The New Year is looking promising for first time buyers aspiring to buy their own home, as the Government pledges an investment of £1.2 million in a Starter Homes Land Fund aimed exclusively at first time buyers between the age of 23 and 40.
These new homes will be built in 30 different regions across the UK and on brownfield sites. As well as setting aside money for new housing, the government has also confirmed that there will be more funding for affordable shared homes, as well as 14 new garden villages and another three garden towns.
Housing minister Gavin Barwell stated: “This government is committed to building starter homes to help young first time buyers get on the housing ladder. This first wave of partnerships shows the strong local interest to build thousands of starter homes on hundreds of brownfield sites in the coming years. One in three councils has expressed an interest to work with us so far.”
Mark Hayward, Managing Director, NAEA, comments: “Today’s announcement may feel like a welcome start to the New Year but as always we need to see these plans put into swift action. The dream of home ownership is too far out of reach for thousands of aspiring first time buyers (FTBs), and the building of new homes on disused brownfield sites, as well as a 20% discount for buyers aged 23-40 will go some way to bridging this gap.
News that the Government will deliver 14 new ‘garden’ towns and villages outside of existing settlements will also relieve some of the pressure on supply and demand, which should in turn act as a catalyst to help FTBs fulfil their dreams of homeownership. However, we must not throw caution to the wind. The Government has made promise after promise and pledge after pledge to help FTBs get on to the housing ladder, but until we see these houses built we won’t hold our breath.”
The Starter Homes Land Fund was established in 2016 to support local authorities in buying, negotiating and finding suitable land for starter homes. Goodfellows are currently working with one of these affordable homes projects in Mid-Sussex, providing 7, two bedroom houses for residents only, located in the village of Pease Pottage, close to Horsham and Crawley. The properties are available on a minimum 25% Share and the new owner has 2 parking spaces provided.
If you are interested in applying for the property, you must be registered with Help to Buy to be considered for the property along with filling out an expression of interest form.
Please contact Goodfellows Land and New Homes for more details, and to obtain the relevant forms, on 01372 745 562.
Property Wire Weekly
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