WHAT DOES IT COST TO SELF BUILD?
Chris Batesmith looks at the key factors that will influence costs, and how to start piecing together a robust budget
The Build It Education House is a 250m
2 , four-bed house with a fullsize basement and ready-to-convert attic. Project managed by theneditor Chris Batesmith, we completed our self build in 2020 at a total construction and fit-out cost of £517,892 (£2,072 per m
2 ). You can visit the house to understand the choices we made and their cost implications – visit
www.self-build. co.uk/ourhouseto find out more
Understanding how much it will cost to build your dream home, and the big triggers that could impact on your total budget, is key to a successful project that’s completed on time and to your specification. External factors caused labour and building materials prices to surge in recent years, so many self builders are understandably asking whether we’ll continue to see an upward trend, or whether prices are stabilising. The good news is that data from the Building Cost Information Service (BCIS) shows materials prices have stabilised, and that any future growth is likely to be in line with a more typical inflation rate for the construction sector (around 2%-3%). Mortgage interest rates are likely to start coming down in the latter half of 2024, and house prices are also just starting to creep up. Taken together, all of that means it’s a great time to self build, as you’ll be taking the plunge before the recovery curve gets really steep – so there’s a chance to get maximum value for money.
Most self builders have a limited pool of funds and will be using a specialist mortgage to enable their schemes.
So, setting a viable budget and sticking as close to it as possible is vital if you’re to achieve the house you want at a price you can afford. So, let’s take a look at the different factors that impact how much it costs to self build, and how you can develop a realistic budget for your project.