The government’s First Homes discount scheme launched today (4 May), offering local first-time buyers and key workers homes at a discount of at least 30% compared to the market price.
First Homes will be for first-time buyers only, and councils will be able to prioritise them for local people and for key workers. This scheme is a part of the government’s commitment to deliver 1 million homes by 2024.
First Homes will make a proportion of new homes available with a minimum 30% discount on the open market value which will be passed on with the sale of the property to future first-time buyers. This means homes will always be sold below market value.
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.
The website is an easy and accessible way for first-time buyers to start their home ownership journey and find the right government scheme for them.
Housing Secretary Robert Jenrick MP said:
“Enabling more people to buy their own homes is at the heart of the mission of this government, and First Homes will offer a realistic and affordable route into home ownership for even more people who want to own their own home.
Thanks to First Homes, we will offer more homes to local people and families, providing a route for first-time buyers to stay in their local areas rather than being forced out due to rising prices.
First Homes will also support our fantastic key workers who are looking to get their first foot on the housing ladder – from front-line doctors and nurses to delivery drivers and supermarket staff – by giving many of them the chance to buy a home at a 30% discount.
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.”