Frustrated by high property prices and cautious lending practices, 71% of under 35s are dreaming of designing and building their own home, according to research released to coincide with Custom and Self Build Week 2019.
To show just how much they care, almost half (47%) of under 35s said they would rather spend their hard-earned cash on achieving their dream of creating their own home than getting married. More still would be prepared to go without a luxury holiday or a new car.
According to the research conducted by Graven Hill, a development of self-build and custom build new homes in Bicester, one in three under 35s report that they are seriously considering designing and building their own home in the next three years.
Spearheaded by NaCSBA, the National Custom and Self Build Association, the self-build week aims to generate awareness of alternative routes to creating a dream home. A key aim of the campaign is to highlight the many options available to consumers, from buying a plot and commissioning the building of a new property, to taking the plunge with a DIY self-build, or even opting for a custom build home.
The benefits of building your own home are gaining wider recognition. Graven Hill is currently the focus of a six-part television series, titled Grand Designs: The Street, which follows the stories of ten different self-builders, painting an honest and in-depth picture of their new property journeys.
Karen Curtin, managing director at Graven Hill, said:
“Young people are looking for an escape from austerity and the traditional home. They know what they want and don’t want to wait for the economy to stabilise, or wage growth to close the affordability gap, which may never happen.”
Out-dated perceptions could be preventing some people from realising their dream. Almost half of respondents (45%) were concerned about the cost of building their own home and one in ten felt they lacked the experience to manage contractors and oversee a project of this nature.
Karen Curtin, continues:
“Many people have an image of their dream home in their mind but believe it is simply too expensive or complicated to undertake. However, there are options for all demographics and budgets.
“For those adventurous enough and inspired by the TV programme, there is the option to build a home from scratch. Serviced plot, contemporary planning, plot passports, personalisation and access to self-build mortgages make self-build a reality at Graven Hill.
“However, for those torn between the convenience of a new build and personalisation, custom-build new homes provide a viable and attractive alternative that is not only feasible, but individual too. In a market where many people are put off by standardised new build developments, which don’t meet their specific lifestyle needs, we’re seeing an increase in people opting for custom build new homes, which can be completely tailored to their criteria.”
National Self-Build and Custom Build Week runs from 6 – 12 May and coincides with Grand Designs Live, at Excel London.