The government has announced the launch of the initial part of its ambitious First Homes project, with Bolsover in the East Midlands being the first place where homes are being made available.
This housing policy was unveiled last autumn, and it is guaranteeing those buying their first homes a discount of 30% on the purchase, with the government stating that this will reduce what they are required to pay by as much as £100,000. There are variances in the available discount through the scheme though, as it can be increased to 50% by planning authorities in districts where the average price of a home is higher.
When properties that fall under the scheme are sold, the discount will be passed forward to others buying for the first time. Local authorities will have the option of giving priority status to key workers, for example teachers or nurses, as well as using a test to prioritise people depending on individual community needs.
According to FT Adviser, Robert Jenrick, the Housing Secretary, said at the launch that the government was focused on making it possible for more to buy a first home, adding:
“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.”
It is to be hoped that this scheme and the expertise of those with a CeMAP mortgage advisor qualification can stop first-time buyers being squeezed out of the market.