Announcing plans to double its target for developing ‘starter homes’, the Conservatives are inviting would-be home-owners to register their interest in buying such a property via www.new-homes.co.uk/starter-homes.
The party plans to increase property numbers to 200,000 by 2020, and if housebuilders involved develop on brownfield sites, they could be relieved from having to pay planning gain contributions - if the properties are offered to first time buyers at 20% below the market price.
The government calculates the discount could save first time buyers around £100,000 per house, potentially enabling them to reallocate funds to other home improvements such as premium decking.
A design panel, including Sir Terry Farrell and Sir Quinlan Terry, has been drawn together to vet the design-quality of the low cost new homes being built under the initiative, and recommended designs have been published.
Backing the plans are 16 volume housebuilders, including Barratt, Bellway and Persimmon, and 15 smaller builders as well as members of the Federation of Master Builders.
Melanie Leech, chief executive of the British Property Federation said: “With an ever increasing housing shortage, it is crucial that measures such as this are put in place to bring forward homes of the right type, in the right places, to enable first time buyers to step onto the housing ladder.”