Jun
11

First Homes Scheme offers large discounts to local first time buyers

This month saw the launch of the government’s First Homes scheme offering between 30% and 50% discounts for local first-time buyers and key workers in England. To be eligible, purchasers must be first time buyers, have an income of less than £80,000 pa (£90,000 in London) and have a particular key worker occupation, such as NHS staff, or be local to the area, although key workers will be a priority. Initially launched in Bolsover, Derbyshire, a further 1,500 sites are planned later in the year. What is different about this scheme is that the discount remains with the property, so the home will only be sold on to people eligible for the scheme and the discount received at the first point of sale will be passed on to future purchasers. Housing secretary, Robert Jenrick said: “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.”

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