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More starter homes at 20% discount for first time buyers

Posted: 17th May 2016   In: Residential Conveyancing

The government has announced plans to build 200,000 starter homes for first time buyers under the age of 40.

It’s part of an overall plan to build a million homes by 2020. Ministers say the figure will be achieved by ensuring that 1 in 5 homes are starter homes on developments of more than 10 properties.

The starter homes will be available at a minimum 20% discount below market value, making them affordable for those on moderate incomes.

Injured soldiers and partners of those who lost their lives in service will be eligible for a starter home at any age under the proposals, which are now subject to public consultation.

Housing and Planning Minister Brandon Lewis said: “We have committed to building 200,000 high quality homes exclusively for first time buyers backed by £2.3 billion government funding to get building underway including on brownfield sites. Starter homes will be built on hundreds of housebuilding sites across the country.”

Other measures in the consultation include:

We shall keep clients informed of developments.

Please contact Shyam Patel or Dipak Odedra if you would like more information about the issues raised in this article or any aspect of buying and selling a home.

 

Posted by: Shyam Patel
Commercial Property
Luton Office