The government has announced the next step in its plan to provide an extra 1,500 homes for first time buyers and key workers by 2023.
Home builders across England have been invited to bid for a share of the £150 million being made available by offering plots for sale as First Homes,
The contract award will give housebuilders the opportunity to engage with local councils and mortgage providers, understand the expected level of customer demand and to learn more about the delivery process ahead of the full roll out through planning.
First Homes is the flagship government scheme that helps first-time buyers and key workers on to the property ladder by offering homes at a discount of at least 30% compared to the market price.
The same percentage will then be passed on with the sale of the property to future first-time buyers. This means homes will always be sold below market value – benefiting local communities and families for generations to come.
The scheme got underway earlier this summer, when local sites were opened up in Bolsover, East Midlands, developed by Keepmoat Homes, and Cannock, West Midlands, developed by Vistry Partnerships.
Leeds Building Society recently received the first mortgage application for a First Homes property as more homes come onto the market.
Peter Freeman, Chair of Homes England said: “The Early Delivery Programme is a great opportunity for housebuilders, housing associations and the wider development sector to get to grips with First Homes. We look forward to working with partners to help aspiring homeowners realise their ambitions and own their own home.
Councils will also be able to prioritise the homes for keyworkers such as nurses and teachers who have been looking to get on the housing ladder while supporting their community throughout the pandemic.
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