The homes will be built by the private sector and several major developers such as Barratt and Taylor Wimpey have signed up to take part.
Anyone buying one will have to hang on to it for at least five years before selling it on the open market to prevent speculators using the scheme to make a windfall profit. Ministers are consulting on whether to extend the minimum resale period to 15 years.
Labour last night attacked the Tory housing plan after Conservative Party chairman Grant Shapps struggled to explain how it would be funded. In an interview with Sky News Mr Shapps initially suggested homebuyers would be offered government-subsidised mortgages, before saying ministers would ‘get together’ with developers and landowners to finalise details.
Shadow housing minister Emma Reynolds said the comments suggested the Conservatives’ plans were not credible. ‘The Tories’ housing policies are in chaos,’ she said. ‘Grant Shapps, a former housing minister, couldn’t even explain how the Government would deliver a key election pledge.’
Read more: http://www.dailymail.co.uk/news/article-2974560/Tory-plan-tackle-historic-slump-home-ownership.html#ixzz3U7ESJT2n
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