With the government consultation for the design of First Homes still underway, it will be some time before any developments are announced. “We will … help first time buyers get a foot on the property market with 30 per cent discounts for local people and key workers. We are moving forward with legislation to set ground rents to zero, abolish leasehold houses and prioritise the safety of residents with the biggest change to building safety laws for 40 years” claims Housing Secretary Robert Jenrick. The Home insurance comparison service is provided by Autonet Insurance Services Ltd, registered in England No. No details have been given on what criteria will be used to determine whether potential buyers are ‘local’ but armed forces personnel will be exempt from this requirement. The Conservatives promised to build 200,000 starter homes for first-time buyers in 2015, but the National Audit Office in November found that not a single starter home had been built. © 2020 Zoopla Limited. Your mortgage lender will likely require you to pay a deposit, though the sum you’re asked for can vary widely, depending on your lender’s appetite to lend to someone with your circumstances. Housing Secretary Robert Jenrick said: "I know that many who are seeking to buy their own home in their local areas have been forced out due to rising prices. A 30% discount could make homeownership possible for many first-time buyers and key workers, though it’s important to bear in mind that a mortgage will need to be obtained to finance the purchase. First Homes will not only reduce the amount buyers pay for their homes, but it will also reduce the size of the deposit they need to save up and make it easier for them to meet mortgage affordability requirements. Key Worker Housing Eligibility. Conservative ministers previously pledged to build 200,000 cut-price homes for first-time buyers, but the National Audit Office has confirmed they haven’t built a single one, despite wasting almost five years and spending millions of pounds,” he said. First Homes Discount. ***Based on a search within the London postcode areas (E, EC, N, NW, SE, SW, W, WC) on other UK online property portals. Zoopla Limited is an appointed representative of Loans Warehouse Limited which is authorised and regulated by the Financial Conduct Authority (FRN 713110) to introduce clients to Loans Warehouse Limited and distributing non-real time financial promotions that relate to products of services available through Loans Warehouse Limited. © 2021 Guardian News & Media Limited or its affiliated companies. First-time buyers and key workers and will be able to buy new-build homes with a 30% discount under a new scheme being proposed by the Government. The Government is currently consulting on how the scheme will be delivered and no date for its introduction has yet been given. All rights reserved. This is an initiative that has been recently announced aimed at providing a 30% discount on new homes to key workers and local first-time buyers. Confirmation of the initiative, first announced back in February, came in the lengthy and controversial planning reform proposals outlined by Jenrick this week. Those defined as “key workers” which includes NHS, teachers, police officers, Armed Forces and all those workers that worked throughout the lockdown; will get a 30% discount on their purchase price of their first home, as long as it’s a new build. “A proportion of new homes will be made available at a 30% market discount rate – turning the dial on the dream of home ownership. “We’ve heard this all before. While the exact details of how the scheme will operate are still unclear, the Government has indicated that it will impose a price cap on the properties available through First Homes to ensure the initiative helps those who would benefit most from it. Under First Homes, a property sold with 30% off this price would deliver a £94,000 saving and enable first-time buyers to get on the ladder faster by taking more than £18,000 off a 20% deposit.
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