Starter homes
What are Starter Homes?
Starter Homes are new build properties specifically designed for first time buyers between the age of 23 years and 40 years. A minimum discount of 20% off the market price of the property will be applied. Within South Ribble, the discounted price must be less than £250,000. The discount must remain in the place for 15 years after the initial sale. This means if you purchase a starter home and want to sell it on within 15 years, some or all of the discount is to be repaid.
Who can buy a Starter Home?
To be eligible for the Starter Home scheme, the criteria are as follows:
- first time buyer between the age of 23 years and 40 years
- local connection to the South Ribble area (this means you have a connection to the local area which includes if you have lived in the area for a continuous period of 6 months or have lived in the area for 3 out of the last 5 years; you are employed in the area or have an offer of employment; or you have a close family connection)
- 15 year repayment period
When will Starter Homes become available?
There is no set date for starter homes to become available and they won't all become available at once. Plans for new houses will need to go through the planning process and then be developed.