New Towns & Mortgage Scheme
February is bringing fresh changes to the world of housebuilding, planning, and home buying. From the New Towns Programme to the New Mortgage Guarantee Scheme, we take a closer look at the latest plans and opportunities.
The government has launched an independent New Towns Taskforce to oversee large-scale community development in England. This ambitious project aims to create modern, well-planned towns to address the housing shortage while supporting economic growth.
Each new town is expected to have at least 10,000 homes and follow strict design principles. The government envisions these towns to be:
To ensure these standards, the government has introduced a 'New Towns Code' for quality control.
Over 100 proposals have been submitted, with most coming from London, the South East, South West, and East of England. However, proposals have emerged from all regions, reflecting strong commitment to solving the housing crisis.
The Labour government has pledged to extend and make permanent the Conservative’s mortgage guarantee scheme, which was set to end in June 2025.
This scheme helps first-time buyers and young families access homeownership by providing government-backed 95% mortgages for homes up to £600,000 (subject to affordability checks).
Further details on the revised scheme will be announced in due course.
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