07 Jun First Homes Scheme Launches

A range of discounted homes for local residents, key workers and veterans have gone on the market today (dated 4^th June).

Designed to help first time buyers in the Bolsover district, East Midlands, the First Homes scheme is offering homes at a discounted rate of at least 30% when compared to the market price, giving a helping hand to those who need it.

According to the details of the discount, the same percentage will be passed onto first time buyers, meaning that the homes will always be sold under market value which will go on to help the current and future local community.

Many of the keyworkers in the area are NHS workers or veterans who need a boost to help them get onto the property ladder and might otherwise struggle to own a property via traditional methods.

It is anticipated that further build sites will launching across the country within the next few weeks. A further 1500 homes will enter the market in the autumn, with 10,000 more planned each year – and more if there is demand for it.

High street lenders including banks, building societies and community lenders have all confirmed they will be offering high loan to value mortgages to support the roll out of the First Homes scheme.

Councils will be able to prioritise the homes available via this scheme for key workers such as teachers and nurses who have helped and supported their local community throughout the pandemic.

Housing Secretary Rt Hon 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.

First Homes will also support our fantastic key workers who are looking to get their first foot on the housing ladder – from front-line doctors and nurses to delivery drivers and supermarket staff – by giving many of them the chance to buy a home at a 30% discount.

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.”

Photo by PhotoMIX Company from Pexels