On Monday 15th December the Prime Minister David Cameron launched a scheme giving 100,000 first-time buyers a 20% discount on new homes.
To qualify you must be a first-time buyer aged below 40 and you will need to register your interest in buying via the Starter Home initiative from the beginning of next year, which is six months earlier than originally planned.
Property developers will become exempt from community infrastructure levy charges and section 106 charges on unused brownfield land if they provide a minimum 20% discount on built houses for first-time buyers under the age of 40. This is hoped to be a huge incentive because developers will no longer have to pay up to £15,000 per house in section 106 affordable housing contributions and tariffs.
Mr Cameron said: "Hardworking young people want to plan for the future and enjoy the security of being able to own their own home, and I want to help them do just that. Under this scheme, first-time buyers will be offered the chance of a 20% discount, unlocking homeownership for a generation.
"This is all part of our long-term economic plan to secure a better future for Britain, making sure we are backing those who work hard and get on in life."
Also a panel of well respected architects will be set up to ensure the houses are not just 'low-cost but of the highest quality and design.
Communities Secretary Eric Pickles added: "The 2008 housing crash blocked millions of hard-working, creditworthy people from becoming homeowners, at a time in their lives when they should have been able to expect to get on the property ladder.
"We're turning that around with Help to Buy, but today's new Starter Homes scheme will offer a further boost, giving young people (under 40) the opportunity to buy low-cost, high-quality new homes for significantly less than they would normally expect."
An eight week consultation on the scheme started on Monday and work will begin early next year for the first-draft of houses for the 'starter homes initiative.'
One in Four young people living with their parents
Shadow housing minister Emma Reynolds cast doubts on the viability of the plans.
"He said he would help the next generation onto the property ladder but instead one in four young people are living at home with their parents in their 20s and 30s. The only way to restore the dream of home ownership is to build more homes and Labour has a plan to get at least 200,000 homes built a year by 2020. We are in favour of building starter homes but it is not clear how the Government is going to deliver these homes 20% cheaper than market price."