First-time buyers to be offered 20% discount under new property ladder scheme

David Cameron is set to launch a campaign to offer 100,000 first-time homebuyers a 20% discount.

14:56 15 December 2014

A scheme that offers first-time homebuyers with a discount of 20per cent is set to be launched under plans unveiled by Prime Minister David Cameron. The goal is to help people on to the property ladder. Buyers who are under 40 can register with Starter Home Initiative starting in 2015.

Under-used or unviable brownfield land will be freed from certain costs in return for a below market value sale price on properties constructed on the site.

Mr Cameron said: "Hard-working young people want to plan for the future and enjoy the security of being able to own their own home. I want to help them do just that.

"Under this scheme, first-time buyers will be offered the chance of a 20% discount, unlocking home ownership for a generation.

"This is all part of our long-term economic plan to secure a better future for Britain, making sure we are backing those who work hard and get on in life."

Communities Secretary Eric Pickles said: "The 2008 housing crash blocked millions of hard-working, creditworthy people from becoming home-owners, at a time in their lives when they should have been able to expect to get on the property ladder.

"We're turning that around with Help to Buy, but today's 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."