2nd March 2015
The Government has launched a new scheme offering 100,000 first time buyers new homes at a 20% discount in what it has described as “part of a major push to help people onto the housing ladder”.
Dubbed the Starter Home initiative, aspiring home owners will be asked to register their interest in buying via the Starter Home initiative from the start of next year. However the offer is only be available to those under 40 years of age
Many councils and UK house builders, including Tayloy Wimpey and Bellway are already looking at sites that could be used for new homes.
The Government is currently setting out how the scheme will work with a change to the planning system to free under-used or unviable brownfield land from planning costs and levies in return for a below market value sale price on the homes built on the site.
The Government said that more than 30 house builders have said that that they support the plans and would consider bringing forward land to develop the new discounted houses from next year.
Prime Minister David Cameron said the scheme will unlock home ownership for a generation. He said: “Hardworking young people want to plan for the future and enjoy the security of being able to own their own home. I want to help them do just that.
“This is all part of our long-term economic plan to secure a better future for Britain, making sure we are backing those who work hard and get on in life.”
Stewart Baseley, executive chairman of the Home Builders Federation added: “Increasing housing supply is a huge and complex challenge and significant barriers remain. Bringing forward more land for house building, while also enabling more first time buyers to realise their ambition of home ownership would be another positive step on the way to tackling the housing shortage.
“The industry is keen to work with government to develop policies that would allow for more high quality homes to be built in the right places.”
Aspiring homeowners can now register their interest at www.starter-home.co.uk