New homeowners

Flagship government first-time buyers scheme now open for bids

Homebuilders across England can now bid for their share of a £150m package by offering plots for sale as First Homes, the flagship government scheme aimed at first-time buyers and key workers.

Housebuilders are being invited to work with the government to deliver First Homes across the country in the coming months, with the aim of delivering 1,500 homes by March 2023.

First Homes helps local first-time buyers and key workers onto the property ladder by offering homes at a discount of at least 30% compared to the market price.

The same percentage will then be passed on with the sale of the property to future first-time buyers.

This means homes will always be sold below market value, benefitting local communities and families for generations to come.

The contract award will give housebuilders the opportunity to engage with local councils and mortgage providers, understand the expected level of customer demand and to learn more about the delivery process ahead of the full roll out through planning.

The package follows the initial introduction of First Homes earlier this summer, where local sites were opened up in Bolsover and Cannock.

A
building society recently received the first mortgage application for a First Homes property as more homes come onto the market.

Commenting, Housing Secretary, Robert Jenrick said:

It is great to see the First Homes scheme gaining momentum and I am happy to invite housebuilders to deliver this flagship house building programme across the country.

Lenders have already seen the first mortgage applications come in as more homes come onto the market.

It will support local communities and give local people a greater chance of getting on the housing ladder and having a place which they can call their own.

Just as importantly, homebuilders of all shapes and sizes will now be able to benefit from this scheme while helping first-time buyers and key workers onto the property ladder.

Chair of Homes England, Peter Freeman added:

The Early Delivery Programme is a great opportunity for housebuilders, housing associations and the wider development sector to get to grips with First Homes.

We look forward to working with partners to help aspiring homeowners realise their ambitions and own their own home.

Councils will also be able to prioritise the homes for keyworkers, such as nurses and teachers, who have been looking to get on the housing ladder while supporting their community throughout the pandemic.

PSE Oct/Nov 21

PSE Oct/Nov 21

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