Barnfield Investment Properties, in partnership with Burnley Council, are delighted to announce that Burnley is delivering the first official government backed Starter Homes Scheme in the UK.
Barnfield Investment Properties, have started work on site this week to build the first phase of the residential apartments, Bridge Walk Apartments, in the unique OnTheBanks development within the historic Weavers’ Triangle – a £1.9 million scheme which will provide 16 two bedroom starter home apartments over four floors, to first time buyers who can benefit from the national Starter Homes Scheme.
The scheme, which has been part grant funded by the HCA’s Starter Homes Funding Programme and development finance from the Lancashire Enterprise Partnership, Growing Places Fund will offer modern urban apartment living to first time buyers, with a minimum 20% starter homes discount on their market value under the joint HCA Scheme.
Tim Webber, MBE, Managing Director of Barnfield Construction, said: “The continued development of the OnTheBanks scheme is very important to the economic growth of Burnley. This exciting addition of residential units will really help to activate this area that has already seen high level investment in both infrastructure and commercial space.
Being the first in the UK to deliver on this initiative really proves the strength of the relationship Barnfield have with Burnley Council.”
Burnley Council Leader, Mark Townsend said: “We are delighted Burnley is the first HCA Starter Homes Scheme get underway on site in the UK/North West, which will help young people in Burnley to get on to the property ladder.
“The apartments will bring the unique OnTheBanks development to life, and will be key to promoting urban living in and around the town centre, which the council sees as an important priority for Burnley’s economic growth.
“Burnley Council’s Regeneration & Planning Policy team in partnership with Barnfield Construction submitted a comprehensive bid to the HCA to develop a starter homes scheme in Burnley, which we are delighted was successful in securing the grant funding towards the Bridge Walk development.”
“They will be built exclusively for first-time buyers between 23 and 40 years old at a discount of at least 20% and are part of the first wave of the Starter Home Initiative. Burnley was selected on the basis of its potential for early delivery, and we are delighted once again to be at the forefront of spearheading new initiatives in the UK.”
Housing and Planning Minister, Gavin Barwell said:
“We’re committed to helping young first-time buyers fulfil their ambition to own their own home and making sure that affordable homes are available for those who otherwise would be priced out of the market.
“With funding from the Government’s £1.2bn Starter Home Land Fund, this landmark development shows that we’re delivering our pledge to prioritise brownfield land for construction. The only way to halt the decline in affordability and help more people onto the housing ladder is to build more homes so that this a country that works for everyone.”
Kathryn Molloy, Head of LEP Co-ordination and Development, said: “It’s a real testament to the progress that Lancashire is making in the housing sector that Burnley has been chosen for the first Government backed Starter Home Scheme in the North West.
“The LEP’s investment through the Growing Places fund has helped play a key role in kick-starting the Bridge Walk Apartments scheme and helping attract further Government support.
“All across Lancashire, the LEP is investing strategically to support development with the aim of building 40,000 new homes in the next decade.
“The Bridge Walk Apartments are just one example of the many housing schemes local people can expect to see get underway as the LEP delivers our ambitious strategic plan to drive economic growth and transform the county’s economy. “
Starter Homes Scheme – Homes and Communities Agency
Starter Homes will be new build homes available at 20% off the market price, available exclusively for first time buyers hoping to get on the housing ladder.
The new homes will be built exclusively for first time buyers aged between 23 and 40 years old at a discount of at least 20% below market value. The scheme will be available on homes where the discounted price is less than £250,000 outside London and £450,000 in London.
The government’s starter homes initiative was launched last year with a £26 million fund for housebuilders to demonstrate a range of high quality homes that will be available for first-time buyers.
These will pave the way for the first wave of starter homes and show aspiring young homeowners the different types of properties they can come to expect from the scheme.
The fund will support architects, developers, councils, housing associations and small builders to build properties that will increase the quality of design as the government delivers on its pledge to build 200,000 starter homes by 2020.
It will be used to acquire brownfield sites to provide land for starter homes. Money from the sales of these sites will go back to the government – securing good value for the taxpayer.
In a further move to support aspiring homeowners the government has also today made available up to £10 million for local authorities to prepare more brownfield land for development of starter homes
Growing Places Fund
Growing Places is a £20m commercial investment initiative aimed at removing barriers to site development by addressing immediate infrastructure and site constraints to promote the delivery of jobs and housing.
The LEP is one of only a few Local Enterprise Partnerships in England to have fully committed its GPF allocation of £20m, as a revolving commercial fund.
The fund has leveraged an initial £100m of public/private investment but more importantly it will be responsible for the creation of 3,000 new jobs and 150 new homes.
The LEP is looking to continually invest in development schemes and co-invest with other private, public and institutional investors to deliver new business growth, jobs and housing in Lancashire.
It’s a straightforward, government-backed proposition that enables developers to get projects over final funding obstacles.
The idea is to deliver job-creating developments across Lancashire that are being held back by short term funding issues.
Growing Places invests in house-building, commercial developments and infrastructure schemes needing short term loans on commercial terms.