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Self-build mortgage enquiries up 39%

Self-build mortgage specialist BuildStore has revealed a 39 per cent year-on-year increase in self-build finance enquiry levels throughout the last quarter.

In addition, the average number of monthly enquiries for self-build finance in the first half of 2009 is a third higher than average number of monthly enquiries in the first half of 2008. BuildStore also reported a 27 per cent rise in the first quarter of 2009.

The company says it has found further evidence that prospective self builders are looking to take advantage of the increase in land availability – in June 2009 it saw a 43 per cent increase in the number of plots sold, compared with just three months earlier, and more than double the number sold in January.

BuildStore chief executive Raymond Connor says: “We have always recognised the appetite for self-build, but with the current market conditions, there is now a real demand from frustrated homeowners wanting to build their way out of the recession.

“With certain conditions appearing to favour the self builder, such as increased land availability, falling land prices, and plenty of tradesmen looking for work, it is vital to have the right type of funding available. BuildStore continues to work with a number of lenders to widen the availability of self build lending to help meet the current demand from prospective homebuilders.”

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