First-Time Buyers Can Get Up To 50% Off New Homes Under New Scheme

The government has just launched an initiative to help local first-time buyers get on the property ladder.

The scheme aims to primarily help local young people and key workers like NHS staff and veterans.

The offer is for a new-builds under the scheme for first-time buyers who can apply for at least 30% off the market price.

This price-cutting can reach up to 40% or 50% though from local authorities if applicants can display a need for this discount level. This First Homes scheme could help people save £100,000 or more.

The project launched today in the Bolsover district in the East Midlands with further sites across the country set to join in the next few weeks.

The government then plan for a further 1,500 homes to enter the market from autumn, with at least 10,000 homes annually being delivered in the coming years ahead if there is the demand for them.

There are certain restrictions to who can apply for this scheme. If your household has a combined annual income of more than £80,000 (£90,000 in Greater London), then you are not eligible.

Local councils also have the power to set their own requirements such as what type of people will be prioritised.

This is for those such as key workers and local people who wish to stay in the communities where they work and live.

Owning their own home has felt inaccessible to many people, especially with the current housing boom and rising prices which has led to double-digit annual price growth.

The scheme is part of the 'Own Your Home' campaign that has launched to highlight the various support given to help people own their own property.

These include the government's wider pledge to build one million new affordable homes and have major high-street lenders, local building societies and community lenders offering high loan-to-value mortgages against First Homes to support the initiative.

The 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".

"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."

You can find out more about the scheme here.

Featured Image Credit: Unsplash

Topics: Life News, Home, Life, Politics

Charlotte Forrester

Charlotte (‘Fozz’) is Tyla’s Content Kickstarter as part of LADbible group’s Kickstart Class of 2021. She recently graduated from the University of Exeter where she studied English and worked in student media. A pop culture fanatic, she likes writing about entertainment, lifestyle and social issues.

@charlyfozz99