Help is on the way for the first time buyers in the UK. According to a previous report by theplanner.co.uk, "A £26 million fund for house builders to develop homes for first time buyers in England has been launched by the government." The homes will be obtainable for first time purchasers and the fund will ensure the range of the various types of properties that can be obtained.
Which sector gets the funding? According to a previous report by propertywire.com, "The fund will support architects, developers, councils, housing associations and small builders to build properties that will increase the quality of design as the government delivers on its pledge."
This is a good investment for the government as well. Once the starter homes are sold in the market, the money generated from the sales will return to the government. It will lead to a secured good value for the taxpayers in the U.K. The government is also setting aside £10 million for the local authorities to organize Brownfield land for the development of the starter homes. The plan will ensure the government's commitment to construct 200,000 starter home by the year 2020. According to a recent report by theplanner.co.uk, "Starter homes will be offered to first time buyers under 40, at 20 per cent discount on market rates."
Despite the aid given by the government, it is not an assurance for a complete success. According to a recent report by theplanner.co.uk, "Brownfield sites often prove to be extremely lengthy and complex to develop, and if the government wants to see a significant amount of housing delivered to them, then developers and house builders are going to need some help."
It clearly shows that in order for this vision to be realized, collaborative efforts between the local authorities, the national government and even the developers themselves is required.