Ken Hind senior vice chairman RVCA and Longrdge Councillor has  called for all builders making applications to build in the Ribble Valley to join the government's First Buy scheme to help local residents to buy their first home.

 

Ken Hind commented ''Housing Minister Grant Shapps launched the new FirstBuy scheme, specifically designed to help those struggling to buy their first home due to the need for large deposits in which over 100 housebuilders will take part by offering their new-build homes to first-time buyers. Through FirstBuy, the Government and housebuilders together will offer a 20 per cent equity loan, which alongside a five per cent deposit from the buyer will enable them to take out a 75 per cent mortgage on the rest of the property. Loans will be repaid on resale of the property, with the Government's share available for reinvestment in more affordable housing. The first homes are expected to come on stream in September this year.

 

'' The Ribble Valley Council  is being inundated with applications  for planning  permission to build houses ,some on very large sites seeking permission for  80 houses or more. The most popular areas  are Longridge ,Clitheroe and Whalley . The council's policy is to require in applications to build more than 12 dwellings  that 15% of the total houses on a site  be sheltered accommodation for the elderly and 15% affordable homes for those on low incomes and first time buyers . Builders who wish to build in the Ribble Valley should be expected to participate  in the First Buy Scheme in order  to assist   local residents to  buy their first home . It also makes commercial sense from their point of view to help to sell homes in a difficult market.  

 

Grant Shapps in launching the schme  said ''that FirstBuy could help up to 15,000 people across the UK in its first two years, with up to £500 million being available across the UK. In addition, because the scheme is only available on new-build properties, it will offer a much-needed shot in the arm to the housing market and the construction industry - supporting thousands of jobs.With 80 per cent of young first-time buyers depending on parental help, I am determined that we pull out all the stops to help those who want to take their first steps onto the property ladder.

 

"First Buy will do just that - a Government-backed scheme making £500 million available to offer a valuable alternative to the Bank of Mum and Dad. Over the next two years, this will help as many as 15,000 people in England to get that much-needed deposit together and realise their dreams of owning their own home."

 

Supporting the scheme Stewart Baseley, executive chairman of the Housebuilders Federation, said:"Firstbuy will help first time buyers, boost economic growth and provide a vital shot in the arm for the house-building industry. Our members have reacted decisively to support FirstBuy and recognise the scheme is an important first step."