New scheme offers 30% discounted homes to first time buyers

First time buyers are being offered discounted homes as part of a new government housing scheme.

The First Homes scheme will help local first-time buyers on to the property ladder by offering homes at a discount of at least 30% compared to the market price.

That same percentage will then be passed on with the sale of the property to future first-time buyers, meaning homes will always be sold below market value – benefiting local communities for generations to come.

The scheme will support local people who struggle to afford market prices in their area but want to stay in the communities where they live and work.

The first properties went on the market in Derbyshire on June 4. Further sites are set to launch across the country in the coming weeks. A further 1,500 will enter the market from the autumn, with at least 10,000 homes a year being delivered in the years ahead and more if there is demand.

Major high-street lenders Halifax and Nationwide Building Society, along with local building societies and community lenders, announced that they will be offering high loan-to-value mortgages against First Homes to support the roll-out of the scheme.

First Homes follows on from the 95% mortgage guarantee scheme which helps first-time buyers secure a mortgage with just a 5% deposit and the government’s ‘Own Your Home’ campaign showcasing the range of flexible home ownership options available.

First-time buyers can find the right scheme for them via the Own Your Home website which provides a single gateway for all routes to home ownership.

Housing Secretary Robert Jenrick said: “These homes will be locked in for perpetuity to first-time buyers and key workers from their local area – making them an asset to both their owners and the wider local community.”

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