The UK government has launched the First Homes scheme that will help first-time buyers who are key workers and local residents access discounted homes.
First Homes properties with a discount of at least 30% in price went on the market Friday as part of the first phase of an early delivery project in the Bolsover district, East Midlands.
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.
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.
In a move to support the scheme, lenders such as Halifax and Nationwide Building Society announced that they will be offering high loan-to-value mortgages against First Homes.
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.
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.”
