£5bn Housebuilding Fund Confirmed
The government have announced funding for new housebuilding of up to £5 billion. This will include £3 billion Home Builders' Fund and £2 billion on new investment and construction on public land. This will enable for an increase of over 225,000 new homes.
In order to speed up the process of building, the government will lead construction on public land and government-owned land liaising with specialist contractors and investors.
This Sajid Javid, Secretary of State for Communities and Local Government, has said that this will "allow us to get started on 15,000 homes by 2020".
New Build Mortgages
Most house builders in the U.K. offer generous incentives to first time buyers so new build properties are definitely worth looking into within your area. First time buyers often look into new builds as there are many perks within the initial stages of property purchase. Many property developers and contractors will allow the buyer to choose individual fixtures and fittings to suit their requirements. However with new builds, developers can request the exchange and completion in a tight timescale. Therefore the mortgage completion is required at their convenience.
If you are looking into a new build property and are first time buyer wanting to get on the property ladder, contact one of our specialist advisors today!