Barnfield Investment Properties, in partnership with Burnley Council, is delighted to announce that Burnley is delivering the first official government backed Starter Homes Scheme in the UK.
Barnfield Investment Properties, has 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 has 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. “