Discounted houses for local people and key workers will be made available as a new housing scheme launches today
The First Homes scheme will help local first-time buyers – many of whom will be key workers like NHS staff and veterans – onto the property ladder by offering homes at a discount of at least 30% compared to the market price.
That same percentage will then be passed on with the sale of the property to future first-time buyers, meaning homes will always be sold below market value – benefitting local communities, key workers, and families for generations to come.
The scheme will support local people who struggle to afford market prices in their area, but want to stay in the communities where they live and work.
From next year, it is expected that at least 10,000 homes a year being delivered in the years ahead and more if there is demand.
Delivery of the scheme is part of the government’s wider pledge to build one million new affordable and attractive homes in this Parliament and help put home ownership within reach for people across the country.
Major high-street lenders Halifax and Nationwide Building Society, along with local building societies and community lenders, announced that they will be offering high loan-to-value mortgages against First Homes to support the roll-out of the scheme.
First Homes follows on from the 95% mortgage guarantee scheme which helps first-time buyers secure a mortgage with just a 5% deposit and the government’s ‘Own Your Home’ campaign showcasing the range of flexible home ownership options available.
St Austell and Newquay’s Member of Parliament Steve Double said:
“We are currently facing a housing crisis in Cornwall and It is clear that it is of vital importance that we do all we can to ensure local people and key workers are able to afford to buy their own houses. The Government’s First Homes scheme is a big step forward in looking to achieve that.”
“I have been pressing the government to take action to address this crisis and I am delighted to see this scheme come forward, which fulfils another manifesto commitment from this Government, while offering an affordable and realistic route into home ownership for local people and key workers who are otherwise currently struggling to get on the housing ladder.”
“There is clearly more that needs to be done but this scheme is an important step in addressing the housing crisis we are facing. I look forward to seeing the First Homes scheme rolled out to Cornwall and to working with Cornwall Council to ensure these homes are delivered for the benefit of our Cornish communities.”
First-time buyers can find the right scheme for them via the Own Your Home website which provides a single gateway for all routes to home ownership.
The website is an easy and accessible way for first-time buyers to start their home ownership journey and find the right government scheme for them.