A developer has revealed the top 20 London commuter towns where self-builders can turn a profit- provided you have a couple of million pounds ready to turn your designs into reality.
Esher and Weybridge in Surrey and Harpenden in Hertfordshire headed a list of 20 locations identified as the most profitable places to self-build, as they offered the largest return on the original investment, which can potentially reach up to 40 percent.
Developer Searchfield Homes carried out the research, which only included locations within an hour of central London by underground or train. It determined where self-builders would make the best return on investment, adding that in these towns it would probably mean acquiring a plot with an existing property and then removing it to build a newer and larger home.
In Harpenden, an enterprising self-builder would have to spend around £2million to deliver a house worth £2.8million. Those with the means to undertake such a project should also be prepared to encounter resistance from neighbours.
The figures took several factors into account, including the price of the land, stamp duty charges, and the market value of the new property.
The plots used in the calculations had initial purchase prices that frequently ran into seven-figure territory due to higher property prices in and around London.