David Cameron has set out plans to build tens of thousands of new homes on commercial brownfield land, reserved for first-time buyers under 40, which would be exempt from a range of taxes to lower their price by 20%. These taxes include the social housing requirement and the community infrastructure levy.
As Tories begin gathering in Birmingham for their annual conference, the PM said a Conservative government would implement the 'Help to Buy: Starter Homes' plan if they were re-elected in 2015.
Some future regulations such as the zero carbon homes standard will also not apply to properties built under the scheme.
Mr Cameron said:
"I want young people who work hard, who do the right thing, to be able to buy their own home. So these starter homes will be sold at 20% less than the market value.
"They can't be bought by foreigners, they can't be bought by buy-to-let landlords and they can't be flipped around in a quick sale. They can only be bought by hard-working people under the age of 40.
"It's a really good policy and it goes alongside all the other things we are doing to get Britain building and make sure we have got homes for our people."
