New UK Housing Market Programme has Dual Purpose
First time buyers are now being targeted by the government as the group to build for, in a new scheme offering them a 20% discount off the normal selling price. Criteria to apply for the discounted homes is simple. The buyer must be a first time buyer and under the age of 40. This new scheme is to encourage the sales to first time house buyers as well as increase construction of homes on land known as “brownfield”.
The goal of the government is to have 100,000 new homes built for only first time buyers by the year 2020. The discount is possible by the omission of local authority fees for home builders. The discount totals at least £45,000 per dwelling in the proposed land area.
Housing minister Brandon Lewis commented on the new house building programme, saying: "And this new starter homes programme is another 100,000 homes on top of everything else that we're doing, allowing those first time buyers, people who want to own that home of their own, to be able to do that - a good design, well-built home, with a 20% discount.
"When you link that with Help to Buy it opens up the ability to own a home to a whole new group of people."
First time buyers are a significant part of the UK housing market and must have a formidable presence in order for the market to flourish. The group represents the future of the housing market, similar to children forming the future of a country.