WHAT THE ELECTION COULD MEAN TO HOME OWNERS AND BUYERS:
If the Conservatives won the May 2015 election they made promises not only to help people buy a home but also to build thousands more. NOW that they have won let’s consider what may be on offer .
In the UK a brownfield site is defined as “previously developed land” that has the potential for being redeveloped. It is usually land that has been used for industrial and commercial purposes and is now derelict.
The Conservatives have also pledged 200,000 homes will be built for First time Buyers under 40 to secure a 20% discount when they buy.
A great idea as long as the developers aren’t allowed to artificially inflate the prices by 20%!
The Help to Buy ISA:
The Conservatives support a new Help to Buy ISA which will be available through banks and building societies. It is designed to reward people that are working hard to save up for their first home. First time buyers that choose to save through a Help to Buy: ISA will receive a government bonus to help them make the critical first step on the housing ladder. The bonus will represent 25% of the amount saved so, for the maximum monthly saving of £200, the government will contribute £50, with a maxi
mum government contribution of £3,000 on £12,000 of savings. The bonus will be calculated and paid when you buy your first home. For basic rate taxpayers, this will be equivalent to saving completely free of tax for their first home. Accounts are limited to one per person rather than one per home so those buying together can both receive a bonus.
Right To Buy:
The Conservatives have also pledged to enable and encourage people to take up the option to buy their own home from the housing association.
This obviously helps increase the number of home owners but NOT the number of homes.
Personally I would like to see more incentives for individual owners of derelict houses, barns and buildings to refurbish or redevelop thus making MORE available homes and a more attractive area.