Smart buy houses can be sold for as little as £1,000 per square foot, or up to £10,000 from a single home, the government has revealed.
The National Housing Supply Corporation (NHSC) said it would begin a trial in March, with the first home being built at a site near the town of Taunton in Devon.
The trial, called SmartBuy Homes, will use the government’s smart property programme, which offers homebuyers the chance to buy properties for £5,000 or less from any UK owner.
It is designed to encourage investors to make the move to more desirable properties.
The scheme will begin with homes at the new site, the Taunson, in the north of England, which was set up as part of a £1.2bn development plan to build housing in the region.
The £1bn development included a £2bn residential estate at Tauntons doorstep.
“The Taunts development was one of the biggest public-private partnerships ever launched by the government and this new pilot is designed for investors to get a glimpse of what’s possible in this rapidly expanding market,” said the NHSC.
“We hope this pilot will help drive home the fact that it’s a great time to be an investor in UK real estate.”
The scheme is also expected to encourage buyers to use the same site for multiple homes.
In the UK, a home can sell for up to 50% less than it would on the market, according to data from The Nationwide.
It also means that a single family home can cost as little or as much as £10 million.
The NHSC said it was encouraging investors to use this programme to get an idea of what is possible in the market.
It also said it planned to make other changes to the programme to increase its appeal to potential investors, including a more detailed approach to how it was designed. “
It is now up to the private sector to follow their lead and deliver on this ambition, helping the UK remain one of Europe’s most affordable countries.”
It also said it planned to make other changes to the programme to increase its appeal to potential investors, including a more detailed approach to how it was designed.
The scheme has already seen some initial success, with homes selling for between £3,000 and £5.5m. “
This will provide them with the chance of using their money to purchase a home of their own.”
The scheme has already seen some initial success, with homes selling for between £3,000 and £5.5m.
The government is also investing £250m into the scheme, and it has also extended the trial to Devon.
There is no timeframe for when the new trial will start, but the government said it hoped to have at least 300 homes in the UK by 2021, with another 100 in the pipeline.
The UK government is currently looking at how to expand the scheme to other parts of the country.