A new generation of homeowners will be able to take their first step on to the housing ladder thanks to a new government scheme which will cut the cost of some new homes by a third.
Known as First Homes, the scheme will see a discount locked into the property to ensure more first-time buyers benefit in years to come. Local people unable to afford a home will be able to buy in their area, rather than be forced to look elsewhere by rising prices.
The scheme will lower deposit and mortgage requirements for local first-time buyers in England – shaking up the housing market and making the dream of home ownership a reality. The discount will apply to a proportion of new homes, with the government consulting on how this will be delivered.
Welcoming the announcement of the scheme, Gary Sambrook MP for Birmingham Northfield said:
“Hardworking people deserve the opportunity to own their own home, but too many first-time buyers here in Birmingham Northfield have been forced out of buying due to rising prices. This is why I really welcome the First Homes scheme, it will be life changing for people across Birmingham Northfield who are looking to buy their first home.
“The scheme will make a huge difference, it will cut the cost of qualifying new homes by a third - lowering the deposit and mortgage requirements for local first-time buyers in England. Under this new scheme, eligible first-time buyers will save on average around £100,000.
Gary added: “I am also pleased that veterans will be prioritised as part of Armed Forces Covenant and councils will also be able to use the scheme for front-line workers in their area such as police, nurses, prison officers and teachers.
“We want to ensure that hard work is the only hurdle to buying a first home and to see more and more first-time buyers and their family’s setting down roots in their own local communities.”
