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How much does it really cost to build a house in the UK in 2024? 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.
Well, it’s good news there: the BCIS is reporting three consecutive quarters of price drops for construction materials (up to March 2024). It’s also forecasting that any future return to growth is likely to be in line with a more typical inflation rate for the construction sector, at 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 going to achieve the house you want at a price you can afford.
So, let’s take a look at the different factors that will impact how much it costs to self build a house in 2024, and how you can develop a realistic budget for your project.
The first step to figuring out how much you have to spend is looking at your savings, any equity you have in existing property and what kind of funds you could bring in via a self build mortgage. This will give you an idea of what you can afford in total for the plot and construction (including things like professional fees, services, a contingency fund etc).
In other words, you’ll be able to come up with a budget, providing you with a good figure to measure against the average costs to build a house. You can then subtract the cost of the land (typically about 30%-40% of the overall spend) from your total sum to get an idea of what you’ve got left over for the building work.
Now you’ve got a rough construction budget for your self build, you need to know whether it’s enough to actually build with. The traditional, back-of-an-envelope method for achieving this is to use a standard build cost per m² rate and multiply that by the house size you want.
| Looking for building plots for your self build project? Build It’s PlotBrowser.com features 1,000s of genuine plots and properties nationwide, all with outline or full planning permission in place |
After finding the perfect plot in the Suffolk countryside, Steve and Suzanne Richardson enlisted Cocoon Architects to bring their design ideas to life, and Frame Technologies to erect their efficient timber frame shell. The total costs for the building project were £350,000, (£2,059 per m²) with the land costing £295,000. The project went on to win Best Self Build Home at the 2023 Build It Awards. Photo: Matthew Smith
A middle-of-the-road figure for how much it’ll cost to build a house in 2024 would be around £2,200+ per m². This is on the assumption you’ll be doing some of the project management and mostly using experienced trades to finish your scheme.
At this kind of price point, you can expect an average self build spec – but still better quality than a typical developer house. The price per m² will rise significantly if you want to increase the quality or intend to hand the project over to the professionals (expect to pay at least £2,750 per m² for a main contractor build, for instance).
On the basis of £2,200 per m², if you wanted to self build a 200m² home, it would cost you around £440,000 for the construction and fit-out costs.
So at this early stage, the question is: how does that compare to the sum you actually have to spend, and will that figure allow you to get the house you want? From here, you can work with specialists to flesh out a design, which should be cost-checked at regular intervals before it goes in for planning.
So, how will the price of land impact how much it’ll cost to build a house? I can’t tell you exactly what your plot will cost, but I can arm you with a few pointers to recognise what you need in a site, and help you value land effectively. Some of you may have the self build budget to realise the idyll of a house among spectacular countryside, but most of us have more modest ambitions of creating a big-enough home on a big-enough plot.
To give you an idea of what that might look like, a 150m² three-bed house would sit comfortably on a 0.2-acre plot; very nicely on 0.3 acres; and may look a bit swamped once you get to half an acre (at which point you’ll probably need a ride-on or robot lawn mower).
Plots of half an acre or more will attract developers who might be able to build two, three or more houses on land that you’d be using for just one. So, you’ll need good luck or very deep pockets if you’re going to compete on a bigger site. But on smaller plots, you’ll probably have the advantage, as you’ll be willing to pay more than someone who needs to work to a profit margin.
Just like house prices, land costs vary across the country and from village-to-village. As a rough guide, data from the National Custom & Self Build Association (NaCSBA)’s most recent market survey suggests most building plots cost in the region of £100,000-£299,000.
Jonathan and Joanna Lunn left city life behind to build their own contemporary home on a stunning woodland site in the South Downs National Park. The couple worked with Baufritz on a turnkey basis to complete the self build project. The plot of land cost £515,000 and the build cost £1,108,000 (£4,655 per m²)
For a clearer idea, research the local market online. PlotBrowser.com is the premier resource of genuine self build plots with planning permission, and will give you a strong steer on the value of land in your area. The likes of Rightmove and Zoopla also list some sites, but there’s no quality control to check they’re viable. Nevertheless, they’ll be particularly useful for estimating finished market values on the street.
