In an unprecedented move, the Oxfordshire council has put £28 million to purchase land for custom-built homes. Through this program, future homeowners are able to develop homes that meet their expectations like a glove. Each of the approximately 340 plots can fit homes of no more than 250 square meters. These homes are significantly larger than the average British three-bedroom semi-detached house, presenting an appealing option for families seeking space and personalization.
The overall aim of the project is to establish a new community that captures the character and spirit of Oxfordshire, but is rooted in modern design thinking. As Rhys Denbigh, a representative of Facit Homes, explains, when it comes to the future of affordable housing, this radical new approach directly contradicts the traditional development model. He explains that custom builds improve people’s living environments as they’re often more spacious while having lower running costs.
Facit Homes has now been joined by a second wave of British start-ups. They are largely upending the traditional housing market with their individually designed and digitally manufactured homes. The studio’s big-picture plan is to provide real estate that serves today’s market preferences. They’re moving away from the “wild and wacky” designs popularized by the Netherlands’ custom build sector, particularly in Almere, a city known as a European leader in this practice.
The pound’s dramatic fall since the EU referendum has delivered a surprising boost to home-grown developers. As European competitors become less viable financially, custom builders like Facit Homes are making up lost ground in the custom build market. Residential development plots at Graven Hill begin at £125,000. Prices can reach up to £310,000, excluding additional costs for necessary infrastructure such as water and sewage systems.
Recently, the Marsdale family made the commitment to start on their custom build journey in this new community. They expect to spend around £800,000 on their 250-square-meter home once you factor in the cost of the plot and ground works. Reflecting on their choice, they share,
“We started looking at Graven Hill a year ago as a very interesting project. They do a lot of the heavy lifting for you; finding the land, handling the planning but at the same time giving you design flexibility.” – The Marsdale family
The Marsdales, like many others who might be tempted by a custom build, have some uncommon obstacles to overcome. David Hollingworth, a broker at London & Country Mortgages, warns potential borrowers to be careful in their financial planning.
“It’s crucial that borrowers ensure they do the numbers carefully,” – David Hollingworth
He further notes that remaining in their existing home while the new one is being constructed could be a financial burden.
“Staying in the current home throughout the project may mean that not only is equity tied up in their home, but also that they will need to demonstrate affordability of the new and current mortgage.” – David Hollingworth
The financing landscape for custom builds is shifting quickly. Lenders such as Mansfield, Hanley Economic, Newcastle and Furness building societies are already providing specialty mortgage products. The Mansfield Building Society has a two-year fixed-rate mortgage to 5.15% for 80% LTV. This greatly increases the opportunities for buyers to get into the custom build market.
Craig Strachan of Sylva, perfectly encapsulates the new trend in consumer demands when it comes to home design.
“Every single one is very modern. People like flat roofs, big glazed areas, modern construction materials and rendering and aluminium windows. They are also much less precious about the number of bedrooms.” – Craig Strachan
This trend is a clear testament to how deeply today’s buyers value quality and high design above more conventional measures, such as number of bedrooms. Strachan adds that potential homeowners are now focused on creating spaces that align with their lifestyles rather than adhering to outdated standards.
This bespoke landscape of major custom builds is challenging understandings of homeownership all over the UK. Unlike many conventional developments that usually are controlled by the bottom line, Graven Hill is committed to boosting customized and improved lifestyles. Their works celebrate individuality while engendering deeper connections to their community.
“For the same amount of money, you get a bigger place, and with much lower running costs.” – Rhys Denbigh
While this model is becoming more popular, how it will affect national housing trends in Britain continues to be seen. New creative design combined with new flexible financing options are revolutionizing the housing market. Indeed, as more Americans look for individualized, tailored living environments, custom builds are likely to be the way forward.
As this model gains traction, it remains to be seen how it will influence broader housing trends across Britain. The combination of innovative design, flexible financing options, and increasing demand for personalized living spaces suggests that custom builds may very well represent the future of housing.