund can also be used by older or disabled people to allow them to build custom adaptive housing that can meet their specific needs in their own communities.
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The Welsh government states that the average self-build house in the UK costs only 70-75% of its final value because no developer profits are involved. This puts that benefit into the pocket of the homeowner.
At around 10% of new homes, the UK has a much lower rate of self-building than other countries.
Hannah Blythyn, deputy minister for housing at the Welsh government, said: “We want to unlock the potential to build houses in Wales.
“While we are investing significantly in building new social and affordable homes, we also want to help far more people who want to build their own homes – doing so should not be the preserve of the most privileged households.
“We know finding the land, navigating planning consents and being able to afford to self-build while covering the cost of living can be real barriers. Self Build Wales removes these barriers, and makes it far easier for people to build their own home. It will also be a significant boost to building firms across Wales.
“As we work to increase the amount of housing available, this scheme will help people who wouldn’t normally think of self-build to consider it seriously.”
Cenydd Rowlands, property director at the Development Bank of Wales, said: “We are excited to be working with the Welsh government to deliver this innovative scheme which will have real impact for households as well as for wider communities.
“The Development Bank of Wales has been working with the property sector in Wales since 2012, and we have experienced first-hand the skill and passion that exists in the sector.
“Bringing planning, design, construction and funding together will open the doors to self and custom build for people who would not otherwise have considered it as a realistic option.”
