05 Jun First Homes Scheme To Help More First-Time Buyers
The government has announced the launch of the First Homes scheme in England which aims to improve homeownership for first-time buyers.
The Mirror reports that Minister of State for Housing, Christopher Pincher, recently announced the First Homes scheme as another part of the government’s commitment to supporting homeownership, particularly for first-time buyers.
In England, new houses and flats built under the First Homes initiative will be available to eligible first-time buyers. The properties will be at least 30 per cent less than market value. In some cases, the discount may even reach up to 50 per cent off.
The scheme will prioritise first-time buyers whose household income doesn’t exceed £80,000 (£90,000 in Greater London). Local authorities will decide on the specific eligibility and discounts available.
After any discount is applied to the property, the first sale must be marketed at £250,000 or less (£420,000 or less in Greater London). Properties bought under the scheme will also then be sold to eligible first-time buyers with the same percentage of discount it was purchased at
Buyers who can afford to buy a property under the scheme without a mortgage will not qualify.
Homes bought under the scheme must be the owner’s primary or sole residence, but if notice is given to the local authority, the property can be rented out for a maximum of two years,
Under this initiative, a minimum of 25 per cent of all affordable housing units through developer contributions should be First Homes. Local plans and neighbourhood plans will start taking this into account from 28 June.
The First Homes scheme will not only help more first-time buyers get on the property ladder. It was also likely to further improve confidence in the homebuilding sector and increase demand for new-builds.
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