Ministers are going to invest multi-millions of pounds into getting more starter homes built on brownfield land.
Announced on Monday by Greg Clark, communities secretary, the government will be spending £26million on buying up brownfield sites and making them ready for building upon, at which point they will be sold on to building developers who must then build starter homes there.
These homes will then be sold to people under the age of 40 after their first home, with a hefty discount through the Help to Buy scheme.
A further £10million is also to be made available for local authorities to use to prepare brownfield land on a local level.
Mr Clark said that this move would make a “wide range of new properties” available for first time buyers .
He added: “We are also helping bring back into use more brownfield land for development, keeping the country building and delivering the homes our communities need.”
This is to help try and achieve the target of having 200,000 homes built by the end of the new parliament; a promise made during the Queen’s Speech earlier in the year.
Although the Help to Buy schemes have been helping people to buy homes, it hasn’t really brought prices down or promoted growth in building rate to a significant amount, leaving house prices unreachable for a lot of young people.
