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Buy land and build or buy house in Durham?

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Looking to move to Durham , near the main school which is a very pricey area, being looking at some houses 4-5 bedrooms but need prob another 50-60 grand spending on to do up so would probably end up spending around 400-425,000 in the long term, however if you had the chance to buy some land for around 275-295,000 and has planning permission attached to it and then get a home built for you say maybe a 4-5 bed 2 storey home which after reading on the Internet it would need around 150,000 for the build as well, however in the area where the land is the house would probably be worth more than we spent to build it, not too sure which way to go?

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