There’s been lots in the news recently about how difficult it is for young people, especially under-35s, to get on the property ladder.
Any parent would do anything they could to help their children buy their first home.
David Cameron says he wants to help too, and he’s particularly keen to help renters turn into buyers.
It sounds great in theory, but how does the Prime Minister plan to make that happen?
- The Prime Minister has pledged to build 200,000 “decent, well-built homes with gardens” by 2020, which will be sold at a 20 per cent discount to first-time buyers under 40.
- To help financially, discounts will be offered on these “starter homes”, which will be capped at £450,000 in London and £250,000 outside the city.
- There will be a condition that buyers can’t sell the starter homes for five years.
- Housing association tenants will also be allowed the ‘right-to-buy’ their homes.