New Starter-Home Scheme to Boost Property Ownership
A new initiative has been launched by the government that aims to make it cheaper and easier to buy a home. These starter properties will be available at a discount on the market price thanks to changes to planning regulations.
First-time buyers can now register to buy one of these starter homes online at starter-home.co.uk. With changes to the planning stipulations, developers are able to cut 20% off the price that these properties would usually sell for. There is the potential for this scheme to reduce the cost of buying a property by around £43,000. The first properties to be built as part of this initiative will start construction later this year.
The developers are able to reduce their costs by using land that is not required or is unusable for other purposes. By doing so, they will be able to benefit from planning changes that will avoid the need for them to offer affordable housing on the development. This stipulation has generally increased the costs of developing land, which has pushed up the price for consumers. In order to qualify for the scheme, developers must offer at least a 20% discount on the homes for first-time buyers under the age of 40.
Just because these starter homes are available at a reduced cost, it shouldn’t mean that the design and style of the properties will suffer. Developers are working hard with architects and major design teams to ensure that these starter homes meet the needs of modern buyers. They will all be attractive and available in a range of styles.
The aim of the scheme is to create properties that have good proportions and which complement existing homes in the area. There will be the addition of features such as gardens and balconies where possible, enabling the properties to cater for a wide range of requirements. Some of the homes will be suitable for single and joint first-time buyers, with others designed to accommodate growing families. The homes will also be provided with adequate parking facilities and be built in areas that have appropriate amenities for local communities.
This new scheme could improve standards for new homes across the board. It is also hoped that it will increase the opportunities for people to get on the property ladder, as deposits will be smaller and mortgages will be more achievable.