Bargains are sometimes available, whether at auction or simply because you do the legwork for an owner who didn’t realise they were sitting on a viable plot. But be wary of anything described as having ‘development potential’, being ‘subject to planning’ or similar. In truth, the site’s owner probably knows they’ll never get planning for a house and is simply trying to make a fast buck.
Before you can arrive at a build budget and get started on developing a design, there are a number of things you’ll need to factor into your total spend. Some of those might lie in the plot itself, and should ideally be reflected in the offer you make for it. This is by no means an exhaustive list, but among the bigger considerations are:
A host of factors will affect your self build budget, and you could easily end up spending significantly more or less on building a house. These include location (labour rates, in particular, vary across the country), size of the house, how you’re running the project (more on this later) and the quality of finish you’re going for.
A key first step, then, is to ensure that whoever you’re using to come up with your house plans is the kind of person who deeply understands what you’re trying to achieve. Yes, you want your ideas to be challenged and enhanced – but they should be exercising close cost control as you go through the various design iterations. There’s nothing worse than getting planning for a design you love, only to find when builder’s quotes start to come back that you simply can’t afford to build it.
Various factors will impact on how much it costs to build a house (minus the land, design fees etc). But three of the biggest are the size of house you want, the quality of the specification, and how you intend to manage the works. To put that in context, if you were to use a main contractor to deliver your dream home to a fairly typical self build spec (better than Building Regs, but not up at the luxury end of the market), then you’ll probably be looking at a cost of around £2,500-£3,000 per m² of usable floor space.
Example self build cost breakdownHow you apportion your construction and fit-out budget will come down to your individual project goals, priorities and build route (for instance, you might apportion a bit more to a prefabricated house shell that saves you money elsewhere; opt for standard electrics rather than a smart home; or self-manage to cut out some site management costs). Nevertheless, this pie chart will give you a useful starting point to gauge where your money is likely to go.
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Using basic materials and fitting bog-standard kitchens and bathrooms will help to keep the cost of building a house down, but the result may not be particularly inspiring. If you want all the bells and whistles – polished concrete floors, home cinema, vaulted ceilings in every room, huge spans of curtain wall glazing and that must-have ensuite sauna – your budget could run to £5,000-£6,000 per m² (or more) of usable floor space. Ultimately, self building gives you the power to make the choices that matter to you.
Whatever your budget, if you want to hit it, then it’s key to make as many decisions as possible at the design phase, before you start on site. You need a clear brief to help you decide which parts of the project are essential and which elements are simply nice-to-haves.
Visiting the Build It Education House in Oxfordshire could be a great starting point for this. The goal with this scheme was to demonstrate the cost and programming implications of your decisions to help you understand how to prioritise your budget.
For instance, we’ve installed three different types of staircase – ranging from bespoke to builder-installed kit – and a mix of render and timber cladding. All our project costs are catalogued in detailed infographics at the house and within the Education House Guide, available to pick up free when you visit.
CLOSER LOOK Build It’s Self Build Education HouseBuild It magazine’s Self Build Education House is a real-life, access-all-areas project located in Graven Hill. A visit to the house will give you a unique and unrivalled insight into the process of creating your own bespoke home.
The Build It Self Build Education House in Graven Hill was designed by Lapd Architects. They were tasked with delivering wow factor on a typical self build budget. Build It and Lapd selected an ICF (insulated concrete formwork) construction system, with striking fixtures and fittings that bring a light and airy feel to the property. You can take a virtual tour and read about our journey towards creating Build It’s Self Build Education House by clicking here. |
Every home building project needs to be coordinated by someone who can keep things moving in the right direction. But who is best placed to take up the reins? The cost to build a house will increase in proportion to the amount of risk that you are happy to pass on to others.
