UK launches Starter Homes in 30 areas in England
Housing minister Gavin Barwell confirmed that initial houses will be built in 2017 thanks to the policy, which were first announced by David Cameron in September 2014 as part of the Help to Buy scheme.
Only first-time buyers aged between 23 and 40 years old will receive a discount of at least 20% below market value, the Department for Communities and Local Government said, with brownfield land made available via a first wave of 30 local councils that have committed to providing land for early delivery, including Bristol, Gloucester, Greater Manchester, Liverpool, Middlesex, Northumberland, Sheffield and Somerset.
The discount will apply to properties worth up to £450,000 in London or £250,000 outside.
The government, which has pledged to build 200,000 by 2020, has set up a £1.2bn Starter Homes Land Fund to help with the acquisition, remediation and de-risking of suitable land for starter home developments which can be built on by developers or through accelerated construction by 2020. ■