A new housing scheme called the Starter Home initiative could see 100,000 first-time buyers under the age of 40 being able to buy a property with a 20 per cent discount.
The government is consulting on the scheme which will require a change to the planning system to free brownfield land that is not being used. People interested in Starter Home can register from the start of January.
Under the proposals local authorities would not charge builders tariffs, which currently average around £15,000 per home, in return for a below market value sale price on homes built on the site.
Many of the country’s house builders and councils are already looking at sites that could be used for new homes.
Prime Minister David Cameron, who is supporting the scheme, commented: “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.
Under this scheme, first-time buyers will be offered the chance of a 20 per cent discount, unlocking home ownership for a generation.”
Design panel
A new design panel, including world famous architects such as Sir Terry Farrell and Sir Quinlan Terry will be set up to try to ensure that new homes are not only lower cost but also high quality and well-designed.
Sir Terry Farrell, founding partner at Farrells, wants to give higher priority to landscape and sustainability. He said: “This panel has the potential to make a real difference. Only by planning and designing our villages, towns and cities together with local communities can we create the kind of built environment we all aspire to and should be demanding.”
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