Employing a general builder to do the work and run things on your behalf is a popular route to a new home. A main contractor will typically charge around 20% for profit and overheads, but you’ll be working to an agreed budget and spec. Plus, their expertise will take a lot of the time and stress out of a project. And if you engage a local builder with a strong reputation in the area, they should have a long contacts list and decent pre-agreed discounts from major suppliers. You might pay a builder £375,000-£450,000 to complete a good-quality bespoke 150m² house. Move the needle on the size of the house, and of course that cost will go up or down.
If you self-manage the works, and do so efficiently with minimal issues along the way, you might be able to shave 20% off that figure – largely because you won’t have to pay for the builder’s profit margin. So, that 150m² house might come in at more like £300,000-£360,000. With canny materials sourcing, you could bring that down further. Get really hands-on with the work, and you could save even more; perhaps another 5%-10% (off £300,000-£360,000).
This table represents how much each self build route costs on average per square metre, from turnkey to hands-on
For large or complex schemes, or projects where you want to realise the design with few compromises, professional management might be a good option. Whilst it doesn’t come cheap, this gives you the reassurance that an expert such as an independent project manager or your architect is managing the contract, overseeing quality and ensuring your house is being built as expected.
They’ll typically charge a monthly fee for this, which might tally up to around 5%-7% of your total build cost (so approximately £18,000-£26,600 on a budget of £380,000). If you want a lower-cost solution, some professionals can offer more ad hoc support.
The top level in terms of cost is a turnkey design and build route, where you put responsibility for the full design, construction and finishing of your new house in one company’s hands. So, you only have a single party to deal with, and can sit back and relax while they complete all the works to an agreed fixed price and schedule.
This will come at a premium, but can be more than worth the money for the peace of mind that you’ll get exactly what you designed, with no need to put in your own time during the build phase and no risk of cost overruns (unless you change the spec).
After years of searching for their forever home, Arthur and Lydia Achard turned to a rural plot in Northumberland. The couple teamed up with Giles Arthur Architects to design the home, with Fleming Homes delivering the timber frame, insulation, windows, doors and joinery. The 518m² self build cost £500,000 (£965 per m²). Photo: Kate Buckingham
Dan-Wood’s predesigned homes typically sit in the range of £1,400 per m² to £2,000 per m² (plus foundations, kitchens, landscaping and any custom items you commission yourself – all of which would be outside the turnkey contract scope. A turnkey home from a supplier such as Baufritz, which focuses on healthy, sustainable houses for people looking to realise a very high specification, will be higher up the scale. Its prices start from around £3,500 per m² (gross external area; GEA).
CASE STUDY Charming oak home in WalesAfter much back-and-forth with the planners, Graham and Diane Roberts built their dream oak frame home and a separate garage with guest accommodation on the car park of a former pub in Wales with glorious mountain views. The couple engaged Welsh Oak Frame to help them create the 120m² property. “Welsh Oak had the capability of doing the structural calculations, detailed design work and manufacture all under one roof, which we thought was terrific,” says Graham.
The couple purchased the oak frame as a package, which included the supply and install of the structure. Graham project managed the build alongside his primary contractor and was on site every day keeping an eye on the build’s progress.
The barn-style home cost Graham and Diane a total of £365,000 (per £1,217 m²) including the main home and garage. The oak frame itself cost £120,000 (£400 per m²). Other elements of the project, such as the groundworks and foundations, cost £26,000 (£87 per m²). |
The chart below shows indicative costs based on cavity wall masonry construction. These figures include allowances for all the infrastructure required to deliver each project type.
This includes electric circuits, hot and cold water supplies, and installing the central heating system. The build costs below factor only a basic level of internal fit-out, such as second fix electrics (switches, sockets etc), plasterboard and final decoration.
The online version of our calculator allows you to select from a range of other common construction options, including timber frame, insulating concrete formwork and oak frame.
