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Mortgage Advisor & Director
About the scheme
Announced by the government in 2014, the Starter Home Scheme promises to deliver 200,000 new-build homes with at least 20% off the market price to first-time buyers under 40 years old.
There is a cap on the discounted price of £450,000 in London and £250,000 outside London.
The planned areas for development are predominantly brownfield sites, which the government would release to developers without levying planning fees.
Thirty local authorities have been selected to originate the scheme; these are:
- Blackburn
- Blackpool
- Bristol
- Central Bedfordshire
- Cheshire West and Chester
- Chesterfield
- Chichester
- Lincoln
- Ebbsfleet
- Fareham
- Gloucester
- Greater Manchester
- Lincolnshire
- Liverpool
- Luton
- Mid Sussex
- Middlesbrough
- North Somerset
- Northumberland
- Pendle
- Plymouth
- Rotherham
- Rushmoor
- Sheffield
- South Kesteven
- South Ribble
- South Somerset
- Stoke-on-Trent
- West Somerset
- Worthing
No specific dates have been announced for delivery of the homes. However, it is a scheme to keep an eye on for the future.
Eligibility
- You will need an annual household income of less than £80,000, £90,000 in London.
- You must be between 23 to 40 years old.
- You must not have owned any property before.
- You won't be able to sell the house at full market price for five years.
Alternative schemes
As an alternative, you may consider looking into the Help to Buy: Equity Loan Scheme, the Right to Buy and Acquire, Shared Ownership or Rent to Buy schemes.
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