Support for First-Time Buyers

Published on 10 March, 2015

With the May elections now just around the corner the Government has announced a new starter homes initiative in England

First time buyers (below 40 years) will be able to shortly purchase new homes with a minimum 20 per cent discount off the market price.

This week, David Cameron announced plans to build more than 200,000 discounted homes for first time buyers. The 20 per cent discount will be applied to homes worth up to £250,000 outside London and £450,000 inside London.

The properties will also need to remain available at a 20 percent below the market value for the first five years. This means any first time buyer who looks to resell in this time frame must offer the discount to the next first time buyer – according to the detailed plans outlined by the Government.

One of the proposed designs featured below.

Artist's representation of one of the proposed new builds

High resolution photos of the proposed housing designs can be downloaded from here.

Housing minister Brandon Lewis told BBC News an affordable house-building programme was beginning which had "the fastest build rate in about 20 years."

"And this new starter homes programme is another 100,000 homes on top of everything else that we're doing, allowing those first time buyers, people who want to own that home of their own, to be able to do that - a good design, well-built home, with a 20% discount.

"When you link that with Help to Buy it opens up the ability to own a home to a whole new group of people."

If you are interested in the scheme you can now register your interest at www.starter-home.co.uk

We understand that getting on to the property ladder can be a daunting task, therefore we also recommend reading our Top 7 tips for first time buyers for honest and impartial advice to help you along the way into your new home.

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