Discount for first-time buyers – but it depends where you buy

Discount for first-time buyers – but it depends where you buy

author: Rachel

By Rachel

Teresa May has promised thousands of new houses are to be built on brownfield land to help first-time buyers get on to the property ladder.

The Prime Minister this week promised to help people aged between 23 and 40 to buy their first home – providing they look in one of 30 different areas across the country.

In the proposed plan, construction on the new homes will begin early this year. The properties will be available to buy from 2018.

Helping hand

Last year, Teresa May revealed she wanted to help the “just about managing”. Now, housing minister Gavin Barwell has announced the government’s commitment to do this by building more starter homes - helping young first-time buyers get on the housing ladder.

The government will financially support the construction of the new properties, and the homes will be sold by developers at a 20% discount to help young people who have been saving to get a mortgage.

Moving house

Where to look

New properties will be constructed in 30 areas across the UK. These plots have been chosen as it’s believed they have the potential for the work to be completed early.

The new project will run alongside the £1.2 billion Starter Home Land Fund, which was set up in April last year. It was designed to support the “acquisition, remediation and de-risking” of land suitable for housing around the country. Councils, including those in Liverpool, Plymouth, Worthing and Blackpool, and the City of London, have already made successful bids.

Below you can find a list of the new Starter Home Land Fund partnerships. Are there any near where you’re looking to buy?

  • 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

 Packing boxes

What is brownfield land?

The term brownfield describes land that has previously been used for industrial or commercial purposes. Unlike other types of plot, there is a risk that the land may have been contaminated.

What does this mean for me?

If you’re a first-time buyer, the announcement could be promising news. As new homes specifically aimed at first-time buyers are being built, you won’t have to compete against second-time buyers or property developers when you put in an offer.

For advice on buying your first home and applying for a mortgage, read our blog.

Disclaimer: All information and links are correct at the time of publishing.

author: Rachel

By Rachel

Discount for first-time buyers – but it depends where you buy Discount for first-time buyers – but it depends where you buy