Conservatives plan 200,000 new homes if they win election

Conservatives plan 200,000 new homes if they win election

David Cameron has promised to tackle the lack of affordable homes for new buyers in the UK if the Conservative party should win the upcoming general election in May, the BBC reports.

Although the property market has been far healthier in the last two years than at any point since the financial crisis, there are still issues with regards to young people in particular not being able to afford to purchase their own home. 

The Conservatives have already sought to tackle this issue, as in December 2014 chancellor George Osborne announced that the way stamp duty was calculated would be undergoing a massive revamp, which now sees the majority of people paying far less tax on their purchase. 

And now the party has promised that if it retains its place in government after the election in May, it will seek to build 200,000 affordable homes specifically for first-time buyers by the year 2020.

This comes on the back of a previous promise, where the prime minister said his government will be looking to create 100,000 cheaper homes across the UK for people under the age of 40. However, he has now said that the party will double this if it gets back into power.

The homes will be constructed under the starter homes scheme that has been opened nationwide. Under this campaign, people under the age of 40 who are looking to get onto the property ladder for the first time can register to receive a discount on their home of up to 40 per cent. 

Discounts of this nature are able to be created by waiving the fees that home builders need to pay to local authorities when they are constructing new homes. The prime minister said that homes on which this discount will apply will be up to the value of £250,000 in the regions, and up to £450,000 in London.