Young people are turning their backs on traditional housing and embracing custom-build homes, a new survey reveals.
64% of 18 to 24-year-olds are considering building their own homes, compared to just 21% of over 55s, according to research by Saffron for Intermediaries.
The building society surveyed over 2,000 people across the UK and found that half had thought about going down the custom-build route.
This surge in popularity among youngsters could be down to their awareness of the Government’s Right to Build scheme, which helps people find land to build on.
The scheme requires local councils to keep a register of people who want to build their own homes and provide enough land to meet demand.
The survey found that 35% of 18 to 24-year-olds knew about the register, compared to just 17% of the over 55s.
However, there is still a lack of understanding about what custom-building actually involves, with only 39% of those surveyed able to identify it correctly.
And a worryingly low number of people are actually signing up to the register, with just 28% of those thinking about building their own home taking the plunge.
Tony Hall, head of business development at Saffron for Intermediaries, said the custom-build sector could help the Government meet its housebuilding targets, while giving buyers more affordable and personalised options.
He said: “Custom-build housing offers a significant opportunity to help meet the Government’s housebuilding objectives and provide prospective homeowners with tailored, affordable options.
“However, our study shows that awareness and understanding of custom-build remains low, with many consumers unsure about the process and benefits.”
He urged lenders and brokers to do more to promote the scheme and bridge the knowledge gap.
Peter Johns, chief executive of the National Custom & Self Build Association, said he was delighted by the growing interest in custom-build, particularly from younger people.
He added: “Saffron’s survey has shown that appetite for custom-build is certainly there and it is particularly encouraging to see that it appeals to a younger demographic.”