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News - 6 March 2015

20% discount for first time buyers

Under a new Government housing scheme, planning rules for under-used brownfield sites will be relaxed from 2 March 2015 in return for developers using the land to build properties to sell at 80% of the market value to first time buyers under the age of 40.

The Prime Minister said the discount "could be a real game-changer for many aspiring home-owners. We want to help people who work hard and want to get on in life but have been priced out of the housing market.”

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“About 45 developers have so far expressed an interest in taking advantage of the move that would save them around £15,000 per home in obligations, and could save potential buyers thousands of pounds, as the average cost of a first home is currently £218,000.However, they would have to pay back the discount if they sold the property in under five years”

Communities Secretary Eric Pickles said: "The number of first-time buyers is already at a seven-year high and these starter homes... will help even more people realise their dream of home ownership.

But shadow housing minister Emma Reynolds said it remained unclear how the policy would deliver.
"This Government has presided over the lowest levels of house building in peacetime since the 1920s and home ownership is at its lowest level for 30 years,” she said.


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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