First-time buyers get starter home boost

Communities Secretary, Greg Clark, today launched a £26M fund for housebuilders to showcase the range of high quality homes available to first-time buyers.

Young homeowners will be able to see the various types of properties available to them through the scheme.

Supporting architects, developers, councils, housing associations and small builders to build properties, the fund will seek to improve the quality of design as the government strives to fulfil its promise to build 200,000 starter homes by the end of the decade.

Brownfield sites will be identifies and purchased to provide land to build the starter homes on, with the majority of sites being underused brownfield land that is not currently allocated for housing.

The sites will be prepared in 2015 to 2016, enabling more properties to be started in 2016 to 2017 and 2017 -2018.

The money generated from the sales of these sites to go back to the government in a deal seen as providing good value for the taxpayer.

Potential homeowners will also benefit from a further £10M being made available by the government for local authorities to prepare more brownfield sites for the development of starter homes. This includes helping to carry out preparation work, clearance and infrastructure work to get the sites ready for house building.

Communities Secretary Greg Clark said: “As a one nation government we are on the side of hard-working people and that is why we are committed to delivering 200,000 starter homes by the end of this Parliament, providing a real boost to aspiring young first-time buyers.

“This competitive fund will build homes that will clearly show the wide range of new properties that will be available for first-time buyers as they take their first step on the housing ladder.

“We are also helping bring back into use more brownfield land for development, keeping the country building and delivering the homes our communities need.”

Stephen Stone, Chief Executive at Crest Nicholson said that any initiative to help support home ownership should be welcomed. He commented: “Today’s announcement will not only help first time buyers get onto the property ladder, but it will also accelerate further output across the industry at a time when housing need is at an all-time high.”

Ian Sutcliffe, Group Chief Executive of Countryside Homes, said the company was “very happy” to support the scheme, which he described as “exciting”.

Housebuilding remains an integral part of the government’s long-term economic plan, with nearly 800,000 additional homes provided since the end of 2009.

The post First-time buyers get starter home boost appeared first on UK Construction Online.