How will the new fund help you?
According to the government, thousands of homes for first time buyers are set to be built this year.
The homes will be built on brownfield sites across 30 different locations in England, £1.2bn of funding will come from the “Starter Homes Land Fund”.
Anyone interested in buying will have to be between the ages of 23 and 40 and will receive a discount of 20 per cent below market value.
Some believe the timescale for the project is to ambitious.
The Starter Homes Land Fund was first announced by the coalition government in 2014, it aims to help more people buy a home.
The discounts will apply to homes worth £250,000 outside London, or £450,000 in the capital.
Housing Minister Gavin Barwell said: “This government is committed to building starter homes to help young first-time buyers get on the housing ladder.”
“This first wave of partnerships shows the strong local interest to build thousands of starter homes on hundreds of brownfield sites in the coming years. One in three councils has expressed an interest to work with us so far.”
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