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News - 3 March 2015

Prime Minister promises 200,000 starter homes

The Prime Minister, David Cameron, says that 200,000 homes will be made available to first-time buyers in England by 2020 if the Tories win the election.

Labour has pledged to build 200,000 new homes a year by 2020. The Lib Dems have set out plans to build 300,000.

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“As part of the Governments new “starter homes” scheme first time buyers in England, under the age of 40, can register to buy new homes at a discount of up to 20%. The discount is achieved by waiving local authority fees for homebuilders of at least £45,000 per dwelling on brownfield sites.”

The Government believes the change will give councils and builders more flexibility about the make-up of new developments and make more brownfield sites - including land owned by the public sector - viable for development.

Homes worth £250,000 outside London or £450,000 in London would be eligible for the scheme, but the first-time buyers would have to repay the 20% price advantage if they sold within five years.

Mr Cameron said: "Our goal is a Britain where everyone who works hard can have a home of their own."

Labour said the government had presided over the lowest levels of house building since the 1920s and home ownership was at its lowest level for three decades.

The number of houses being built in the UK fell during the final three months of 2014, the first such decline for almost two years.

The 0.2% drop in new home construction compared with a 6.1% increase in the previous quarter.

However, the government says 137,000 homes were started in 2014, which was a rise of 10% on the previous year and up 36% on 2012.

If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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