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Government discount for first time buyers
For every 200 you save a month, the government will boost it.
Housing Minister Gavin Barwell said 30 councils have now signed up to deliver the first wave of starter homes in 2017 Getty.You can then buy back chunks as and when you can afford to, until the home belongs to you.100,000 homes will be available to first time buyers under 40 as part of the Starter Homes initiative and work on the first raft will start next year.At the heart of the Starter Homes initiative is a change to the planning system.Were turning that around with, help to Buy, but todays new Starter Homes scheme will offer a further boost, giving young people (under 40) the opportunity to buy low cost, high quality new homes for significantly less than they would normally expect.The.2 drop in new home construction compared with.1 increase in the previous quarter.Moreover, starter homes will formally be classed as affordable housing.For every 1 you save, the government will add 25p and pay it into the account in April at the end of the tax year.Notably next year theyll introduce a lifetime ISA which will give savers the chance to put away 1,000 a year either into a pot for buying their first property, or for their retirement.Some councils argue this will cannibalise the much-needed supply of homes for affordable rent as developers prioritise the construction of more lucrative starter homes.The Earth is almost 200 million square miles in size, so you wouldnt think itd be too difficult to corner off a tiny part of it and claim it as your own.Communities Secretary Eric Pickles said: "The number of first-time buyers is already at a seven-year high and these starter homes.The government hopes to see 200,000 built by 2020.Backing of countrys leading house builders and councils.
"This will allow councils to ensure a mix of homes to rent and buy are what academy awards did avatar win built which are affordable for those people that need them and that are crucial for enabling people to save money towards a deposit.".
You can open an ISA with 1,200 and save up to 200 a month thereafter.
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