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Buying October 24, 2017
     

Starter Home Initiative

First-time buyers aged between 23 and 40 may soon be able to buy a new home at a discount of a least 20% below market value, under the government’s ‘Starter Home’ initiative.

 

The properties will start being built this year, the housing minister Gavin Barwell confirmed at the beginning of the New Year, with an initial group of 30 local authority partnerships leading the schemes.

 

Funding will be supported by the government’s £1.2 billion Starter Homes Land fund, which was established last April.

 

The fund was set up to assist the aim of building 200,000 Starter Homes by 2020 on brownfield sites in England, such as those currently or previously used for commercial or industrial purposes.

 

However, critics of the scheme claim that as the maximum price after the discount has been applied will be £250,000 outside London and £450,000 in the capital, the new properties won’t be affordable for many first-time buyers.

 

It’s expected that they won’t be able to sell on or let their Starter Homes at their open market value for a period of at least five years after the initial sale.

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West Sussex
 

Comyn & James
Burberry Lodge, 143a Lower Street,
Pulborough RH20 2BX
Tel: 01798 888 111

property@comynandjames.co.uk

London
 
Associate London Office
119 -121 Park Lane, Mayfair,
London W1K 7AG
Tel: 0207 629 4141


 



Registered Name: Comyn and James LLP
Place of registration: England
Registered Number: OC351032
Registered Office Address: Burberry Lodge, 143 Lower Street, Pulborough, RG20 2BX
988 0435 80

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