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Young first-time buyers to get 20% off under Tory plan | Young first-time buyers to get 20% off under Tory plan |
(about 4 hours later) | |
Young first-time buyers in England could buy a house at 20% below the market rate if the Conservatives are re-elected, David Cameron has pledged. | Young first-time buyers in England could buy a house at 20% below the market rate if the Conservatives are re-elected, David Cameron has pledged. |
The Conservative leader said the party would build 100,000 new homes, reserved for those under 40 buying their first home. | |
They would be exempt from some taxes and built on brownfield land already identified for development, he said. | |
He was speaking as the party prepares for its annual conference this weekend. | He was speaking as the party prepares for its annual conference this weekend. |
Conservative politicians and activists will gather in Birmingham from Sunday for what is the final conference before next May's general election. | Conservative politicians and activists will gather in Birmingham from Sunday for what is the final conference before next May's general election. |
'Locked out' | 'Locked out' |
Unveiling the pledge - an extension of the Help to Buy mortgage scheme - Mr Cameron said the Conservatives wanted more young people to "achieve the dream" of owning their own home. | Unveiling the pledge - an extension of the Help to Buy mortgage scheme - Mr Cameron said the Conservatives wanted more young people to "achieve the dream" of owning their own home. |
"I don't want to see young people locked out of home ownership," he said. | "I don't want to see young people locked out of home ownership," he said. |
"We've already started to tackle the problem with Help to Buy mortgages - and these new plans will help tens of thousands more people to buy their first home." | "We've already started to tackle the problem with Help to Buy mortgages - and these new plans will help tens of thousands more people to buy their first home." |
The starter homes plan would only apply to England, whereas Help to Buy is UK-wide. | The starter homes plan would only apply to England, whereas Help to Buy is UK-wide. |
That scheme sees the government offering a 20% equity loan to buyers of newly-built properties. | That scheme sees the government offering a 20% equity loan to buyers of newly-built properties. |
'Raft of taxes' | 'Raft of taxes' |
Under the new proposals, the homes would be built on brownfield land which was no longer needed for industrial or commercial use. | Under the new proposals, the homes would be built on brownfield land which was no longer needed for industrial or commercial use. |
Savings from constructing the dwellings on such land would be passed on to the buyers, the Conservatives said. | Savings from constructing the dwellings on such land would be passed on to the buyers, the Conservatives said. |
Public sector land would also be used to deliver the pledge. | Public sector land would also be used to deliver the pledge. |
The homes would be exempt "from a raft of taxes", Mr Cameron said, such as the community infrastructure levy and a requirement to build social housing as part of any development. | The homes would be exempt "from a raft of taxes", Mr Cameron said, such as the community infrastructure levy and a requirement to build social housing as part of any development. |
Some building regulations - like the zero carbon homes standard - would also not apply to the new units. | Some building regulations - like the zero carbon homes standard - would also not apply to the new units. |
Are you a first-time buyer under 40? What do you think about this pledge? You can share your experience and comments by emailing haveyoursay@bbc.co.uk. | Are you a first-time buyer under 40? What do you think about this pledge? You can share your experience and comments by emailing haveyoursay@bbc.co.uk. |