Buying Land in the UK – A Beginner's Guide
Fancy building your dream home from scratch? The good news is that anyone can buy land in the UK. A recent review commissioned by Prime Minister Boris Johnson examined ways to boost home ownership by promoting the ‘custom and self-build’ sector. If proposals go ahead it means that more homebuyers would receive help to build their own homes. This would include the right to buy up state-owned land and access Government-backed loans, rather than purchasing an existing property. This is excellent news for anyone interested in taking this route into property ownership.
Buying a plot of land is the first step. But before proceeding, it’s worth checking if the plot has planning permission, previously lapsed planning permission or whether it specifically states that no dwelling can ever be built on the land. If it’s the latter you may want to reconsider your options.
Local planning officers could be the key to the success or failure of your self-build project, so getting them on side early on is a good idea. You’ll also need to check if there are any restrictions on building on the land, access rights and any other covenants in place that will affect the plot.
The cost of land varies greatly depending on the location and size of the plot. On top of the cost of the land you’ll need to factor in stamp duty, legal fees, surveyor fees, solicitor costs and of course, the estimated cost of the build.
The best way to find a plot of land is by searching on property websites such as Repolist. We have thousands of repossession, refurb, auction and land listings shown in real time so you know exactly what’s on the market and when. Once you’ve done your research and pinpointed the area you’re interested in you can start the search for the perfect plot. Find out more here.
It’s also worth thinking about contacting auction houses, local architects, surveyors, the local council and residents in the area who may well know about plots of land for sale long before everyone else does. This will give you a head start to the competition.
When deciphering whether or not you can build on a plot, you’ll need to enlist the services of a chartered surveyor – always ensure they’re a member of the Royal Institute of Chartered Surveyors (RICS) to avoid any issues later on down the line. Then you’ll need to employ a reliable builder and architect who can make your self-build dream come true. Get all of the above right and you’ll be well on your way to creating a bespoke home that represents excellent value for money with a huge potential to sell on at a later date for a hefty profit.
Repolist is the UK's leading property website and has thousands of auction, refurb and repossessed properties on its database - start your search now.