, First-time home buyers to get 30pc discount under Government scheme, The Nzuchi Times

First-time home buyers to get 30pc discount under Government scheme

First time buyers will have the opportunity to purchase properties at a 30 per cent discount under a new Government scheme to get more people on the housing ladder.

Robert Jenrick, the Housing Secretary, will on Friday launch a “first homes” initiative, which will be available to locals seeking to buy their first property, including veterans and key workers.

The first properties will go on sale in Bolsover in the East Midlands on Friday, with further sites across the country due to launch in the coming weeks. 

The Ministry of Housing, Communities and Local Government said that an additional 1,500 properties would be on the market from the autumn, with at least 10,000 more due to be delivered in the future.

The homes, which are sold at least 30 per cent below market value, form part of Boris Johnson’s drive to introduce more affordable housing stock and to hit his target of building 1 million new homes by 2024.

Under the scheme, local authorities will be allocated funding from the Government, which will then be used to subsidise developers and the sale of the homes at a discount. 

Councils will also be able to prioritise homes for local key workers such as nurses and teachers by setting a “local connection test” based on the needs of their communities.

, First-time home buyers to get 30pc discount under Government scheme, The Nzuchi Times


Robert Jenrick will launch the scheme on Friday


Credit: JAMIE LORRIMAN

To ensure the properties remain affordable, buyers will also be required to sell them at 30 per cent below market value if they decide to move home later.

, First-time home buyers to get 30pc discount under Government scheme, The Nzuchi Times

The scheme is the latest in a series of measures designed to bolster home-ownership, including a new Government-backed mortgage guarantee scheme enabling first time buyers to secure a loan with just a 5 per cent deposit.

To help promote the drive, ministers have also launched a “own your home” campaign, with prospective buyers able to log on to a new website to direct them to the scheme most suitable to them.

Ahead of a visit to Bolsover on Friday, Mr Jenrick 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.

“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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