May 19, 2010 11:06 ET

Cheap Land Prices Incentivise People to Build Their Own Homes

LONDON, UNITED KINGDOM--(Marketwire - May 19, 2010) - Reductions in the cost of land in recent times may have facilitated an increase in the number of people building their own home says Ratedpeople.com, the UK's smarter way to find tradesmen.

For many, building their own homes was an unachievable dream, but it is now becoming a more realistic possibility. Small builders who have traditionally snapped up potential sites have been unable to obtain the funds from banks, leaving the door open to those who wish to do it themselves.

Plot prices have fallen by 20 per cent since last year and 33 per cent since January 2008, proving that the possibility of buying land and building a dream home is more achievable now than it has been for 15 years. In 2009, there was a 145 per cent jump in the number of plots sold in the first and third quarter and of all new detached houses at least a third are estimated to be self build projects.

"The opportunity to own a property worth considerably more than it cost, is proving to be an attraction for many more current and prospective home owners" said Andrew Skipwith, founder and CEO of Ratedpeople.com.

"The prospect of reducing costs and tax payments and at the same time climbing the property ladder is also a huge incentive for prospective buyers."

The tax benefits of self-build can be substantial. Once the property is completed, a claim can be lodged for VAT repayment on a large amount of what has been paid for. Although items such as furniture and tools used can't be claimed for, 17.5 per cent is nonetheless a valuable sum to receive back on other out-goings like materials. However, the claim must be put in within three months of the project being completed.

Although building a property from scratch can be stressful, the rewards can be phenomenal, not least the sense of achievement. Keeping an eye on the bigger picture, getting the right design and hiring recommended tradesmen to help is an invaluable investment.

Ratedpeople.com helps home improvers find recommended tradesmen quickly and easily. You can choose from 24 different trades and find tradesmen such as local plumbers, window specialists, or a recommended bathroom fitter.

Every month, Ratedpeople.com manages over £30m in home improvement projects and more than 1,000 tradesmen sign up, making it the UK's largest matching service for home improvers and recommended tradesmen. There are more than 55,000 ratings on Ratedpeople.com to date and its system ensures that tradesmen are only rated by previous customers who find them through the site. This results in one of the fairest and most robust rating systems on the web.

For further information on how to source a recommended tradesman in your area, visit Ratedpeople.com.

Contact Information

  • Press Enquiries:
    Punch Communications
    Ben Leuty
    +44 (0) 1858 411600 or Mobile: +44 (0) 7974 141266
    Punch Communications
    Philip Keightley
    +44 (0) 1858 411600 or Mobile: +44 (0) 7974 141266