..... ..... .....
..... ..... .....
...... ......

First-Time Buyers Offered Starter Homes Discount

A new website has been launched to help young people in the UK register their interest in purchasing a starter home.

The site at www.starter-home.co.uk appears in the wake of new rules that cut planning requirements for the new Starter Homes, enabling the builder to reduce the usual sell price by 20%. Construction on the first homes is expected to begin in a few months.

This initiative is the latest government-driven push to get the country building and help young people get on the property ladder. The potential discounts are around £100k per property.

First-time buyers in England pay an average of £218,000 per house. A Starter Home could represent savings of £43,000, making it easier for them to attain their dream of home ownership.

Changes in planning policy are now allowing builders that develop industrial and commercial land that is either surplus or unusable to save on costs by freeing them from the obligation to provide affordable housing. In exchange, they will have to offer the completed homes at a discount of at least 20% to the market prices for first-time homebuyers under the age of 40.

Britain’s foremost housebuilders and councils have already stated that they would consider making land available to develop the new houses from this year. They will now be able to start submitting their plans to get construction started and pass the savings on to buyers as quickly as possible.

A Design Panel consisting of well-known architects such as Sir Quinlan Terry and Sir Terry Farrell have chosen home designs from across the UK for builders to choose for Starter Homes developments.

 

Specialists in Construction Insurance

Wanting the new properties to be attractive yet capable of meeting the demands of modern living, the Design Panel drafted a report highlighting a variety of new build styles, which will hopefully become the norm for starter home developments. In general these homes are well-proportioned, blend in with local property styles, and do not affect the availability of parking or community spaces.

Prime Minister David Cameron said that the UK government wants to help younger Britons who have been unable to afford their own homes in the current market climate. If a 20% discount is applied to house purchases, it could be a game-changer for many would-be homeowners.

Communities Secretary Eric Pickles said that building new homes and assisting first-time buyers are important parts of the long-term economic plan. The number of first-time homebuyers has already reached a seven-year high, and the discounted Starter Homes will help even more people attain their dream of home ownership.

The government hopes that 100,000 new properties will be built specifically for new buyers by 2020. A representative stated that the reduced purchase price would not result in a compromise on quality or energy efficiency, but if the buyers sold the homes within five years, they would have to offer a 20% discount to the next first-time buyer.

Housing minister Brandon Lewis said that the scheme opens up home ownership to a whole new group of people.

Topic:

Stay Updated

Join our email list to receive useful tips, practical technical information and construction industry news by email. Relevant to everyone in the industry. Your details will be shared with no one else.