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07/06/2021

Key workers prioritised for flagship First Homes development

Words: Laura Edgar
Housing / iStock_000074406885

The government has announced that discounted homes will be available for local people and key workers as part of the flagship First Homes scheme to be delivered near Bolsover, Derbyshire.

The First Homes scheme seeks to help local first-time buyers get on the property ladder, with homes offered at least 30 per cent less than market price.

That same percentage will then be passed on with the sale of the property to future first-time buyers, meaning that homes will always be sold at below market value. The government is hoping that the scheme will support local communities, key workers, and families who struggle to afford market prices in their area.

Councils will be able to prioritise the homes for key workers.

The units in Bolsover went on sale on Friday 4 June. The government said more sites would be launched across the country in the coming weeks, with 1,500 set to enter the market from the autumn. It is expected that at least 10,000 homes a year will be delivered over the years ahead.

Housing secretary Robert Jenrick said: “Enabling more people to buy their own homes is at the heart of the mission of this government, and First Homes will offer a realistic and affordable route into home ownership for even more people who want to own their own home.

“These homes will be locked in for perpetuity to first-time buyers and key workers from their local area – making them an asset to both their owners and the wider local community.”

The First Homes scheme is part of the government's pledge to build a million affordable homes during this Parliament. High-street lenders Lloyds Bank and the Nationwide Building Society, as well as local building societies and community lenders, have announced that they will be offering high loan-to-value mortgages against First Homes to support the roll-out of the scheme.

The government has also launched a ‘Own Your Home’ campaign through broadcast, digital and radio adverts, which is intended to highlight the support available to get people on the housing ladder.

Image credit | iStock

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