First Homes Scheme
Many young people dream of owning a home in their local area – whether they grew up or settled there but sometimes local properties are too expensive, forcing them to move out of their communities. First Homes is a new Government-backed scheme to help more people onto their local property ladder.
First Homes scheme supports local and key worker first-time buyers by providing a significant discount of at least 30%* on new build homes in their local area compared market prices - turning their dream of homeownership into a reality.
What are First Homes?
- First Homes are newly built homes for local and key worker first-time buyers
- The homes are offered at a discount of at least 30%* compared to prices of equivalent properties on the open market.
- The discount will apply to the First Home forever - this means the same percentage discount from the original sale will be passed on to the new buyer every time the home is sold.
What type of properties are First Homes?
- First Homes are homes suitable for first-time buyers.
- First Homes are of the same type and quality, and meet the same standards, as the other newly built homes for open market sale within the same development.
- The maximum price of a First Home, after the discount has been applied is £250,000 in England (£420,000 in London).
Who is eligible for First Homes?
- All purchasers must be first-time buyers.
- Purchasers will also need to comply with any local connections restrictions, or key worker restrictions, set by the local authority where the First Home is located.
- The purchaser’s household’s income must be no more than £80,000* in England (or £90,000 in London).
- The current eligibility criteria will apply to all future sales of each First Home.
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