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New First Time Buyer Initiative

The government is proposing a new scheme to provide some 100,000 newly built homes to first time buyers with a discount of at least 20%.

To achieve this the proposal is to unlock under used or unviable brown field by allowing development free from the costs usually associated with the planning agreements entered into by the developer and local authority. Contributions to infra- structure costs and the provision of affordable housing, can add some £15,000 to the cost of a new home. This will require a change in the law.

In return  developers will be able to offer homes at a minimum 20% discount exclusively to first time buyers, under the age of forty. There will then be restrictions on resale.

A new design panel, including world famous architects is be established to ensure that new homes are also high quality and well-designed.

Interest has already been registered by  some 34 developers including Taylor Wimpey, Barratt, Persimmon, Crest & Redrow.

A register is to be set up for buyers to register their interest.

The consultation  for this scheme ends shortly on 8 February 2015. Further information can be found by following the links below:

https://www.gov.uk/government/news/20-discount-on-your-first-home-announces-pm

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/
387297/141215_starter_homes_final_formatted_with_signatures.pdf

At Wards Solicitors we have been heavily involved with all schemes to assist buyers, and are specialists in  acting for first time buyers of newly built property including under the Help to Buy scheme.

For further assistance contact your usual conveyancer or:

Liz Pople – Staple Hill office T: 0117943 4800: liz.pople@wards.uk.com

Geoff Goulding – Bradley Stoke office : T: 01454 616029geoff.goulding@wards.uk.com

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