People in Britain are being encouraged to build their own homes after The Chancellor of the Exchequer, George Osborne, pledged £150 million to support self-building in his Budget statement.

In a move to help solve the housing crisis, the new ‘Right to Build’ scheme will give custom builders the right to buy plots of land from councils on which they can build their own properties. The £150 million repayable loan scheme will help provide up to 10,000 plots for self-building. The Government will also look to extend the Help to Buy equity loan scheme to cover custom builds.

Mr Osborne said, “House building is up 23 per cent. But that’s not enough. That’s why we’re making further reforms to our planning system and offering half a billion pounds of finance to small house building firms.”

Mr Osborne also confirmed plans to extend the first part of the Help to Buy Scheme – equity loans – until 2020 so that 120,000 more new homes can be built.

If you’ve always wanted to build your own home, this may give you the financial support you need. And start watching the television programme Grand Designs to get some inspiration!

To discuss the ‘Right to Build’ scheme with one of our property experts, contact your local Chancellors branch.

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