Starter-Home Fund to Boost Supply
One of the government's key housing initiatives is to enable more first-time buyers to get on to the property ladder. To help them with this, they have recently announced a £26 million fund which will be available to house builders, architects, housing associations, councils and small builders to help build more starter homes.
The government has made a commitment that by 2020 they will have built 200,000 of these starter homes. Many of these will be constructed on brownfield sites, and money from the fund can go towards the purchase of these sites. In addition, there will be £10 million available to local authorities to help prepare these sites for construction. This is land that is currently not being used, and it will be a way of regenerating the areas as well as supporting the housing industry.
Making It Easier to Build
This fund, in collaboration with the new Housing Bill and the changes that are proposed for the national planning policy, will help to push forward the starter-home programme. These planning reforms will reduce the red tape and administrative issues that can often delay the start of residential developments, sometimes for years.
Local authorities will now need to proactively plan their starter-home strategy, ensure that brownfield land is released for use and work with community neighbourhood plans so that land can be allocated appropriately. There will be a monitoring system in place to ensure that local authorities are working along these lines. With every residential development of the appropriate size, it will be a condition that there is a percentage of starter homes available for sale.
These properties will be in a range of styles to provide the right type of homes in areas where people are buying. This could include apartments and townhouses, which often come with a lack of outdoor space. However, the use of a Juliet balcony could help to open up the space, and with the choice of balustrade stainless steel is often a popular option amongst homeowners. There will also be small properties with gardens, enabling families to have some outside space.
The government's commitment to support the increase in the supply of starter homes will provide a further boost to the housing industry. By enabling more first-time buyers to enter the market, it will also open up the sector for those looking to make a subsequent move.