News - Construction News

Self Build Wales to boost construction industry and housing

Housing in Wales is set to gain a much welcome boost from the implementation of a new self-build scheme, named Self Build Wales, which provides loans to individuals who can only manage 75 per cent of the costs of construction.

To provide more detail, the Self Build Wales scheme is being funded by £210M from the Welsh Government and is being organised by the Development Bank of Wales to assist the owners of ‘oven-ready’ housing plots to obtain 100 per cent of the required funds to afford building their own home.

Furthermore, this scheme is predicted to greatly assist small-to-medium-sized (SME) housing construction companies in Wales with drumming up a healthier project pipeline and will subsequently improve the housing construction industry in the region.

The Welsh Deputy Minister for Housing, Hannah Blythyn stated: “We want to unlock the potential to build houses in Wales.

“While we are investing significantly in building new social and affordable homes, we also want to help far more people who want to build their own homes, doing so should not be the preserve of the most privileged households.

“We know finding the land, navigating planning consents and being able to afford to self-build while covering the cost of living can be real barriers. Self-Build Wales removes these barriers and makes it far easier for people to build their own home. It will also be a significant boost to building firms across Wales.

“As we work to increase the amount of housing available, this scheme will help people who would not normally think of self-build to consider it seriously.”

The Property Director at the Development Bank of Wales, Cenydd Rowlands commented: “We are excited to be working with the Welsh Government to deliver this innovative scheme which will have real impact for households as well as for wider communities.

“The Development Bank of Wales has been working with the property sector in Wales since 2012, and we have experienced first-hand the skill and passion that exists in the sector.

“Bringing planning, design, construction and funding together will open the doors to self and custom build for people who would not otherwise have considered it as a realistic option.”

If you would like to read more articles like this then please click here.