Thousands of new houses to help first-time buyers make the leap onto the property ladder will be built on brownfield land, Theresa May will announce later on today.
In the Prime Ministers second big housing pledge in as many days, Theresa May will announce support for people ages between 23 and 40 to buy their first home by helping 30 areas around the country to unlock land to build on.
The new homes will begin development this year and they should be available to buy from 2018, ministers have said. The housing will also help to reinvigorate town centres through new investment and development of green spaces.
The announcement follows a promise that the Prime Minister made earlier this week to build 14 new garden villages and three new garden towns across Britain. The project has been designed to boost housing stock quickly to help tackle a shortage of homes in England.
Mrs May has promised to focus her efforts on those who are “just about managing” to make ends meet, and those who are struggling to get on the property ladder or save enough for a deposit.
Announcing the starter homes package today, housing minister Gavin Barwell will say: “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.”
The homes will be given financial support by the Government and will be sold by developers at a 20 per cent discount to help young people who have saved to get a mortgage.
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