House builders in the UK have been buoyed with the news that a £26m fund has been set aside, with the intention of introducing the first batch of starter homes for first-time buyers.
Communities Secretary Greg Clark promised that high-quality homes would be made available as a result of the fund and that first-time buyers will have a range of different property types to choose from.
The windfall will be used to support architects, developers, housing associations, councils and small builders to supply properties that will increase quality of design, with the government planning to deliver 200,000 starter homes by 2020. Money from the fund will be used to obtain brownfield sites, with money from the sales of these sites going back to the government, ensuring top value for the taxpayer.
In addition, the government has offered more support to aspiring home owners by making £10m available for authorities to prepare additional brownfield land for the eventual development of future starter homes.
Mr Clark said, ‘we are committed to delivering 200,000 starter homes by the end of this Parliament, providing a real boost to aspiring young first time buyers. The competitive fund will build homes that will clearly show the wide range of new properties that will be available for first-time buyers as they take their first step on the housing ladder.
‘We are also helping bring back into use more brownfield land for development, keeping the country building and delivering the homes our communities need,’ he added.
£26m fund to assist new home building
A priority for the government is to assist young people to achieve their dream of buying their own home, according to housing minister Brandon Lewis. He pointed out that in excess of 100,000 households have been assisted in buying a property through the Help to Buy Scheme.
‘This fund will help kick start that change and show young people across the country the quality they can expect when the buy a starter home,’ said Lewis, who went on to say that, ‘it’s further proof that this government’s long term economic plan is on track.’
Meanwhile, the Homes and Communities Agency said that it will support the starter home initiative by offering land and expertise, helping more first time buyers into home ownership.
Chief Executive Andy Rose said, ‘we look forward to working with our key delivery partners including councils, developers, housing associations, small builders and architects in taking this forward, through the identification and purchase of land suitable for exemplar starter home sites.’