David Cameron has promised to make 200,000 homes available to first-time buyers in England by 2020 if the Tories win the general election.
Having already announced plans for 100,000 cut-price homes for people aged under the age of 40, the PM says the target will be doubled if they gain power, to give more people the security of owning their own home.
First-time buyers under 40 in England can now register to buy new homes at a discount of up to 20% off the normal price.
The homes scheme to encourage home ownership and construction on previously used “brownfield” land is a part of the government’s new “starter homes” plan.
The 20% discount will be achieved by waiving fees normally charged to home-builders of at least £45,000 per dwelling on brownfield sites by local authorities.
The move will involve a change to existing planning rules to allow councils to include discounted starter homes in the obligations normally expected of developers, alongside those for social housing and properties sold at full market value.
The Conservatives have said that the scheme would include homes worth £250,000 outside of London, or £450,000 in London, and first-time buyers would have to repay the 20% price discount if they sell within five years.
David Cameron believes the changes to planning rules would give councils and builders more flexibility and encourage more building on brownfield sites, including public sector land.
Labour has said it a Labour government would build 200,000 new homes a year by 2020 and the Liberal Democrats want to build 300,000.
— LandlordZONE (@LandlordZONE) March 2, 2015