SIPs Help Fill the First Time Buyer Gap
The global economic crisis and resulting decline in mortgage lending in the UK, Ireland and Scotland has seen the number of first time buyers drop significantly. The innovative building material structural insulated panels or SIPs are helping to fill the first time buyer gap, reports leading SIPs supplier SIPFIT Direct (http://www.structuralinsulatedpanels.co.uk/).
Few young people can currently afford to get on the property ladder in Britain, especially while lenders are still tightening up on the number of approved mortgage applications. As this is a growing problem and less people are buying property in the UK in general, the demand for rentals is keeping monthly rentals high. Young people who want their own space, have been turned down for a mortgage and would struggle to meet the rent in most desirable rental properties do have one solution still to turn to: building with SIPs.
Self-builds may seem to be solely the domain of the wealthy, but the beauty of SIPs is that they can be used in a multitude of smaller ways than building an entire flat pack house. Living with Mum and Dad at the age you would normally be flying the nest and buying your own place may be more common with the decline of the first time buyer, but that doesn’t mean that it’s any easier to put up with from a practical perspective. Creating additional space at home expressly for the young person who would normally have moved out is a great compromise. The young person can save money for their own place over the medium-term without having to be confined to their old bedroom. The rest of the family benefit from that freed up extra bedroom while having added to the value of their property by affordably extending with SIPs. Once the young person does move out, that space is then ready to be used for whatever the family wishes – a games room or even a granny annex.
Structural insulated panels are increasingly being used by families to extend their living space affordably, speedily and with minimal fuss and onsite waste. Also, there is often no planning permission needed when building small extensions with SIPs, although each instance will be assessed individually by local councils. Building with SIPs also provides fantastic flexibility. They can be used to create a room in a roof, a classic downstairs extension at the back of the house, or even a completely self-contained structure in the garden. The latter is the preferred option for the young, would-be first time buyer who is craving independence.
Humble insulated panels are helping more and more young people get the freedom they require without having to over-stretch themselves on rent, allowing them to save for a deposit on their first property purchase when the housing market picks up. If you would like to find out more about the flexibility of SIPs construction, visit http://www.structuralinsulatedpanels.co.uk/.
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