The government scheme to help key workers and local first-time buyers on to the housing ladder has now got under way.
A nurse and a police officer from Derbyshire are among the first people to benefit.
The First Homes scheme offers homes at a discount of at least 30% of the market price to local first-time buyers and key workers – helping young people and families stay in the communities where they want to live and work.
A total of 1,500 First Homes will be built in over 100 locations across England by March 2023 following successful bidding by housebuilders.
The government has also published the prospectus for Help to Build, a £150 million scheme announced in April to make self and custom build housing a realistic and affordable option.
The prospectus outlines how the scheme works, so that those thinking about building their own homes but are held back by affordability, can plan their projects and apply when applications are open.
The self and custom build sector could deliver up to 40,000 new homes a year, providing opportunity for small building firms and creating jobs.
Nurse Laura said: “When the First Homes scheme became available it was too much of a good opportunity to miss, it enabled us to put down a 10% deposit on our house – something we would probably not have been able to do without the scheme.”
Police officer Phoebe said: “It’s such a nice feeling knowing you have something to call your own, it’s my pride and joy. It’s also nice that the scheme prioritises people who are in key working environments – giving something back to key workers.”
First Homes is currently in its pilot phase with several early delivery projects supporting the roll out of the scheme. The government estimated that at least 10,000 First Homes will be delivered across the country each year by 2027/28.
The Help to Build scheme will help people onto the housing ladder through lower deposit mortgages.
Lowering the required deposit will free up capital, so people can build the home they want and need whether it’s a commissioned, made to order home or a new design from scratch. The scheme will provide an equity loan on the completed home, similar to the Help to Buy scheme.
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