On Friday 13th May, Teignbridge submitted a bid to build more homes for first time buyers.
Teignbridge has applied to the Government's £1.2 billion Unlocking the Land Fund, which is designed to help bring forward 30,000 custom build or starter homes outside of London by 2020.
If the bid is successful, the scheme could help young first time buyers buy a new home at a minimum 20% discount compared to market prices.
Teignbridge District Council's Leader Cllr Jeremy Christophers said:
"Teignbridge, as a Custom-Build Vanguard Council, is continually looking for opportunities to help young people live in their own homes. This fund means that Teignbridge can bring forward shovel ready sites with planning permission already in place, so that local people under 40 can live in homes which they own themselves."
"With average new build house prices for first time buyers in Teignbridge standing at around £240,000, a new starter home could save young first time buyers an average of £48,000 and help them to get on the housing ladder."
The fund will help councils acquire land such as brownfield sites, as well as helping to overcome issues which have stalled development on brownfield and other sites. The fund will also help to secure planning agreement including necessary infrastructure.
Cllr Humphrey Clemens, Teignbridge District Council's Executive Member for Planning and Housing said:
"Building on previously developed land helps to secure much needed homes. It provides opportunities for regeneration to overcome barriers and make progress on land that otherwise could stand empty for years."
According to Brandon Lewis, the Minister for Housing and Planning, only 38% of people under the the age of 40 now own their home compared with 61% in the early 1990s.
(See Unlocking the Land Fund).
The fund is managed by the Homes and Communities Agency. The deadline for the first round of expressions of interest is 13 May 2016. Local authorities can continue to submit their interest by 31 December 2016 when Teignbridge may seek to submit a joint bid with neighbouring local authorities in the Greater Exeter area.
Please