Mayoral candidate Keane Duncan has announced plans to build ‘Half-Price Homes’ to help more first-time buyers get on the housing ladder in York & North Yorkshire.
Under the initiative, Mr Duncan will drive the construction of hundreds more new-build homes sold at a discount of up to 50 per cent of the market value.
If he is elected as mayor in May, he will also set-up a new ‘Half-Price Homes’ online portal where first-time buyers can browse and reserve discounted properties.
Mr Duncan said: “Owning a home shouldn’t be an unattainable dream. But for too many people of my generation, a home of their own is unaffordable and out of reach.
“I’m committed to supporting hard-working people on to the housing ladder. That’s why ‘Half-Price Homes’ will be a key priority if I am elected mayor.
“Unlike shared ownership, buyers will own 100 per cent of the home straight away and pay no rent. What is more, the discounted homes will be the same quality and size of market homes.
“By backing people to achieve their aspiration of home ownership, this scheme will change lives.
“It will ensure younger people and families from our area can stay in our area, and enjoy a stake in York & North Yorkshire’s prosperity.”
The mayoral hopeful’s ‘Half-Price Homes’ plan represents a major expansion of the government’s national ‘First Homes’ scheme.
Under the affordable housing initiative, homes are discounted by at least 30 per cent, and up to 50 per cent, of the market value.
The discounts apply to the homes in perpetuity, meaning that generations of new buyers will continue to benefit every time the property is sold.
Mr Duncan added: “Too few discounted homes are built right now in York & North Yorkshire.
“I want to encourage and incentivise developers to choose to offer more ‘Half-Price Homes’ as part of their affordable housing obligations.
“And I’ll lead the way directly, using mayoral powers and funds to build more of these homes on brownfield sites.
“Availability is one problem. It is also difficult to find where discounted homes are on the market.
“So I will also launch a new ‘Half-Price Homes’ online portal where first-time buyers can register their interest and browse the discounted homes that are available.”
Under the scheme, the first sale must be at a price no higher than £250,000 after the discount is applied.
It is open to first-time buyers who have a household income not exceeding £80,000, be they individuals or couples.
People with local connections, lower incomes or jobs in key sectors can be prioritised under local eligibility criteria.
The homes are classed as affordable housing for planning purposes, and funded by developer contributions.