starter home


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starter home

n
(Commerce) a compact flat or house marketed by price and size specifications to suit the requirements of first-time home buyers
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The funding will help get shovels in the ground on 27 Starter Home sites across the country.
A starter home is defined as a new dwelling available only to purchasers less than 40 years old and priced 20 per cent below the market value.
Shelter chief executive Campbell Robb said: "When the average deposit for a so-called 'affordable' Starter Home is PS40,000 and half of renters can't save a penny towards this each month, Generation Rent aren't going to become Generation Buy any time soon.
8% more than they would have done a year earlier, with the average price paid for a starter home now at PS215,000.
Across England, the price of a starter home has increased by around 48 times since 1969, while first-time buyer households' incomes have typically increased 29 times, the charity said.
The showhome is a Barwick three-bedroom terraced house, filled with the latest colours and contemporary furnishings, which Barratt says would make an ideal starter home.
Awards in the Best Starter Home category, which are often dubbed 'the Oscars of the housebuilding industry' by those in the trade.
FORMULA One racing boss Bernie Ecclestone has splashed out on a starter home for his 22-year-old daughter, Petra.
There are no granite counters -- despite the fact that the house is a modest-priced starter home.
The group said a typical first-time buyer needed to save just over pounds 37,000 to buy an average priced starter home, but they earn an average of less than half this amount at just pounds 16,400 a year.
Many families are growing and find themselves stuck in a starter home that does not fit but can't be sold for a fair price in today's market.
If the down-payment requirement is suddenly reduced to 5 percent, then all households with savings between S5 and $10 can afford a starter home assuming the price remains fixed at $100.