A senior Labour peer has called on the government to
explain what is happening with Starter Homes. The Housing and Planning Bill
introduces the government’s flagship homeownership policy. Under the policy,
first-time buyers under 40 years of age can buy a property with a 20% discount.
Major lenders are concerned that buyers would be able to sell their Starter
Homes at full market value after five years and make a profit and that this
would distort the market and incentivise people to overpay, and have warned the
government that they will not support the scheme as it stands. Most major
lenders want the 20% discount to be held in perpetuity or for the period where
the discount applies to a resale to be extended. Read more on Inside Housing.
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