The Government has today given further indication of the importance of its new Starter Home initiative by allocating £26 million to support the creation of the first wave of discounted homes for young first-time buyers.
Communities Secretary, Greg Clark announced earlier today that the funding would be used to acquire brownfield sites for Starter Homes with receipts going back to the exchequer.
It is expected that these sites will be Starter Homes exception sites on underused commercial or industrial land, as defined in the existing policy brought forward earlier this year. The Homes and Communities Agency (HCA) will play a role in purchasing, packaging and re-selling the land. Last month, the Prime Minister and Chancellor confirmed that in future all ‘reasonably-sized housing sites’ would be expected to include a proportion of Starter Homes in order to meet the ambitious target of delivering 200,000 Starter Home by 2020. The detail underpinning this additional element of Starter Homes is still being developed.
Alongside today’s announcement, Greg Clark also said that the Department for Communities will provide up to £10 million for local authorities to
The full Government announcement can be found here.
HBF continues to work with Government and other stakeholders to help design a Starter Home initiative that will be workable and effective for purchasers and others.
HBF’s briefing for members on the previous announcement relating to Starter Homes can be found here
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