Article Category
Self-builders make the most of market dip
The market is allowing people their dream home
Posted: 2008/10/05
THE downturn in the housing market in Scotland is producing a silver lining for self-builders.
According to Peter Hall of Scotframe, which specialises in timber frame packages for selfbuilders, many developers are selling off land so they can recover as much revenue as possible.
It means would-be selfbuilders can snap up the plots at a bargain price, allowing them to build their own dream home.
"The consequences of this, " said Mr Hall, "are that the market has, to some extent, moved in favour of the buyer and those individuals looking to purchase land to build on are now finding it more likely they will not just obtain their preferred plot, but also at a more attractive price." Upping the stamp duty threshold to £175,000 is also likely to help self-builders.
Mr Hall explained: "The majority of self-builders will also avoid paying stamp duty as the tax is only levied on the cost of the land and not the value of the property.
"As such a great many plots will fall under the £175,000 threshold, after which between one per cent and four per cent is levied depending on the purchase price." Self-builders can also claim back all VAT.
And Scotframe say self-build mortgages are more readily available. A completed selfbuild home is usually valued between 20 and 30 per cent more than the land and build costs, so lenders see these projects in a positive light.
Self-builders might also save on labour costs.
"In the face of stiffer competition tradesmen are having to price themselves more keenly to attract business and this will further help drive down the overall costs of a self-build project, " said Mr Hall.
"Self-builders come from all walks of life and range from single people to couples, families and those looking to retire in comfort."
INFORMATION:
01467 626843 or visit www. scotframe. co. uk
NOT many homes within Edinburgh's New Town come with a walled garden. But a two-bedroom Georgian mews house in Northumberland North West Lane does.
On the market at offers over £270,000 through agents Warners, this former coach house has two bedrooms and a bathroom on the upper level which was originally a hay barn.
The kitchen and living-dining room are on the ground floor, which has direct access to the garden.
Scott Brown, of Warners, said: "This is a very unusual property and one that we think could prove very popular with buyers looking to relocate to the New Town."
INFORMATION:
0131 667 0232 or www. warnersol. com
TWO contrasting showhomes have been opened by Bryant Homes at Newton Farm in Cambuslang.
The Malbury has been given an understated, sophisticated theme while the Westbourne carries a more vibrant atmosphere created by shades of pistachio and hot pink.
Audrey Ross, sales and marketing director, said: "These two new showhomes provide a contrasting approach to design and colour but the combination of style and practicality in both make them ideal properties for modern buyers."
INFORMATION:
0845 072 6180 or www.bryant.co.uk
