Starter Home Initiative

Pennyfarthing Homes are offering a range of homes at 20% below market value through
the Government Starter Home initiative

Starter Home Initiative

20% off a new home.
As a family run business, Pennyfarthing Homes believe everyone should have the opportunity to own their own home. We understand that taking that step onto the property ladder can be a big one, no matter what age you are, especially from a financial point of view.

Using the Government Starter Home Initiative, Pennyfarthing Homes are offering a range of homes that really are being sold at 20% under market value.

The Starter Home Initiative is currently available on selected plots at Greenwood Place, New Milton.

Do I qualify for this offer?

To qualify you must be first time buyers and:

  • Be over 23 and not yet reached 40.
  • Over 40 and buying with someone who is a first time buyer who is over 23 but not yet reached 40.
  • A current or former member of Her Majesty’s Armed Forces who has been injured in service or a partner of a member of Her Majesty’s Armed Forces who died in service.

Is it a genuine discount?

Yes, this offer is in partnership with Local Authorities.

Each property will be valued by an independent local expert who is a member of the Royal Institute of Chartered Surveyors (Approved by the Local Authority). This will represent a true and fair market value.

So is there a catch?

No, but there are a few criteria you need to meet:

  • This offer only applies to specific homes being sold up-to the value of £250,000 (outside London)
  • If you decide to sell the property within the first 3 years of the purchase date, you will need to repay the Local Authority the full amount of the discount.
  • If you sell the property after 3 years but before 5 years, you will need to repay the Local Authority 50% of the discount.
  • The property must be occupied by the qualified first time buyer as their sole home and cannot be rented out.

What happens after 5 years?

Congratulations, the savings are now yours.

On the fifth anniversary of the completion date, you can now sell the property and ‘yes’ the 20% saving will be yours plus any increase in value the property has gained during the 5 year period of ownership.