If you’re wondering how much it’ll cost to build a house, a great place to start is by using Build It’s Self Build Cost Calculator. Here you can estimate your project costs instantly, including total building costs and a price per square metre, and update your calculations to see live build cost estimates.
CLICK TO USE THE SELF BUILD COST CALCULATOR
CLOSER LOOK Cost variations by regionHow much it will cost to build a house will vary depending on where you’re planning to build. You can expect to pay more in labour if you’re in a city centre or similarly high-value area, for instance – but the financial returns may well be greater. To get a clear picture, the best option is to source project-specific quotes from local builders and trades. Here’s a rough guide to regional variations:
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Working out how much it’ll cost to build a house is complicated and you’re almost certain to require specialist help. Here are the main options for gaining a detailed project price breakdown:
Dedicated project cost services such as the Build It Estimating Service are a useful tool to plan your budget. Simply upload your plans and specification requirements, and you’ll receive a detailed build cost report based on live labour and materials prices.
An Estimating Service report can be invaluable when it comes to comparing quotes from different suppliers and contractors, giving you a reference point to compare like-for-like. As an added bonus, we are now offering a completely free set of 3D models of your home with every detailed report!
You can also seek quotes for core materials direct from builders’ merchants, again based on your drawings. These will usually need to be the approved Building Regulations drawings, and the merchant will want to be fairly confident you’re intending to buy materials from them.
Package home specialists can provide helpful early-stage costings, especially if your planned house is based on one of their standard designs. They’ll also generally work closely in partnership with you to develop a design that delivers your goals within budget.
A turnkey route, where you choose the design and a single company builds virtually the entire house, will ensure the most accurate quote – but bear in mind this is a premium route to a high-quality home.
Conventionally, construction estimates are provided by a quantity surveyor (QS), though the service is unlikely to be cost-effective for most self builders looking to create a relatively modest home. Engaging a QS might make sense if you are planning a very high-spec house.
A good builder will also produce a detailed quote, depending on the amount of information contained in the specification. It is not uncommon for a self build spec to run to many pages.
Remember to ask if the builders’ quotes include plant and equipment hire, such as WCs and scaffolding. And consider whether you can save money by buying materials in yourself, or whether a builder / package company’s greater purchasing power could offer greater savings.
Whoever you choose to complete the works – whether a specialist house builder, main contractor or individual trades – be sure to put robust construction contracts in place. These should include an agreed process for changes to the design or specification.
CASE STUDY Rural rebuild project for under £300kKast Architects took home the Award for Best Self Build Under £300k at the 2023 Build It Awards. The architects masterminded this sensitive reimagining of a traditional stone dwelling nestled into a valley overlooking the north Cornish coastline.
The roof of the old barn had rotted away many years ago, leaving only the stone walls, which were mostly in good condition. The project therefore involved building a new house within the boundaries of this existing footprint.
A brand-new timber structure, clad in charred larch timber and topped with a twin pitched roof, appears to rise from the ruins of the old building. The low stone walls have been repaired and repointed, creating a visible distinction between old and new. The main living space and bedrooms are open to the roof, where Douglas fir scissor trusses accentuate the height, while overhead glazing floods the space with light. |
As a self builder, the question to ask yourself is, if you’ve done your sums and your project is in budget, can you afford to wait? The sooner you start, the sooner you’ll be able to enjoy your tailor-made home. The cost to build a house is changing all the time, so it may be best to grab the opportunity while you can.
Creating a bespoke home to modern performance standards will also leave you less exposed to issues like fluctuating energy and rental costs. So it’s a great way to future-proof against rising running costs.
| Want to chat to the right people about budgeting for your project?
Build It Live is the place to do it! Why not visit the Build Cost Clinic and learn more about how much your project will cost? Build It Live takes place three times a year in Kent, Oxfordshire and Exeter. The next show will be on 22nd and 23rd February 2025 in Maidstone, Kent. Claim a pair of free tickets today and start planning your visit. |
Featured image: Iurii Motov/Shutterstock.com
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