Thirty districts are due to receive funding from a £1.2 billion fund that will be aimed at creating thousands of first time buyer homes this year.
The Government will run the “Starter Homes Land Fund” throughout England, and offer buyers a minimum discount of 20% below market value. The main criteria is that you must be aged between 23 and 40 to be eligible. Discounts will apply for homes worth up to £250,000, whilst within London this will rise to homes worth £450,000.
Gavin Barwell, Housing Minister commented: “This government is committed to building starter homes to help young first time buyers get on the housing ladder.
“This first wave of partnerships shows the strong local interest to build thousands of starter homes on hundreds of brownfield sites in the coming years. One in three councils has expressed an interest to work with us so far.”
The 30 local authorities selected have been done so on their ability to build homes quickly enough, however there are some critics which doubt that the timescales set (for homes to go on sale in 2018) are not feasible.
This is just one of a number of announcements the Government has made in regards to measures tackling the UK housing crisis.
For more information about buying and selling property, and to keep up to date with the latest Government initiatives contact Ramsdens Conveyancing team and we will be happy to provide some initial advice....we're here to get you moving.