The First Homes scheme allows first-time buyers and key workers in England to purchase a new-build home at a 30%-50% discount of the market value. This new initiative is aimed at helping first-time buyers get onto the housing ladder by providing discounts on new-build homes.
The scheme was launched on 4th June 2021 in the Bolsover district and East Midlands. More First Homes will be available later in the year.
The First Homes Scheme provides opportunities for first-time buyers, serving members and veterans of the Armed Forces and key workers (NHS nurses, police and teachers) to purchase a new-build property at 30% less than the market value.
For example, if a property was valued at £250,000, a first-time buyer could be eligible for receiving a 30% discount of £75,000 and purchase the property for £175,000.
If you are interested in the scheme, you must meet the following criteria:
People with a local connection to the area where the property is will be favoured over people who have no connection. This could mean that you have family in the area or work nearby. There is also a price cap on properties (after the discount is applied) that are eligible for the scheme. In London there is a maximum property price of £420,000 and £250,000 everywhere else in the UK.
Buying a home is likely to be the biggest financial decisions that you will ever make. There are other costs that you should consider before applying for the scheme:
The First Home scheme is designed to save first-time buyers money on monthly mortgage repayments because the mortgage required is significantly smaller. This saving can be used to help with other living expenses.
Sign up to new-build developments in your area or contact local developers to find out if they are in the scheme. Properties that are eligible for the First Homes scheme will also be listed on Rightmove. Visit the Help to Buy website for the latest information on government home buying schemes, including First Homes, Right to Buy and Help to Buy initiatives.
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