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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 |
(35 minutes 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 a future government led by him would build 100,000 new homes, reserved for those under 40 buying their first home. | The Conservative leader said a future government led by him would build 100,000 new homes, reserved for those under 40 buying their first home. |
They would be built on brownfield land already identified for development and exempt from some taxes, he said. | They would be built on brownfield land already identified for development and exempt from some taxes, 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 apply only to England, whereas Help to Buy is UK-wide. | The starter homes plan would apply only to England, whereas Help to Buy is UK-wide. |
That scheme entails the government offering a 20% equity loan to buyers of new-build properties. | That scheme entails the government offering a 20% equity loan to buyers of new-build properties. |
Campbell Robb, of homelessness charity Shelter, welcomed the pledge but said it was "absolutely vital" that the homes built were "genuinely affordable for young couples and families on ordinary incomes". | Campbell Robb, of homelessness charity Shelter, welcomed the pledge but said it was "absolutely vital" that the homes built were "genuinely affordable for young couples and families on ordinary incomes". |
"There's a real concern that removing the requirement on developers to build affordable housing means this policy may not help those facing the greatest struggle to get a home of their own," he said. | "There's a real concern that removing the requirement on developers to build affordable housing means this policy may not help those facing the greatest struggle to get a home of their own," he said. |
Grainia Long, of the Chartered Institute of Housing, said she welcomed "the focus on supply and affordability" but still had "some serious concerns". | Grainia Long, of the Chartered Institute of Housing, said she welcomed "the focus on supply and affordability" but still had "some serious concerns". |
She said: "This smacks of building for one group of people at the expense of another. | She said: "This smacks of building for one group of people at the expense of another. |
"Social housing is critical if we are going to solve the housing crisis - there are always going to be people who can't afford to buy and we must provide decent, affordable homes for them too. | "Social housing is critical if we are going to solve the housing crisis - there are always going to be people who can't afford to buy and we must provide decent, affordable homes for them too. |
"Equally, we'd like to see more investment in shared ownership to help people on lower incomes. If all the focus is on home ownership, we are never going to build mixed communities." | "Equally, we'd like to see more investment in shared ownership to help people on lower incomes. If all the focus is on home ownership, we are never going to build mixed communities." |
'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 using such land would be passed on to the buyers, the Conservatives said. | Savings from using 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. |