Menu
Sat, 23 November 2024

Newsletter sign-up

Subscribe now
The House Live All
Communities
Communities
Designing and delivering “resilient, sustainable, thriving communities” through infrastructure Partner content
Education
When the elephant in the room is a success story Partner content
Communities
Communities
Press releases

Starter Homes Scheme: length of discount period raises concerns

Building Societies Association

1 min read Partner content

With the Government changing the definition of affordable housing in the National Planning Policy to accommodate Starter Homes, its vital that the scheme delivers homes that are genuinely affordable, says the Building Societies Association.


The BSA has some specific concerns about the Starter Homes Scheme:

  • The length of the discount period – We have argued that the 20% discount should be in perpetuity to ensure that properties remain affordable for future generations. At the very least the discount period should be 10 years to ensure buyers do not make a quick windfall.

  • No cash buyers – The presence of a mortgage needs to be a mandatory requirement. At the moment there is nothing to stop a cash buyer from purchasing a Starter Home. The scheme needs to be targeted at those buyers who are unable to get on the housing ladder without assistance.

  • Local income limits – A limit like this could be a means to address some of the issues identified by the Savills research and ensure Starter Homes tackles local need.

Categories

Communities
Associated Organisation
Partner content
Connecting Communities

Connecting Communities is an initiative aimed at empowering and strengthening community ties across the UK. Launched in partnership with The National Lottery, it aims to promote dialogue and support Parliamentarians working to nurture a more connected society.

Find out more