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Falling land prices boost for self-build

Tuesday, 17 January 2012 9:46 AM

Building your own home will cost significantly less this year as a result of falling land prices, according to a new survey.

Land-finding database PlotSearch says the average price of a self-build plot is now £10,000 lower than a year ago and has also fallen below the tax threshold for stamp duty. That means self-builders can avoid a bill of £9,000 on average by comparison with buying on the open market.

Prices are now down by a third since 2009 and by much more than that in some parts of the UK. The average plot price in the UK in December 2011 was £121,651.

Some 62 per cent of the building opportunities listed on the database are now priced under £100,000, the highest proportion for two years and a five per cent increase on December 2010.

The lowest average plot prices are found in the East Midlands (£65,817), Scotland (£69,305) and Wales (£76,419). Highest prices are in London (£280,150) and the South East (£186,018).

The falling price comes on top of government backing for the sector and plans to double the number of self-build homes in the UK over the next decade.

Raymond Connor, chief executive of BuildStore Financial Services, said: "The support by the UK government and backing of the Scottish government should lead to an increase in opportunities for self build throughout 2012.

"In fact, with the policies and reforms that are being implemented, I expect we will see self build housing become a mainstream housing option in the future."

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