First Homes Scheme is a new scheme designed to help local first time buyers and key workers onto the property ladder, by offering houses at a discount of 30% compared to the market price.
The discounts will apply to the homes forever, meaning that generations of new buyers and the local community will continue to benefit every time the property is sold. Available on selected developments only. Click here for the First Homes customer guide for more details.
The maximum price of a First Home after the discount has been applied is £250,000 in England (excluding London).
Who is eligible?
- All purchasers must be first time buyers
- You will be required to have a minimum of 5% deposit for the discounted price. (this may vary depending on the the mortgage eligibility from participating mortgage lenders)
- Purchasers need to comply with any local connections or key-worker restrictions, set by the local authority where the First Homes Scheme is located.
- The purchaser's household income must be no more than £80,000 in England (excluding London).
- Post discount price caps on first sale of the property of £250,000 across England (not London)
- A First Home should be the buyers only home and a purchaser will need to use a mortgage or home purchase plan for at least 50% of the purchase price of the home
- The current eligibility criteria will apply to all future sales of each First Home.
More details can be found here
Are there any restrictions to the home?
- You can decorate and update the First Home as you desire, keeping in mind planning rules, leasehold restrictions and terms of your mortgage.
- Your First Home must be only a residential property
- You may be allowed to let out your First Homes in some circumstances, but only with prior approval from your local authority and consent from your mortgage provider.
- Lodgers are permitted, as long as the home remains your only residence.
How do I sell my First Home?
When you are looking to sell your First Home, you must only sell it to a purchaser that qualifies for the First Homes Scheme and at the same percentage discount.
You must have your First Home valued by a valuer accredited by the Royal Institute of Chartered Surveyors (RICS). The surveyor will assess the market value of your home on the basis of comparable market value homes, and will then apply the original a % discount you received when you initially bought your First Home.
Once you have this, you must request approval to sell from the local authority and share the eligibility criteria with the estate agent.
Which developments are offering this scheme?
The scheme is available on selected plots only! View our website for further details)