Government launches First Homes scheme with 30% discount for first-time buyers

The government has launched its First Homes scheme, which will help local first-time buyers onto 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.
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 First Homes properties went on the market today as part of the first phase of an early delivery project in the Bolsover district, East Midlands.
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 the government pledging to deliver at least 10,000 homes a year in the years ahead.
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.
Housing Secretary Robert 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.

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