New Year means new homes for first time buyers as the government gives the go ahead for the first wave of starter homes.
30 local authorities will have access to the £1.2bn Starter Homes Land Fund to help get these starter homes built on brownfield sites across England.
Find out which local authorities will be involved and how the scheme will work.
How will the starter home scheme work?
The new starter homes will give first time buyers between the age of 23 and 40 a foot on the housing ladder giving them a chance to buy their new home at a 20% discount below market value.
Discounts will be offered on these starter homes which will be capped at £450,000 in London and £250,000 elsewhere.
These homes will be protected for first time buyers in the future as they are not allowed to be resold to foreign buyers or buy-to-let investors and can only be sold at 20% below the market price.
What is the Starter Homes Land Fund?
The government have made £1.2bn in funds available to local authorities to bring forward and prepare suitable land for quality starter home developments which can be built on by developers.
Home Land Fund partnerships have been set up with 30 local authorities who will be eligible for the funds which are:
- Blackburn with Darwen Council
- Blackpool Council
- Bristol City Council
- Central Bedfordshire Council
- Cheshire West and Chester Council
- Chesterfield Borough Council
- Chichester District Council
- City of Lincoln
- Ebbsfleet Development Corporation
- Fareham Borough Council
- Gloucester City Council
- Greater Manchester Combined Authority (Bolton, Bury, Manchester, Oldham, Rochdale, Salford, Stockport, Tameside, Trafford, Wigan)
- Lincolnshire County Council
- Liverpool City Council (in association with Sefton, Knowsley, Halton, Wirral, St Helens)
- Luton Borough Council
- Mid Sussex District Council
- Middlesbrough Council
- North Somerset Council
- Northumberland County Council
- Pendle Borough Council
- Plymouth City Council
- Rotherham Metropolitan Council
- Rushmoor Borough Council
- Sheffield City Council
- South Kestevan District Council
- South Ribble Borough Council (in association with Preston City Council and Lancashire County Council)
- South Somerset District Council
- Stoke-on-Trent City Council
- West Somerset Council (in association with Taunton Deane Borough Council, Sedgemoor District Council)
- Worthing Council
The local authorities will work closely with the Homes and Communities Agency to drive the housing scheme as well as supporting the wider growth and regeneration of local areas.
These starter homes will be developed in addition to the 14 new garden villages to help create more homes whilst boosting the local economy.
By Frzana Ferguson