'More affordable homes for first time buyers'

24-Oct-2006

Housing minister Yvette Cooper is today to confirm that the New Growth Points scheme has the potential to bring around 100,000 more affordable homes than previously planned to first time buyers and repeat buyers.

Successful bids have come from Derby, Leicester and Nottingham, with plans to develop an additional 81,500 new homes, including affordable and family-friendly housing, over the next ten years, reports the Associated Press.

The government will provide funding of around £5.48 million in 2007-08, in support of these aims.

Ms Cooper told the Associated Press: "If we don't build more homes, less than a third of today's ten year olds will be able to afford a place of their own in twenty years time."

New Growth Points is a government initiative started in 2005 to provide funding and support for communities pursing long-term sustainable growth, including new housing.

Aspiring first time buyers interested in finding out how they can buy a brand new house including equity for just a reimbursable £3,000 cost can find out more.

For our first time buyers guide to buying a property click here.

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